EA made a new trend high over 1.70 today. It's now up from a low at 1.16 in 2017. It is in my shorting zone, but also has not made a top as yet. It looks like it could take off higher from here. Time will tell. I initiated a short at 1.7028 with the 5/8 line acting as a daily close SL. If it really gets going it could run right up into the 1.80s. However, this could be at or near a high. It's far enough above 1.3624 to start building a position, for me.
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1000 pip wick. Short working well. Holding for the low 1.60s.
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Continuing to hold short. Expecting a return to the 1.60—1.61 area over the medium term.
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Short from 1.8131. Looking for a bottom around 1.60.
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Holding short while waiting for the next break lower. The pair closed the week just above the 50 line. Both E and A were down, but A was down a larger percentage of its price, so EA went up a bit. This is a long term play. EU is roughly in the middle of its range (just below it after the drop this week) but AU is at historic lows. Over time AU will recover, but EU will continue to have fundamental problems and swing within its normal range. Initial profit area is around 1.60. Then we wait for the next high.
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Sorry! Chart above it AU working its way down a bull flag. This is EA at the close Friday.
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Made good progress this week breaking below the 50% of the move up. Closing in on the 75% line now. We could see a retrace, but not necessarily. Continuing to hold.
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Holding short from the 1.81s and will continue. Could be in for an interesting open to the week.
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Finally broke below the 75% line. Onward and downward. Still holding from 1.81s
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Still short from 1.8131. Looks like it should continue down to trend baseline. It may consolidate here a bit first, but it may just keep dropping.
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Looks to be setting up a nice bear flag. Still short and expecting to visit trend low. It can always break down through the current bottom, but more likely we'll see a lower high first. Plan is to take profit somewhere in the 1.59–1650 area. It will probably take a while.
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Could take a couple more months to work its way down to trend baseline, but it's on the way.
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Looks like the next move should be into the 1.63s.
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The saga continues and is closing in on trend bottom around 1.5968. The pair dropped another 129 pips today and is now within 250 pips of trend lows. I'll be watching to see if it bounces or breaks support. The first drop below trend is liable to be a big one.
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Still waiting on a test of trend bottom. Not much progress this week. As AU and EU duked it out EA remained relatively quiet.
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Closing in on the bottom of the range now. Finally broke down from the tiny range it's been in for a couple weeks. About 250 left to go.