Currency: EUR/USD
Trend Expected Direction: Down
Method: Elliott Waves and Fibonacci Levels
Description: To follow up on my last post dated August 3, 2012, we got caught in the middle of expanded flat wave (c) located in B correction. The trend has bounced up after hitting lower 1.618 at 1.21344. The trend is in a progress of final up move toward its (C) with a motive wave that might hit 0.618 Fibonacci level at 1.24730. In my previous trade alert, we hit the stop loss at 1.23700 in the middle of final (C) wave. However, I recommend the following to maximize the chances of making profits from this pair:
1) Enter trade with short call and Stop Loss above/at 1.2500
2) Aggressive traders who are still in trade and managed to shift their Stop Loss above 1.23700, to relocate their Stop Loss above/at 1.2500 and to increase lots near that level.
Recommendation: Hold Short/ or re enter short at 1.24700
Target Area: Open
Stop Loss: 1.2500