There is both bullish and bearish evidence, which is why I closed out the trade. I am surely risking missing out on a nice decline, but the decline from the recent 1.5701 high is consolidatory. Should price break below the lower trendline, the pattern could be interpreted as 3-waves up, which is bearish. However, price rally once more and hit the upper trendline, a leading diagonal would be the more accurate interpretation. I hate having to do this, but I am going to go into wait-and-see mode until I see a higher-probability setup.4/02/2008
EUR/USD Short Trade (#2) Update
I am closing out my short trade for a small profit (+10). I lasted posted about this trade here. My strategy will be to wait for a clearer Wave count.
There is both bullish and bearish evidence, which is why I closed out the trade. I am surely risking missing out on a nice decline, but the decline from the recent 1.5701 high is consolidatory. Should price break below the lower trendline, the pattern could be interpreted as 3-waves up, which is bearish. However, price rally once more and hit the upper trendline, a leading diagonal would be the more accurate interpretation. I hate having to do this, but I am going to go into wait-and-see mode until I see a higher-probability setup.
There is both bullish and bearish evidence, which is why I closed out the trade. I am surely risking missing out on a nice decline, but the decline from the recent 1.5701 high is consolidatory. Should price break below the lower trendline, the pattern could be interpreted as 3-waves up, which is bearish. However, price rally once more and hit the upper trendline, a leading diagonal would be the more accurate interpretation. I hate having to do this, but I am going to go into wait-and-see mode until I see a higher-probability setup.
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