EUR/USD Long Trade (update)

Update of trade from 2/24/08, @ 3:51pm CST:

This morning, the market dropped to 1.4776, 1 pip above my entry order, and then proceeded to rally 200 pips. I was very happy to see this when I checked the market when I woke up; Oh well.

Regardless, I bought at 1.4890 with a stop below the Wavei of Wave3 top at 1.4862. My plan is to move the stop to 1.4899 for now. If price reaches 1.5075, I will move the stop to 1.4935. I will look for an exit point as the waves unfold further.

Today, retail speculators shorted even more on the rise. Only 30% of traders are now long EUR/USD. This increases my confidence in this rally.

No comments: