Notice the 5-wave decline from 1.3080. This means there should be a 3-wave rally followed by futher declines. I will try to exit my long position on a rally to complete Wave-c. The green descending trendline is the upper bound of the triangle, so this should provide additional overhead resistance.12/07/2008
Trade # 30: EUR/USD Long (Update)
I am closing out the last lot on this position @ 1.2875. Longer term, price is forming what seems to be a triangle, and therefore, lower prices should be ahead in the near future. I last posted about this trade here.
Notice the 5-wave decline from 1.3080. This means there should be a 3-wave rally followed by futher declines. I will try to exit my long position on a rally to complete Wave-c. The green descending trendline is the upper bound of the triangle, so this should provide additional overhead resistance.
Notice the 5-wave decline from 1.3080. This means there should be a 3-wave rally followed by futher declines. I will try to exit my long position on a rally to complete Wave-c. The green descending trendline is the upper bound of the triangle, so this should provide additional overhead resistance.
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