$EURUSD I was wondering what news would cause short term reversal to up trend

Looking back this week, passing the opportunity of almost 400pips

trade was certainly not a good experience, but there wasn't a valid

entry point based on my current trading rule or life style: I do not

buy/sell break b/c I have not come up with good way to measure and set

appropriate stop loss line in that case. Risk and max loss have to be

clearly defined in every single trade I make. Anyways life goes on,

and so does market.

 

We can say wave 1 (from 1.5063 to 1.4683) is over, and almost

completing A wave up. I would expect corrective B wave down, then

impulsive C wave up.

 

So my plan is to enter long at the end of B wave down. The price level

I would be entering is not very clear yet, but should be between

1.4722 and 1.4777, and I would aim this long position to carry us up

to 1.4917 ~ 1.4981. The stop loss order, of course, will be set at

1.4675, or just below the end of purple .1 wave. This makes max loss

of about 47 to 98 pips, and expected gain to be 140 to 259 pips. It's

a great risk reward ratio.

 

After this long trade is done, I will enter short position, possibly

from 1.4917~1.4981 level.

Done