Recap: Our short from Friday, a day we don't normally trade, quickly hit all targets for 80 pips profit. The price began to drop like a rock literally minutes after we posted our analysis and never looked back - until now.
Since opening the weekend the price has begun to peel back in a bearish consolidation pattern and while many of us are tempted to buy the dip this pair still has plenty of room to drop. It is always harder to call a bottom than to ride the trend! Two quotes come to mind in these types of situations:
Markets can remain irrational longer than you can remain solvent. - generally attributed to Keynes.
In forex, what goes up does not have to come back down, and what goes down does not have to come back up.
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Trading Idea: We will keep looking to get short, this time on a support break, until the trend begins to shift upward. We will short a support break with targets at 20/20/20/20 for 80 pips profit.