On Monday I mentioned that the EUR/USD had a gap left from Sunday's open that should be filled at a bout a 100 pip profit from the current levels (click here for original chart). Today, the EUR/USD closed that gap so I'm lowering my stop loss to 1.3566. I have no real grasp of the larger trend and it's possible 5 waves down from the November 2009 high has completed, so I don't want to be too aggressive or greedy on this trade. So I'll keep lowering my stop as this pair treads lower until eventually I get stopped out at a profit.
As for the stock market, we have a nice sell off right now with the Dow down over 100 points. We've seen these occur several times in the past few months where the sell offs are bought up later in the day. If we can maintain the losses, or even accelerate lower, it would be very encouraging for the bears (correction: replaced "bulls" with "bears" here). A strong rally as the day wears on and into the close would put us back at square one in looking for signs of a top.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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