I am out of all long positions and short at 1.28577 with a 10 pt stop and have sell stop orders below the market ...........the reversal bar is due in the next hour.
5.25pm euro time
well! the strength of price action has surprised even me who has been bullish of the Euro since this reversal started to develop at the beginning of June. I am now flat after being stopped out on my short position at 1.2857 and exited my long positions at the same levels about 50 basis points below the current levels of 1.29 but what i want to know is where we go from here? We all know that currencies can have outrageous divergences in indicators for a long time before a correction comes but with divergence now showing in all time frames right upto the 240 min i guess this 1.2900 is a level to watch.I would not be surprised to see price dip back down below 1.2900 and then see a sharp retracement BUT i have always had a serious trading weakness...I am very impatient and even if i get my forcasts right TIMING is everything. I exited my longs too early and went short too early and must always remember that price needs to play out at its own speed and not my speed. There are various ML's/Forks that show the 1.2920-1.2925 as an upper MLP and think about this....How many times have you seen price action take out a psych level of a big number like 1.2900 and get about 20 basis points above the psych level but still fail at a close?
The red vertical line is the reversal bar and you should all be aware that there is MACD,RSI and slow and fast stoch divergence in multiple TF's and price has a reaction line overhead and has reached a confluence of median lines.
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