Missed my entry on this euro by 2 ticks. 1.3585 has been a solid resistance level and was expecting it to pop higher but surely it has to go down now from here back to test 135? I don't have a lot confidence in my entry holding if we get back up there now so am probably going to take my orders off the ladder now. Lets get FOMC out of the way and hopefully we'll have better idea for direction for tomorrow.
A day in the life of a real trader
- Thread starter Squeal Trader
- Start date
I see technical reasons for EURUSD to go up to 1.37xx and I see long accumulation in the 1.352 - 1.358 range. As to the reason why, because most think it is going to drop and make new year's lows. What other reason could there possibly be?
Yep there's the 38.2 fib level of the daily hi-lo just below 137 but would be very surprised if we get back up there. We tested that level a day after Junes ECB conference but price clearly couldn't sustain above it hence the sell off.
Personally with all this new fwd guidance Drahgi has introduced - negative rates, sterilization and new LTRO's, my guess is i would expect this euro to head down towards the 132 level. If the Fed decide to stop tapering tonight then this will obviously have a big effect on the currency but that is highly unlikely. Fundamentals obviously lead the way in any long term move and i use technicals to pick my entry.
Right, day after FOMC and was hoping for a more hawkish tone. Not dovish and bullish. The fed's "commitment to maintaining a highly accomodative approach" didn't feel the currency markets with much confidence - and foreseeable low rates is good news for equities which is why we hit all time highs - again.
I have this obsession with being short this euro. The problem is the market doesn't want to go down. With the feds dovish tone and everyone aware that the ecb are not going to introduce more fwd policy for the next few months we could be looking at eur$ back to 140.
Its not what you don't know that can blow your account, its what you know for absolute certain that can. Time to change my opinion and get long this Euro i think.
It feels wrong based on my long term fundamental view but this is going to be my first long euro entry for a while. We have some US data coming out this afternoon so hopefully we can see this strategy get filled.
I have this obsession with being short this euro. The problem is the market doesn't want to go down. With the feds dovish tone and everyone aware that the ecb are not going to introduce more fwd policy for the next few months we could be looking at eur$ back to 140.
Its not what you don't know that can blow your account, its what you know for absolute certain that can. Time to change my opinion and get long this Euro i think.
It feels wrong based on my long term fundamental view but this is going to be my first long euro entry for a while. We have some US data coming out this afternoon so hopefully we can see this strategy get filled.
Have just entered long Nasdaq at 3786.25. let see how this goes
Ok have exited this Nasdaq trade. It didn't really move away from entry so closed out just above scratch. Lets see what opportunities await tomorrow
Good morning,
Just been entered long the euro strategy i posted yesterday. I'm not as confident in this trade as i was yesterday due to the level being tested overnight but we have a very quiet news day ahead of us so wouldn't expect too much movement.
Just been entered long the euro strategy i posted yesterday. I'm not as confident in this trade as i was yesterday due to the level being tested overnight but we have a very quiet news day ahead of us so wouldn't expect too much movement.
Ok my stop is now at scratch on this euro long. I have lost patience with it and pivot is proving to be a stubborn resistance level. My risk appetite for this trade has vanished. if price does not break above pivot then i will not want to be involved in this.
Have just been exited while writing this
Have just been exited while writing this
second attempt going long this euro at 13591 with stop at 13573