Another 50 pip loss!

Oh well, everything was lining up and just seemed as if the probabilities were in favor of a retrace. I think what I will do now is sit back and see where this is going. I could take a short here due to the fact that 1.5980 level was broken and there is no support really until 1.5340 level. I'm waiting on this one. This is a bigger move based on the Daily chart. Looks like it is a Daily head and shoulders. I actually called this in one of my earlier blog postings. I said price would probably hit the 1.500 level on the weekly chart head and shoulders. We are just getting some very sharp trends and I have lost the last 3 out of 4 trades I have taken. I might look at another pair for now. I will keep my eye on this one.