- For now, seems like I got lucky and was filled in my EUR/USD limit sell order at today's high. Trigger for the fill was weaker than expected ISM Mfg report, which also took out my stop loss on the short EDZ5 position. Win some, lose some.
- Monthly : Big range consolidation, useless chart pattern as it stands. The best I can say is 1.3893 looks more like top of range than anything else, and we are on a down leg now.
- Weekly : Support line broken convincingly after initial few weeks of whipsaw. Should we break 1.3295, we could be looking at a double top.
- Daily : As per weekly. Old support line is at 1.3555 (=new resistance), so I want to stop out this fresh short trade on a close above.
- So, 2 positions now - short Copper (6RU) and short EUR/USD (2RU). Stopped out on all the rates positions.
2 comments:
EURUSD has become very difficult to trade on technicals in the past 12-18 months. Many patterns form and then break, or there is no follow through. If you look at the weekly chart, we can see the TL was broken a few times, but then it recovered back above. 1.3295 is a key level, and even if we get there it will be with a lot of zig-zags I think.
Good luck!
zenfxtrader.com
Stopped out at 1.3577, high of the day. Sigh.
Post a Comment