Lost a lot of $$$ on E/U this week . Bailed on the retrace on 2nd wave down at 1.5660 but my initial long positions were at 1.5789 and these were highly leveraged positions because I "knew" it was going to 1.60+ (or 1.59 at least) and fundie's are much stronger for euro than USD, and had decent tech set-up with candle formations and respect from fib's. Anyways, word of advice to new traders like myself - don't ever think you know absolutely where the market is going to go (doesn't matter if fundie's and tech's line up).
Inevitably the trend will continue on this pair, but when? The dollar is strengthening quite a bit lately (who knows for how long), and better than expected news coming out of EZ is not being appreciated by the market. I'm on the sidelines until bulls start showing up before I buy this pair again (got a nice little trendline to break so that's an "easy" play, but I know nothing is easy in Forexland). By the way, I think ECB is interferring, but I'm not 100%. Reason being companies over there haven't moved manufucturing offshore and thus EU goods cost a lot more relative to the rest of the world, so ECB trying to do whatever they can to reduce costs. And then when I look at my charts, just yesterday oil was gaining and E/U wasn't doing s**t.
Just my E/U rant guys. Carry on...
Inevitably the trend will continue on this pair, but when? The dollar is strengthening quite a bit lately (who knows for how long), and better than expected news coming out of EZ is not being appreciated by the market. I'm on the sidelines until bulls start showing up before I buy this pair again (got a nice little trendline to break so that's an "easy" play, but I know nothing is easy in Forexland). By the way, I think ECB is interferring, but I'm not 100%. Reason being companies over there haven't moved manufucturing offshore and thus EU goods cost a lot more relative to the rest of the world, so ECB trying to do whatever they can to reduce costs. And then when I look at my charts, just yesterday oil was gaining and E/U wasn't doing s**t.
Just my E/U rant guys. Carry on...
"Wishful thinking dies hard." Igor T.