Just Fade it
I don't like to be Biased but objectivity and reality oblige, if we aspire to become true and Professional Traders we should be objective and not get married to our trades and yes i have some EU shorts but for the sake of the truth and even if it suits my Trading Account we should not be afraid or taking by the media rush (“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
― Warren Buffett), we should relax, be calm and assess the situation to see clearly and realize that the EU spike that we had last Friday is not based on any concrete Technicals or Fundamentals coming From Europe or from The US (Fiscal Cliff still lingers, EU Budget is not approved yet and there is no agreement yet on the Greece bailout) so just Fade it, i know i did.
Under different circumstances, a EURUSD break above 1.2825 would have represented a perfect short-term trade setup. Had the technical breakout come on news of a definitive resolution of Greece's funding troubles, it would have offered the necessary mix of technical catalyst and fundamental follow through to run for a few hundred pips. However, our actual conditions reflect a move higher due to a drop in speculative participation. We discuss the drop in activity heading into the US holiday period and what it means for trading for the rest of the week (as well as into 2013).
Have a good weekend, Regards.
B.R.
I don't like to be Biased but objectivity and reality oblige, if we aspire to become true and Professional Traders we should be objective and not get married to our trades and yes i have some EU shorts but for the sake of the truth and even if it suits my Trading Account we should not be afraid or taking by the media rush (“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”
― Warren Buffett), we should relax, be calm and assess the situation to see clearly and realize that the EU spike that we had last Friday is not based on any concrete Technicals or Fundamentals coming From Europe or from The US (Fiscal Cliff still lingers, EU Budget is not approved yet and there is no agreement yet on the Greece bailout) so just Fade it, i know i did.
Under different circumstances, a EURUSD break above 1.2825 would have represented a perfect short-term trade setup. Had the technical breakout come on news of a definitive resolution of Greece's funding troubles, it would have offered the necessary mix of technical catalyst and fundamental follow through to run for a few hundred pips. However, our actual conditions reflect a move higher due to a drop in speculative participation. We discuss the drop in activity heading into the US holiday period and what it means for trading for the rest of the week (as well as into 2013).
Have a good weekend, Regards.
B.R.
Master Your Setup, Master Your self. (NQoos)