EURSEK on a Pause Before a Possible Continuation of the Climb
Currently EUR is on a pause after it took out the swing high. It usually takes 5 to 9 to 10 days for a strong asset to resume its climb so we may have 1 to 2 days more. We only look to go long as we want to trade with the trend. It's looking like a mini ascending triangle at the moment but it can morph if it does not breakout in the coming several days. If it breaks down we do nothing (we do not short) as it is trading against the trend. Note however that if it does attempt a breakout in the coming days the attempt may succeed or fail, but we are willing to risk capital especially if it breakouts on volume. But we must be very quick to sell if it falls back into the structure and NOT hope it will recover. When that happens we remain patient and assess as the chart evolves,always stalking it for another attempt at a breakout or a recovery on the recent failed breakout. This is why we need to be quick at exiting a failed trade so that we lose little and have capital preserved for the recovery or the next breakout attempt which may succeed.
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