13 December 2011

EUR/USD : Is This It?

  • Long awaited SHS top neckline finally breaking.
  • Sell stop-in at 1.3215 triggered. Pyramided into yet more short now.
  • Stop out on weekly close > NL.
  • [Earlier crazy idea of hedging with short USD/CHF aborted with a small loss].
  • Would be a lot happier if we do manage to take out Oct11 low of 1.3145 sooner rather than later (now at 1.3174)
  • Recall SHS top downside objective is around 1.125. Before that, Jun10 low of 1.1875 beckons. Either way, risk/reward of shorting now against NL (this week at 1.3215, rising at a rate of around 10 pips a week) is favorable; far better than my earlier entries for sure.

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