Euro has bottomed out.

In my last post, i was expecting the Euro to bounce from the 1.4280 level, but it has continued to fall breaking all supports.. This is why stops are so crucial, and more importantly is the placement of stops 'at the same time' when placing the buy or sell order. The market can do anything at anytime, and complacency with this regard can be dangerous. Often, the times a stop is not used (because you feel so sure of the trade), are the times when the market is in a position to really punish you, and it rarely disappoints.

The Euro today has continued its free fall and just hit 1.4072. I am fairly confident it has bottomed out. Still a stop has been placed 30 pips below...


---------------------------Just updating this Euro chart, which bottomed at our 1.4072 level, which was posted here as it happened. Im seeing two possible paths for the Euro from here, outlined in the chart below in different colors..

Sometimes, you feel in harmony with the market. Sensing every move before it happens and with great accuracy. In the chart above, we foresaw a drop then rebound from the 1.4190 level.

 Rebound from the 1.4190 level, and then an 80 pip drop from the 1.4382 level (as can be seen in the next chart). The move to 1.4240 has not happened yet, but i doubt the Euro has enough gas to continue much higher before a bigger move down. Adjusting the chart slightly,  anticipating the move lower to start from the 1.4429 level.

Note: there is a big announcement on the Greek situation to be released tonight. 'News' traders will be eagerly awaiting the results to adjust their positions. No matter the news, the Euro will hit 1.4429 and start to fall. I say this without having a clue what tonights outcome will be.