Monday, March 28, 2011

UPDATE: EURUSD - Intraday Forecast

Click for Original Post

My previous post had entered the blog's account into a short EURUSD trade.  See link above for initial trade details.

EURUSD M30 - Updated wave count and Fantom Trend-retracement analysis
 I had previously labeled this move as two A-B-C waves, but I am proposing two alternate wave counts.  The first is the possible formation of a five-wave impulse move down. However, the 61.8% trend line retracement will give bears a battle.  In the case that the 61.8% keeps price action to the upside, I will remain bearish until price crosses back over the 50% expansion of wave A, which is already the stop loss on the order.  My recommendation however, is to exit the trade sooner as a potential alternate count is in the works - though if your risk tolerance and trading plan can allow for the trade to remain open, you may do so at your own risk.  I am remaining in, but my maximum risk on the trade as determined by my personal tolerance is only a 1% loss.  I can afford to remain in the trade and see where it takes me, but if you assumed much more risk, exit at your discretion.

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