Fx futures Journal
- Thread starter Buy1Sell2
- Start date
Still short the Euro through a Euro/Pound spread...
Romy is right about watching the 240 chart. I would like to jump right in and push long, but the 240 is extremely bearish looking. However, I also know that the best time to buy is on pullback and as you can see, we are just above support on the 240 that would create a double bottom. So, is that what it is or will the bearishness of the 240 roll us right over? Good questions here. This is why I wil reenter on breaks above reaction highs on the 10 minute chart using stops below reaction lows on the 10 minute chart until we get one that holds for higher levels. I want to reenter on strength above reaction highs. I will use buystops for this. Then when the 240 shows divergence or bullishness, I will push a little harder. What if the market continues it's decline? Then I will give most or all of the profit back on my longs, however, I have sold calls above the market when we pulled away from the upper Bollinger , so I will not be walking away empty handed. If the market renews it's upswing, then I'll be in to be long against any short calls.
At 6:50pm EST we have the Japan Tankan reports coming out.
If they are good...good. But if they are bad, the bank of Japan doesn't have many options left it can use to stimulate the economy.
Actually if is it too negative I see the JPY falling apart.
Chances are we break 8500, but let's see..
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1295922>
If they are good...good. But if they are bad, the bank of Japan doesn't have many options left it can use to stimulate the economy.
Actually if is it too negative I see the JPY falling apart.
Chances are we break 8500, but let's see..
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1295922>