I think you may be a little early. Euro could creep up a little further. You see the first 2 weeks pivot range. One of two things:
1. either it gets close to the upper blue line. Sell... And double if it breaks the darker blue line.
2 or it starts sliding a little earlier. Then Sell 150 pips below the lower range. And double if it breaks the darker blue line.
Donagh, I have bought again EUR/JPY. But it is dodgy trade. I am betting the Euro can push a little further... 1.49
Well one more thing. I already told you Donagh that I look at correlations. So When I look at Eur/Usd, I check USD/CHF. They usually move in opposite ways.
So coming back to Selling EUR/USD, a confirmation should be when the price of USD/CHF goes through the red resistance and for even more security through the upper range of "first two weeks Yearly pivot range".
I think you may be a little early. Euro could creep up a little further. You see the first 2 weeks pivot range. One of two things:
1. either it gets close to the upper blue line. Sell... And double if it breaks the darker blue line.
2 or it starts sliding a little earlier. Then Sell 150 pips below the lower range. And double if it breaks the darker blue line.
Donagh, I have bought again EUR/JPY. But it is dodgy trade. I am betting the Euro can push a little further... 1.49
Ignored
I agree with you I think I might have got in a bit early.
Its just that I have to go off for the day and I don't want to miss it.
It's a little reckless maybe but I cant change it now as I'll be very upset if I miss a big move downward because it.
The problem we are facing with the euro/USD is oil. Since people still fear (?) a recession in the US, any major surge on the oil price will automatically trigger a weakening of the dollar. So Donagh , in my opinion, it is still too early to sell the euro. We are getting close though...
"The US dollar was broadly weaker in New York trading Tuesday, with EURUSD trading up to an all-time high of 1.4985 and USDJPY trading in a 107.20-107.93 range. Data releases were on the whole disappointing, with consumer confidence weakening further, the S&P/Case Shiller home price index posting another large decline, and higher than expected PPI readings. US equity markets closed higher and crude futures pushed beyond $101/bbl. The Conference Board's consumer confidence indicator plunged from 87.3 in January to a recession-like 75.0, its lowest level since March 2003. At 57.9, the key expectations component was at its lowest level since January 1991. With a glut of unsold homes still on the market, our economists expect a protracted decline in home prices, forecasting a 15% annual decline in national average prices this year. The national S&P/Case Shiller home price index was down 8.9% y/y in Q4, after declining 4.6% y/y in Q3. Over the last three months, the composite 20 index has declined at a 23.0% annual rate. The overall PPI was up 1.0% m/m in January, after -0.3% in December, as both food and energy prices increased. The core finished goods PPI was up 0.4% m/m and 2.3% y/y, up from 0.2% and 2.0% in December."
So as you see, people are still very negative on the USD. A bit of advice. Whenever I say something about a currency I am generally too early. I have a horrendous sense of timing
Good stuff on the the above trade.
I decided to lock in profit at 160.22 (+50 pips) Thanks for the chart on Eur/usd
I've been looking at it myself thinking the same thing.
In fact I might sell a small bit now.
Ignored
I got stopped out of that trade for a +50 pip gain
Im a bit annoyed I didn't close it when it was above 161
I just put in a sell order on gbp/jpy for 213.50
I think its showing a lot of resistance there.
Ignored
I am such a fool. I cancelled this sell order last night thinking it was a bad idea, well it looks as though it would have been filled and up 250 pips by now.
I've just gone long gbp/chf at 2.1231 hoping it will rebound off the bottom of its range. Stop at 2.1180. I might sell this if it breaks below on the downsize.
Been short gbp/chf since 2.1170. its currently trading at 2.0860
up +300 pips.
My stop currently at 2.1010( just above the daily ACD Pivot)
I think this has a long ay to go so I will just adjust my stop as it goes down or if it continues to go down.
