euro in 4th wave triangle?

[PaulRon]

e potentially completed need to see follow thru to the downside

 

[lemeeeplay]

just went short @ 12740 with a 40 pip stop, 80 pip exit

lets see where this baby goes

 

[PaulRon]

80 pip? hold on to it and u could come away with 800

 

[lemeeeplay]

That's true, but this is part of my day trade activity and I don’t like to carry the trade.

I normally don't like to trade at the end of US session like I did today. So I might end up closing this trade out within next hour if nothing happens.

I need to leave the office in a bit and don't want to leave a position open.

There is always tomorrow

 

[PaulRon]

good knowing you euro

<img src="http://elitetrader.com/vb/attachment.php?s=&postid=2170485">

 

[Trader KGB]

So far a pretty choppy breakout to the downside from that triangle. Doesn't seem to be a lot of conviction on the part of sellers. Took 30 pips on the break before stopped out on the return. Let's see where the ZEW data takes us next.

 

[PaulRon]

yea was a weak breakout sorry for getting anyone into it too early... hopefully you got short again. euro to 1.165

 

[PaulRon]

really broken now... ta da!

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2171362">

 

[sam0182]

Yep, finally happened...now just battling the support lines until we make a new low.

What do you see as immediate resistance for the inevitable retrace before continuation (granted that we don't continue to straight dump to new lows).

We're consolidating right now at about 1.256...

 

[PaulRon]

why is a retrace inevitable? sure sometimes triangles get a retest but its never inevitable... im short and staying short until 1.165ish and resistance i would just use fib #s from the peak