Euro market top, island reversal formation?

Quote from AMT4SWA:

I'm with you for this party....I have a few chips on the table. I am in the 6E at 1.5920 and up looking for the EU slowdown play to narrow the currency gap a bit.
More...
So far so good.....I will be looking to scale out 50% of my position in a zone from the 1.5500 to 1.5300 levels, and the rest I will hold for any dramatic moves below the 1.5200's. :)
 
Quote from Doji7:

Euro Top still in place,......:)
More...
Yes it is....decided I will start my scale out at the 1.5550 level on down to 1.5350 for 50% of my short position.

I hope we can get at least one more run back above the 1.5700 level before we bust through the 1.5200's....I want to load up one more time before the euro run down that I see ahead.
 
Missed 1.5550 by 3 pips so I just covered 15% of my overall position between 1.5560 to 1.5565.....the remainder I will hold for lower price targets.
 
There will be another attempt higher in my opinion in about a week or two. Oil is helping the dollar and the financials are at a false bottom in my opinion. The compounding losses of consumer debt has not hit the financials at this time. Car repossesions in the U.S. are going up as well as credit card defaults. Take what the market gives you and be prepared for a sharp euro bounce back once oil prices settle. As always, be cautious because the market can and will do anything regardless of our best laid plans.

BTW, I shorted the eur/usd from 5754 to 5675 for 79 pips, hit my target and I am done for the Day. Eventhough it went lower I stuck to my plan. I am one that believes take the money of the table. However it does irk me some I left a 100pips on the table. Oh well, I'll get it next time.
 
I am looking at the EUR/USD trade as a very strong multi-year play, so I want a bigger position for the ride down. I will rebuild a bigger dynamic short position for any additional moves back up beyond the 1.5700's......this will be one of my "meat and potato" trades going into 2009.

My 8 month long ES short play already accomplished the primary goal and my oil short trade has already played out very well.....time to load up for a new macro move in some other instrument.
 
You must log in or register to reply here.
Back
Top