After strong move to the upside on Tuesday EURUSD had problem to break through 1.3790. Yesterday that level was defeated, but EURUSD started to consolidate a step higher between 1.3790 and 1.3830. Expectations of deeper correction of a move from 1.2720 are growing. From daily time frame you can notice that the move from 1.3500 – 1.3830 can be seen as a 5th Elliott wave. We will look here to open a longer term swing trade position expecting start of correction. As far as our day trading strategy goes we will look for short @ 1.3830 for a 20 pips profit, or a short position @ around 1.3790 after seeing meaningful break through that level and a trendline (entry on retracement to 1.3790).
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Price Action + KISS + PIE = Forex-Entourage
interesting thing is if traded the BO retest 450+ pips in bank right now, Im thinking plenty more with medium to long term, but if had been trading the 3yr old range and had runners @ bottom of range could have been 1700 pips in the bank right now per trade runner
