Very nice selling program, finally some taste of C downwave all over. Shouldn´t be surprize as allmost every corner has been full of so many HS patterns. Missed the party, but market will be there every day – good wheather & summer is not and second one is more important for me.
I actually bought a few minutes ago eurodollar again because it´s the channel bottom and I like when tick get overthrows. This is also 61.8% retracement since “A” wave correction bottom. It´s possible that if we just subdivided to the C wave and left B top yesterday in US market this channel might breake later and correction to the 1,3600 area could come. However, because currency have had serious troubles to travell for downside (in fact todays action down does not look anything special event either, it´s still just channel trading).
65% of eurodollar traders position are bearish reported yesterday and pasted days via several major brokers, with some brokers this number is even higher and this is the reason I like to take small contraview in here and propably the reason why currency have had so much trouble with it´s downside paths. Too many bearish position on there.
Of cource this might be and propably is only retracement issue, but there´s not much else to do anymore as it´s middle of the night when took first peek what has occured. It was mistake to cover my short before leaving, should set just trailing and leave automate to handle it.
If this hit in asian market or europe 1,3910 or similiar as more serious overthrow which it can easily do – I might take another stake for retracement recover – which btw. propably or perhaps will not seen for some time.
Stops at ~1,3985 – definetely not going to watch if this channel breakes seriously.
So for the bears (like myself), unfortanately too early to party birds – there´s no any kind of damage done in here yet. In fact, alternate is that this will be triple zigzag upside channel – personally I would not be surprized – then it would be the same what 240 min chart has been since 1,2900 bottom. However, if B wave was placed yesterday, it can be easily seen most likely scenario – party would be over allready.
