Quick Short

Needs to get to weekly VWAP and CAM R3 first... back to the Weekly VWAP Band and then possible back up again to the top rail of the tight channel it has been riding in.

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Sell limit: 1.1890
Profit Target: 1.1855
Stop: 1.1909

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The trouble with VWAP is that futures sometimes hit it first, which is the case for Euro futures right now. Weekly VWAP was struck so this trade may already be in play.

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NZDUSD showing a very similar setup... notice the near perfect movement today from CAM S3 to CAM R3

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I moved the sell limit up a little based weekly VWAP to 1.1895 near the Weekly CAM pivot R3 (the thicker red line directly above daily CAM R3).

Adjusting the trade to break even once the price reaches the previous day's close @ 1.1864.

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Closed EU short at levels described + 35-40 pips.

Let's see if it bounces off the VWAP band now and moves higher to 1.9000.

See also:

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Correction:

Let's see if it bounces off the VWAP band now and moves higher to 1.9250**.