EUR/USD Trade

While I'm more inclined to be more bullish than bearish on the market (applies to the coming week only), I can't seem to say the same for my EUR/USD trade.

EUR/USD Daily


EUR/USD Weekly


First glance at daily chart tells me the pair is on an uptrend and the pattern emerging is a double or triple bottom. A closer look shows a symmetrical triangle in the making. That most recent high looks very much like a partial rise to me. And that's very bad news, coz what usually happens after a partial rise is going to be a breakout on the DOWNSIDE of the triangle.

Whether what follows is a plunge is not my immediate concern. I AM LONG the pair at 1.292 (red dotted line) and my stop is at 1.2325. The pair could very well break down, move slightly below its low (at 1.2325) and take out my stop, only to climb back up again to trade in a sideway manner for God knows how long.

The weekly chart clearly shows that the pair has overshot its potential in Sept 07 and looks like it now wants to keep trading below 1.37. What's forming (the triangle) is simply a pause and another leg down looks PROBABLE. Classic bear wedge. Although I'm really HOPING that since EUR/USD has already completed 2 measured moves down that it will at least do some DECENT CORRECTION, like to at least 1.37 (which is barely 38.2% of its move down from the top of 1.60)??

I doubt I want to wait to be stopped out. If the pair continues to move down on Monday, despite what the market does (or if it goes down together with the market), I'm out. I've been sitting on the trade since Nov 24, and patience isn't exactly one of my virtues.