Trade # 30: EUR/USD Long

I am going long EUR/USD @ 1.2700, stop @ 1.2300. I will also have a secondary order to go long @ 1.2900, stop @ 1.2550. My initital target is 1.3300, but I believe price should rally above this level.

Notice that price corrected the initial upmove from 1.2333 in 3-waves without making a new low. This is corrective price action, so I think price will break out to the upside very quickly. This will either be Wave3 or WaveC from 1.2333. I believe it could be a very strong upwave given that retail traders have recently flipped to net short and commercial traders are still very long EUR. Price should not take out 1.2333 for the scenario to be valid.

No comments: