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In a nutshell, I'm counting it as a wave 4 (I used roman numerals in the chart) expanded flat retracement. On the daily chart, I'm expecting price to move further up for shorting opportunities. Fundamentally speaking, with all the chaos on the bailout proposal, I think no one knows where the dollar is really headed. So I'm sticking to technicals.
Lets look at the 4h charts.
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I think its currently in its b of B wave. So I'm looking for a long opportunity around .8080, Stop .7790, and take profit around .8500. Because of the strong support/resistance level there, it'll probably bounce off that level and I may make another long trade if the opportunity arises. Alternatively, if you have a large enough position size, you can take your first profit at .8500 and let the remaining run to about .8770 (that's 1.616 of the A wave). I still think it will probably bounce off the .8500 level though.
Well, that's it for this short post. Good luck with your trading!
