EURUSD--Wedge Action Part-2 (Long & Short Trades)

Jul 11, 2016

From Last update--on EURUSD..below 1.1000--I am looking for targets 1.07000--1.07300 (Ist Trading Strategy).....It looks like this corrective pattern is forming double correction..as per earlier analysis it was A-B-C giving us 2nd wave but now I am taking A-B-C as W-Wave ...EU had a fall but did not go below 1.1000 forming a recent low@1.1015 so until 1.1015 is intact --EU will attempt to make another A-B-C formation giving us Y-Wave to complete 2nd Wave-(2nd Trading Strategy) but surely it should not cross 1.1185 from where it had impulsive fall last week...in future --so,one can go short again as well--if EU comes close to 1.1185(keeping that level as stop loss -a tick above)--shall give us best risk reward opportunity for going short (3rd Trading Strategy). In current scenario let us look for a bounce in up..down..up fashion.

Regards,
Abhishek H.Singh, CMT

Jul 11, 2016

Trade active

20:20 Hrs--11th July 2016--Zone of 1.1035--1.1045 shall be important zone for buying for short term targets of 1.1100--1.1125.

Jul 11, 2016

Trade active

21:30 Hrs--11th July 2016-- EU made session low@1.1035.....Current Price --1.1045...Trail our stop to cost@1.1033- two ticks below 1.1035...shall book only 20 pips which comes in the zone 1.1060--1.1065 or we shall wait for breach of 1.1015 for taking short trades...Regards, Abhishek

Jul 11, 2016

Trade active

22:45 Hrs--11th July 2016--Session High was 1.1056..If it starts moving back below 1.1045...that could be maximum which we could have squeezed out of EU on upside...Take & Exit below 1.1050...Going Below 1.1015 & Also it should go below 1.1000 to start the show on downside...Regards, Abhishek

Jul 11, 2016

Note

23:00 Hrs--11th July 2016-- Holding EU with 1.1050 in present..Current Price--1.1055

Jul 11, 2016

Trade active

23:20 Hrs--11th July 2016-- We shall close EU long going below 1.1055...session high was 1.1059..Regards

Jul 11, 2016

Note

23:30 Hrs--11th July 2016--There is a slight change in counts...that is the reason I took 20 pips on long trade & exited at 1.1055....I shall post new chart later ...but do not forget ...going below 1.1015 & 1.1000 --EU will be in bearish mode...Take Care. Regards, Abhishek

Jul 12, 2016

Trade closed: target reached

EU picking right at the bottom was excellent...lower edge @1.1035....It never went below 1.1015...so A-B-C...played out & we kissed upper edge of the box...@1.1126...Regards, Abhishek H.Singh, CMT