time to short?, page-3

Righto, I am chuffed at how the other trade (AUD) worked a couple of weeks ago so I am going to post along with this trade, which I envisage could be all over in 10 minutes or go on for a few days...

And again, please excuse the charts which just aren't quite as good as some people's charting packages around this place...!

EURUSD has just bounced off the 100hr ma and ended last week very badly for the bulls indeed. While there is still plenty of room for further upside, I like the downside a bit better at the present time... Didn't get the big plunge because it was about 3am on Saturday morning, fast asleep....

Bearish divergence has been building for a while also... the current situation:




Below shows the current re-trace has just bounced off the 50% fib of recent move from mid-jan to last week:




however, I am watching for the re-trace of the recent move down to finish, and continue down:



So, short at 1.3670 and don't want it to go any higher basically. Tight stops and I am out straight away as I will change to long probably (if I am awake) if momentum continues up.

And, if the re-trace stops here at the 61.8%, then the downside looks very nice indeed:




hope this makes sense!

:)