Stock, Option and Futures Trading
June 24, 2011
We posted a video to our members when the 6E was at the high around 1.4600 that we were looking for a move down to 1.379. We still have that outlook and we know that there will be waves inside of the bigger outlook. We had the bars go to red for our signal at the top of the wave then we had another minor wave entry to get down to the blue bar exit. Exiting on the blue bars would be around 400 pips of profit.
From the blue bar low we look for a correction before we can get back in. There was a minor wave short before the correction completed and then we got the bigger correction and the next short entry at 1.4300 and we are still in that short. The stop on this trade would be 1.4415 (the last structure high) looking for the 1.379 target of another 529 pips.
Where we are at right now in the 6E there is a chance that the down pattern fails so if we take out the 1.4415 that could trigger us in on the long side with a 1.5000 target. For now the pattern is still down and if we take out the 1.4091 low we have high odds of hitting our lower target.