EURUSD: The Next Potential Short on Euro, Bearish 2618

As price action makes its way back up towards previous structure highs, we’ll reach what I like to call a “decision point” in the market. I call it that because it’s at this point where our “IF/THEN” thought process comes in today play in our decision of whether to go long or short.

Because we have yet to break structure, I won’t touch on the long option, but the short option is playing this current move as a 2618 trade. We have already entered the killzone starting at 1.1120’s and at this point I would be dialing down to your lower timeframes and looking for an entry reason.

IF this 2618 does complete and rollover, it would also be the “C” leg of a potential bullish bat pattern. You guys know how I feel about the “aggressive C” trade (BAD! BAD! BAD!) but this would be one that actually makes sense, only because you have a valid reason to enter.

I’m feeling horrible today as I’ve caught a cold from somewhere, but with A LOT on my trading radar (Syndicate members, take a look at the tradefloor this morning) I don’t want to miss what could be a day ripe with opportunity.

(If you’re unfamiliar with the 2618 trade, the free training is on our website under the “Learn to Trade” tab)

Akil Stokes
Chief Currency Analysis at Trade Empowered
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