EUR/USD Short Trade (Update)

Update of trade from 3/12/08, @ 11:27pm CDT: I closed out the trade at roughly +20 profit.

I will now go short @ 1.5650, stop @ 1.5720. My target is still below 1.5000.

I closed the trade prematurely because the drop from the 1.5630 zone was in 3-waves instead of 5. It looks like an ending diagonal is taking place. Thus, I plan to get short near the resisting trendline. The trendline on the daily chart (see post directly below) is around 1.5647. The resistance trendline of the ending diagonal is around 1.5660.

My stop will give me plenty of breathing room should the trendlines be temporarily breached in a final blast up. Should price miss my entry, I will be pissed, and will go short after 5-waves down.