DislikedHmmm....
E/U price way above the dragon for a Short.
And where is the wave for this trade ??
You did have a good week this week with many wins, and nice trades that did follow SonicR ... except this E/U Short.
E/U sudden plunge before the GBP Red news Public Sector Net Borrowing, then straight after the news, it just went straight up.
Perhaps more up leg to go.
Like you said, this E/U Short could be your best or worse trade for this week.
Don't let this be your worse trade.Ignored
Actually, in about three hours there is a medium impact EUR release. Maybe the "market" anticipates more bad news and decided to quickly move the price up and use the remaining time to build a short position. Who knows? Regardless the reason, that was a healthy 50% retrace of the move down from the top price made a few days ago; a nice pullback in what might be a new down trend.
BTW, if you check your volumes and compare to similar volumes from yesterday, you will discover the market just moved the price a hell of a long ways on that volume! So, it is not like they were heavy on buying. More like it was heavy on "git the damn price up there, fast!"
Also, look at UChf and see the same deal, opposite direction of course. What does EU and UChf have in common? USD! So, for the moment, things point squarely to "pro-USD sentiment" as the culprit here. In which case, the "market" is sandbagging (reversing the price to build a position) for another pro-USD move. Heck, we just have to wait and see. But, I'm curious.