Hell, take a look at the Commitment of Traders Report, speculators aren't even close to being overly long.
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Is the EUR currency at the top? And How to Play it?
- Thread starter riskfreetrading
- Start date
I short the EUR/USD over the last couple of hours, and it is moving in my favor. I keep tight stops securing small gains, and I do not want it to get me out. But I am watching it like a hawk. I do not care what Trichet says. The charts tells me all I need. The only time Trichet can get me is when the market is closed during the weekend, and the market gaps. I will not maintain a position during the weekend while we are at an all time high.
I am thinking I may have a case here as it seems to me that the majority are bullish this pair when it is an all time high. For a true top to form one needs a majority of people to hold the bag. An all time high is a great price and time to have a large number of bagholders.
Spin summarized well how I am playing it (Spin: nice seeing again buddy. How are you doing?).
I am thinking I may have a case here as it seems to me that the majority are bullish this pair when it is an all time high. For a true top to form one needs a majority of people to hold the bag. An all time high is a great price and time to have a large number of bagholders.
Spin summarized well how I am playing it (Spin: nice seeing again buddy. How are you doing?).
well, what is your logic for fading such a strong upmove?
I shorted it at 1.5844 area. So i am up 24 pips so far. So why should I doubt trade?
cause you are picking up nickels in front of a freight train.
with no apparent strategy unless "its just gone too far,"
no offense intended, I'm just curious why. I bet its at a new record by the end of the week if not by tomorrow's NY open.
Quote from rhymeswithorang:
no offense intended, I'm just curious why. I bet its at a new record by the end of the week if not by tomorrow's NY open.
Because the charts speak. They said the top at 1 minutes was formed, I shorted. They then said the same on 5 minutes, so I shorted. They repeated the same answer for 15 minutes, and I gave the same reaction.
Understand that a top starts first at 1 minutes, and then follows on other time frames. I timed my entry. If I am wrong, I will get out with 5 pips profit. If I am right, I will keep it.
Cool, good luck.