Geert Anthonis
Private, 1st Class
- Messages
- 33
What now???
Hi Sive,
At present the market stands at 1.3805 (Spot) it has been a bit higher, but now looks like it might start to go down still we have crossed the overbought level at 1.3755 and even the 1.68 fib extention from the butterfly. Do we hold out for the retrachment or is there some news I have not picked up on on CNN, BBC or Bloomberg that has changed the fundamentals.
I opened one position at 1.3728 and another at 1.3755 both with a stop at 1.3798 which I have since increased to 1.3868. Do you think the 1.3868 will be reached before retracement starts? Will there be a retracement? Or do I close now, take the loss and lick my wounds?
Thanks in advance you for your reply and insight.
Kind regards,
Geert
Good morning,
On daily time frame there is nothing new to discuss - just remember today's level of overbought - 1.3755
So, that's my trading plan - wait of completing point of Butterfly at 1.3725 - place stop above daily overbought (1.3755). This gives you tremendous risk/reward ratio and exceptional probability that your stop will not be triggered since it above daily overbought.
Hi Sive,
At present the market stands at 1.3805 (Spot) it has been a bit higher, but now looks like it might start to go down still we have crossed the overbought level at 1.3755 and even the 1.68 fib extention from the butterfly. Do we hold out for the retrachment or is there some news I have not picked up on on CNN, BBC or Bloomberg that has changed the fundamentals.
I opened one position at 1.3728 and another at 1.3755 both with a stop at 1.3798 which I have since increased to 1.3868. Do you think the 1.3868 will be reached before retracement starts? Will there be a retracement? Or do I close now, take the loss and lick my wounds?
Thanks in advance you for your reply and insight.
Kind regards,
Geert