EU Chart Update: Closed Above or Below?

EU retraced today after reached 61.8% retracement of 1.6037 to 1.2328. The price even stay below 30 EMA on the weekly chart at the moment. Below is EU weekly chart.

In my opinion, EU will continue south if it close below 30 EMA or 50% retracement. However, it also might retest 50% retracement before doing so. Therefore, we may see another spike next week. First target on downside is the support line shown on the chart. QQE cross also streghten my analysis since it usually signal a change in direction. I do not expect a retest to 1.2328 low, or at least until it breaks the support line on the chart. 

If EU close above 30 EMA or 50% fibonacci level, then I expect a move to 61.8% Fibo level again or until QQE yellow line is near 50 level. I do not aware of any fundamental factors that give a bullish sentiment for euro economic condition. Many company will need dollar to pay their liabilities and American MNC will have to consolidate their earnings at the end of the year.

I  also didn't and perhaps will not open a position regarding this analysis. I need to save the margin for GBP/JPY trades;P So, trade on your own risk okay :) 

See ya..

EU Trade Update: Hit SL

My EU position hit SL at 200 pips. After 50 pips bounce from 50%, it continued to break the 50% level. Actually, I used to cut loss if the price breaks 61.8% retracement, but in monthly/weekly chart it means that the range will be huge and I totally forgot about this. Next resistance is at 61.8% retracement level. If the price closed below 50% on monthly chart, I may enter another short :). So I will check it again next year.

EU Monthly Chart: At 50% Fibo

Below is EU monthly weekly chart. EU retrace from 1.2328 low reach 50% of 1.6037 to 1.2328. On weekly chart, price is near 34 EMA. Target for downside is the previous low. I entered at 1.4110. I intend to hold this position until target. Who knows guys. It's seems like a good opportunity ;P 

November Result

I trade on 18 days out of 20 trading days last month with 25 winning trades and 13 losing trades. However, I lose 351 pips, where the first week contributed a lot. It seems like it become a regular thing for me: lose big and then tried to get it all back for the rest of the month ;P Below is the daily return in November.

My blog has been filled with nothing but monthly result lately and I guess I'm sorry for that. Two of my classes just ended so I hope I can spend more time updating my blog. If the results were good, I bet I wouldn't care ;p hehehe.. Ok..later..happy trading.