We are short on the reaction line at a restest of 1.32 area which has failed. Exact entries are 1.3191 and 1.31870 and we are looking for a test down to 1.3150. The position is marginally in profit but we will keep our stops above the the first 'lower high' at 1.3204 of the new trend ( ie the coming down cycle of this wave). I expect a bar to retest the underside of the thick red reaction line so to move it to break even would be premature.The short ribbon stochastics should bounce back down off the falling B-line.
Tuesday 4 October 2011
-EUR+-USD trade
We are short on the reaction line at a restest of 1.32 area which has failed. Exact entries are 1.3191 and 1.31870 and we are looking for a test down to 1.3150. The position is marginally in profit but we will keep our stops above the the first 'lower high' at 1.3204 of the new trend ( ie the coming down cycle of this wave). I expect a bar to retest the underside of the thick red reaction line so to move it to break even would be premature.The short ribbon stochastics should bounce back down off the falling B-line.
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