Hi Dan, thanks for the advice. This thread is a great place to learn by the way. Nice work.
I took a couple of small trades on the EU and GU. I went short at 1.5000 on the EU and long on the GU at 1.6600. Prices currently stand at 1.4921 (EU) and 1.6542 (GU).
The EU is obviously a CT trade and I understand you only trade in the direction of the trend. I decided to take a small punt with it being so far from the support line and because of resistance at around 1.5050.
It's interesting the charts suggested to me these pairs will go in opposite directions. I don't think I would use a similar strategy in the future. These two pairs tend to go in the same direction so they would probably cancel eachother out. I guess the current support line for the GU is too short to assume that it's in an uptrend.
I took a couple of small trades on the EU and GU. I went short at 1.5000 on the EU and long on the GU at 1.6600. Prices currently stand at 1.4921 (EU) and 1.6542 (GU).
The EU is obviously a CT trade and I understand you only trade in the direction of the trend. I decided to take a small punt with it being so far from the support line and because of resistance at around 1.5050.
It's interesting the charts suggested to me these pairs will go in opposite directions. I don't think I would use a similar strategy in the future. These two pairs tend to go in the same direction so they would probably cancel eachother out. I guess the current support line for the GU is too short to assume that it's in an uptrend.