Saturday, October 15, 2011

EUR/USD on 17 Oct 2011 Mon

Monthly Candle: Yet to finish
Suspect next strong resistance to be at 1.4130 region, based on last month (September - Bearish candle) to this month's (October) fibobacci retracement levels.

Weekly Candle, super bullish, proven last week's reversal pattern and EUR/USD managed to crossed above 50% Fibonacci Retracement Level (1.3760) and almost touching my weekly target of 1.3900 region.

Next target is tough but possible.
Early of this week, EUR/USD may face resistance at daily ema200 1.3950 which is also around my profit target range.

Although my forecast was right, my entry is not good, i queue to enter when market made 2L, hoping for a 1/3 retracement, but market didn't.

I queue to enter at retracement, when market hit 3L, but market didn't.

When I chase market and enter on Thursday, market consolidated a bit, before going up, without making 1/3 retracement.

hahahaa... better sharpen my entry.

Trading Plan: to Long

EUR/USD closed at 1.3879, Monday can enter Long with initial shadow around 1.3820 region if market didn't gap up / down.

SL can be slightly below the group support level 1.3780 region.

Target 1.3950.
Next target 1.4080, take note monthly candle resistance 1.4130.

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