The EUR/USD has reached a high of 1.2856 on 13 Nov 08. Since then, it has started to come down. In fact it has retraced to 1.2611 (between 50% and 66% retracments) today.
I managed enter a long trade on the EUR at 1.2630. Using the PowerWave, I am projecting a target price of around 1.3050, if the EUR starts to move up from 1.2611. Long views to be abandoned for the moment if EUR falls below 1.2611 as it will drop further to test 1.2450.
Update on 15Nov:
This trade was closed when the price came back down from near 1.2800 (around 3-4am SG time) and hit my trailing stop loss. The EUR rose to a high of 1.2797 at about 3-4am and then nosedived in the last hour to close the week at 1.2690.
A summary of my EUR/USD long trade:
Entry: 1.2630
Trailing Stop Loss: 1.2660 (shifted just before I went to bed)
Profit/Loss: +30 pips.
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