Ok Everyone....that recent spike after closer observation I don't think that it will affect the sells that we have currently in place.
On the 4 hour charts I have a downtrend already established. Giving a sign to continue down.
On the 1 hour charts it is almost completely neutral with a slight (very slight, next to nothing slight) bias towards the downside.
I am still holding the sells down to our target at 1.5831 but as a precaution towards the 1 hours neutrality I will be placing a stoploss/hedge at 1.5965 with an open target profit. A stoploss/hedge means that I will be hedging at that point, but if you use a stop loss you may want to consider placing yours there.
On a side note, I would like to say that more than anything I think that the bounce off the 1.5900 was an emotional response from the market. Remember 1.5900 was the key level that the euro broke above but is its triumph above that level short lived? The failure to break the neckline after the initial repulsion from 1.5900 in my mind indicates that we are still good for the shorts down to 1.5831.
Let me know what you guys think
Zack
On the 4 hour charts I have a downtrend already established. Giving a sign to continue down.
On the 1 hour charts it is almost completely neutral with a slight (very slight, next to nothing slight) bias towards the downside.
I am still holding the sells down to our target at 1.5831 but as a precaution towards the 1 hours neutrality I will be placing a stoploss/hedge at 1.5965 with an open target profit. A stoploss/hedge means that I will be hedging at that point, but if you use a stop loss you may want to consider placing yours there.
On a side note, I would like to say that more than anything I think that the bounce off the 1.5900 was an emotional response from the market. Remember 1.5900 was the key level that the euro broke above but is its triumph above that level short lived? The failure to break the neckline after the initial repulsion from 1.5900 in my mind indicates that we are still good for the shorts down to 1.5831.
Let me know what you guys think
Zack
The only sovereign I can allow to rule me is reason.