Short the Euro/USD Now!

Quote from Bullz n Bearz:

Breaking News:

The Euro has hit it's 1.3700 area of resistance that only gets hit once every few years.

I'm looking at a monthly and it clearly looks like there is a great longterm money making oppurtunity off the euro.

Short at market, hold for a few weeks and see if I'm right :)

B&B
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Timing a little off, but all currencies must devalue to remain competitive... Race to the bottom.
 
what do you mean "time is up"? Are you saying you feel as though the short is over? Or that it is now finally time to short the euro?
 
I see exactly what your saying DownRiver. I was looking for too much.
My problem is I can't figure out why it "battles" at 1.4285 Yesterday, and then
flat out blows through 1.4285 today. Is it the Volume that I need to be paying attention to?

Also Entry and Exit is still really tough for me.

As you pointed out 1.4280 still has many willing buyers.

How do I decide where to get in?
What guide do I use to set my target?

I watched the Euro drop all morning and the best I could do was look to sell on strength. Problem is
it was almost a complete straight shot down, so as far as entry I was guessing. The only time I felt
confident about entry was when it rallied from (around)1.4141 to the 1.4190 area. I really believed that
was a good time to sell because I didn't think the rally had legs, and would have sold at that point. It seems so easy for you guys.

I guess I gotta keep plugging away. My quest for Trading Zen continues
 
You have to learn to manage and navigate the supply and demand levels. Nobody knows how it is going to play out. Just react to the levels. This is the hard part and what makes a good trader.

If the EURUSD finds support at 4150. Then think long up to 4185. Your stop would be somewhere below 4150 according to your risk tolerance. If 4150 gives way, then think short to 4115.

It is helpful to remember that only a very small percentage of trading days are trend days like today. Everyone will argue the numbers, but by my measurements only about 6%. This means that over 90% of the time we have normal days or normal variation days.....range trading. It is an important concept to keep in mind when trading currencies.

Unfortunately, I usually end up losing a lot of money on trend days. I certainly followed suit today.
 
assuming the market breaks through 4150 to the down side.

would I be thinking correctly if I sold at around 4144-4140 and then set my target at 4115?

I am assuming It would be a smart strategy to use a trailing stop if the market stops you out you watch and wait for the next wave.

or do I sell on strength until 4115.

This is starting to make some sense to me. I am going to give this a try in the morning....provided I am on track here.
 
Quote from chaostrader:

assuming the market breaks through 4150 to the down side.

would I be thinking correctly if I sold at around 4144-4140 and then set my target at 4115?

I am assuming It would be a smart strategy to use a trailing stop if the market stops you out you watch and wait for the next wave.

or do I sell on strength until 4115.


Yup, the market moves to 4120 this morning and still go up and I think it keeps the trend until UK market opens....
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