Sive Morten
Special Consultant to the FPA
- Messages
- 18,703
EUR/USD Daily Update, Thu 02, June, 2011
Hi there,
Looks like we should wait a bit. Although market has 100% accomplished our trading plan for yesterday - retraced from 1.4450 to 1.4330 and now in some upside move - I do not very trust in that move.
The way how it develops tells that this is more respection of support after initial thrust, then shift of momentum to upside again.
And that makes me thing about two possible scenarios:
1. We will see deeper retracement
2. We will see some upside reversal pattern and current move is a part of this pattern. This scenario is more welcome for us.
So, if you have entered long already - tight your stops or move it on breakeven.
If you're still flat - stay flat, until clearer signals will appear.
Hi there,
Looks like we should wait a bit. Although market has 100% accomplished our trading plan for yesterday - retraced from 1.4450 to 1.4330 and now in some upside move - I do not very trust in that move.
The way how it develops tells that this is more respection of support after initial thrust, then shift of momentum to upside again.
And that makes me thing about two possible scenarios:
1. We will see deeper retracement
2. We will see some upside reversal pattern and current move is a part of this pattern. This scenario is more welcome for us.
So, if you have entered long already - tight your stops or move it on breakeven.
If you're still flat - stay flat, until clearer signals will appear.