- Updated charts. Current price action = break-out of triangle consolidation. Need to close this week above 1.4509 to confirm the weekly.
- Triangle upside objective is appx 8.25 big figures from 1.4509 ie 1.5334.
- Next key chart-point = 1.4696. Above = sign of strong momentum.
- Abort if we can't close this week above 1.4509. Things can still go horribly wrong now.
- Sizing, sizing, sizing.
3 comments:
Good luck in your trades! I am sure you will come back again. Cheers!
When does the chart change for you? If the end of the week is below 1.45 is this an exit point for you? Or will you hold out your position on till prices have enough momentum to break 1.45?
Also any thoughts on the GBP/USD?
This whole greek situation is really messing up things...
I ｎｏｗ ｈａｖｅ ｏｎｌｙ １％ of capital at risk on the long EUR/USD position. Ｓｏ ｍｙ ｐａｉｎ ｔｏｌｅｒａｎｃｅ ｉｓ ｑｕｉｔｅ ｈｉｇｈ．
Originally I ｗａｓ ｇｏｉｎｇ ｔｏ ｗａｉｔ ｆｏｒ ｅｎｄ ｏｆ ｗｅｅｋ ｔｏ ｓｅｅ ｉｆ ｗｅ ｍａｎａｇｅ ｔｏ ｃｌｏｓｅ ａｂｏｖｅ １．４５ ｔｏ ｍａｋｅ ａ ｄｅｃｉｓｉｏｎ ｔｈｅｎ． Ｂｕｔ ｎｏｗ ｉｔ ｄｏｅｓ ｌｏｏｋ ｌｉｋｅ ｔｈｅｒｅ ｉｓ ｎｏ ｐｏｉｎｔ ｉｎ ｗａｉｔｉｎｇ ａｎｄ ｗｅ ｄｅｆｉｎｉｔｅｌｙ ａｒｅ NOT going to break out of the triangle.
Will wait for a near term rally to cut this position. It looks like this market is range trading.
The mistake I made earlier was calling this a range and as such, put on a bigger position than normal to capture more P&L from the range (range = not going to run away from you in the opposite trend).
At 1% EAR risk level, this move from 1.45 down to 1.43 now is just normal business risk and not going to make me lose any sleep. But yes, you are right - this Greece issue is really irritating.
I will make a post about GBP/USD later this evening. Cheers.
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