EURUSD to initiate it's next drop of around 220 pips within 8-15 hours.
I'm not currently entered as I suspect price might fakeout topside before shooting down. If so I may be able to catch the trade at its peak, otherwise 50 pips should be enough to handle any northside fakes (use your own judgement for SL).
There are a number of EU news reports released tomorrow starting at 08:55 UTC running through to 13:00 which I expect will be the catalyst for the move.
UPDATE: There's a very real chance that price may rise back up to the upper green line and fall tomorrow morning instead. Tomorrow is Friday and end of week. It's when big players like to take profits. I'm currently out, rather be safe than sorry. If it starts to drop, I'll jump back in.
UPDATE 28/11/2014: What a lame move down yesterday. Instead of the news accelerating price, it had little effect. Price is falling though, slowly making lower lows and lower highs. I got in again some hours ago. The central balance line seems like a good target for this move. Hopefully news this morning is better.
UPDATE: This morning's news was used as a stop hunt/pullback. Whereas I'm still bearish and think EURUSD will fall to 1.2330 at least. I'm starting to wonder if EURUSD is bottoming out.
UPDATE 03/12/2014: Trade closed for 161 pips.
I'm not currently entered as I suspect price might fakeout topside before shooting down. If so I may be able to catch the trade at its peak, otherwise 50 pips should be enough to handle any northside fakes (use your own judgement for SL).
There are a number of EU news reports released tomorrow starting at 08:55 UTC running through to 13:00 which I expect will be the catalyst for the move.
UPDATE: There's a very real chance that price may rise back up to the upper green line and fall tomorrow morning instead. Tomorrow is Friday and end of week. It's when big players like to take profits. I'm currently out, rather be safe than sorry. If it starts to drop, I'll jump back in.
UPDATE 28/11/2014: What a lame move down yesterday. Instead of the news accelerating price, it had little effect. Price is falling though, slowly making lower lows and lower highs. I got in again some hours ago. The central balance line seems like a good target for this move. Hopefully news this morning is better.
UPDATE: This morning's news was used as a stop hunt/pullback. Whereas I'm still bearish and think EURUSD will fall to 1.2330 at least. I'm starting to wonder if EURUSD is bottoming out.
UPDATE 03/12/2014: Trade closed for 161 pips.
