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European Debt: An Elliott Wave Perspective

$EURUSD Trade Update 1/28/10

January 28, 2010 at 8:40 pm | Trade Artist | Comments 0
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Our EUR/USD short continues to work out well (initiated at 1.5077). We were stopped out of 1/3 the position on January 4th and unfortunately missed the re-entry which should have occured on January 14th when the new pivot was formed and price ran into resistance at the Kijun Sen (blue line). Rather than chase it I made the decision to wait for a low risk entry on the next pullback. The 1/3 stop locked in 617 pips and the remaining 2/3 is currently up 1150 pips. This is close to a $3,000 gain assuming you started the trade with 3 units, which requires less than $500 with 100:1 margin. Not a bad return so far. I’m still targeting below 1.2400 before it’s all said and done.

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