After a steady decline to .7850, price has corrected in 3-waves. However, the EUR failed to stay strong for long, and seems ready to continue it's downtrend. I want to go short with a stop above the 50% fibo. If I am right about this, price should stay below .7980, as I think this is the Wave2 high.9/24/2008
Trade # 22: EUR/GBP Short
I last posted about the EUR/GBP here. I think the structure is bearish, and I will short @ .7940. My stop will be at .8025. My target is .7800 or below.
After a steady decline to .7850, price has corrected in 3-waves. However, the EUR failed to stay strong for long, and seems ready to continue it's downtrend. I want to go short with a stop above the 50% fibo. If I am right about this, price should stay below .7980, as I think this is the Wave2 high.
After a steady decline to .7850, price has corrected in 3-waves. However, the EUR failed to stay strong for long, and seems ready to continue it's downtrend. I want to go short with a stop above the 50% fibo. If I am right about this, price should stay below .7980, as I think this is the Wave2 high.
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