Weekly Thread: Sep. 7 - 12
- Thread starter rezo_s
- Start date
Hi Ryan.
Here's what I posted minute ago:
"we are in slow market. That's ok after the aggressive Thursday-Friday. I expect the move to resume this week. Break of 1.1130 is the door to open upside move on euro now. The channel is descending, and therefore if it was 1.1150 to be broken before, its 1.1130 now.
This decline should be followed by another attempt to break upside. If it fails...well, we see. At the moment I am still bullish on euro, and I am buying after this down move. Cable is also moving down, but I hope it stays above my stop before expected upside move. usdjpy long is open, and its wondering around my entry level. I will wait for couple more hours to close the day and decide whether to keep it or not. "
Here's what I posted minute ago:
"we are in slow market. That's ok after the aggressive Thursday-Friday. I expect the move to resume this week. Break of 1.1130 is the door to open upside move on euro now. The channel is descending, and therefore if it was 1.1150 to be broken before, its 1.1130 now.
This decline should be followed by another attempt to break upside. If it fails...well, we see. At the moment I am still bullish on euro, and I am buying after this down move. Cable is also moving down, but I hope it stays above my stop before expected upside move. usdjpy long is open, and its wondering around my entry level. I will wait for couple more hours to close the day and decide whether to keep it or not. "
I see my cable trade was stopped and bounced back upside. I just reentered it @1.5817 and shorted usdchf as well.
After the stop on cable, this month stands on -17.80%.
Shorted USDCHf As well @ 1.3899.
Targets and stops:
swissy:
sl: 1.4010 (111 pips / 3.17%)
tp: 1.3660 (239 pips/7.00%)
cable:
sl:1.5755 (62 pips / 2.48%)
tp:1.6080 (263 pips/10.52%)
After the stop on cable, this month stands on -17.80%.
Shorted USDCHf As well @ 1.3899.
Targets and stops:
swissy:
sl: 1.4010 (111 pips / 3.17%)
tp: 1.3660 (239 pips/7.00%)
cable:
sl:1.5755 (62 pips / 2.48%)
tp:1.6080 (263 pips/10.52%)
Little update:
The move I posted about in the beginning of the week occurred, so now I will trace the trades and look how it goes.
Cable has all the potential needed to reach the target (1.6080), and as for swissy, 1.3770-1.3810 is the initial support area to trigger downside move. Euro is probably heading to 1.1370, so all needed now is right tracking and patience. I cannot talk 100% that the upside break is in place, because we are talking about 3 month old channel here. This is a serious pattern, and that's why I believe a break of it will bring at least 1.1370. Maybe we are going much higher. But as an initial target, I am defining that very level.
I am little worried about long usdjpy I am holding now for couple days@116.73, but I am ready to track this position at least till the end of this day. If it still looks bad, I will cut losses.
That's it for now, take care.
The move I posted about in the beginning of the week occurred, so now I will trace the trades and look how it goes.
Cable has all the potential needed to reach the target (1.6080), and as for swissy, 1.3770-1.3810 is the initial support area to trigger downside move. Euro is probably heading to 1.1370, so all needed now is right tracking and patience. I cannot talk 100% that the upside break is in place, because we are talking about 3 month old channel here. This is a serious pattern, and that's why I believe a break of it will bring at least 1.1370. Maybe we are going much higher. But as an initial target, I am defining that very level.
I am little worried about long usdjpy I am holding now for couple days@116.73, but I am ready to track this position at least till the end of this day. If it still looks bad, I will cut losses.
That's it for now, take care.
Just thought I would share this with you. Targets after the break are obvious. No matter which side the break will be. But now it seems like we are close to break upside. I will be following this one. Maybe this week, maybe the next, but taking long here looks very promising. If it comes back to break downside, that will be good too. No matter what, such a clear pattern on daily chars shouldnt be ignored.
