Monday, April 27, 2009

Short EU @ 1.3018




I took a position trade short @ 1.3018. I was at work so I missed the initial break of 1.3088. I am concerned that I got in late here. Maybe I should have waited for retracement? I took a smaller position due to the fact that I got in late. Fib to downside 1.3737 - 1.2888 - price retraced to 50.0 level at 1.3313. The 161.8 extension, which would be target with a break and retest of 1.2888 is 1.2362. Price clearly broke through most support (trendlines, moving averages). My initial target will be 1.2890. Hopefully, fear doesn't take me over this time and I wait for target.

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