Nov 14 - Nov 19 2010
Nov 14 - Nov 19 2010
Our stop got taken out by just 1.4 pips and then crashed like a rock. This is just terrible, but this is a playground of our choosing!!Levaz wrote:EURUSD short at 1.3700 SL 1.3775 TP 1.3550Levaz
Yet, we will stay our course,
EURUSD short at 1.3825 SL 1.4000 TP 1.3550
There is bound to be a "sort of" come back for the Euro. If you are concerned , it is better to see the Euro come up first and then short it by setting a Stop order instead of a Limit order (both Sell orders).
The levels that we need to be concerned about are 1.3827 and 1.3851 respectively. If we see a daily close above these levels, then we may have something to be concerned about. However, while it is highly possible for a close above these levels, it could simply be a scare to shed the Euro shorts, and then it just may resume its course down to the next level of support.
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Nov 14 - Nov 19 2010
Our order did not get picked up, the Eurozone crisis backed with tightening of Korean and Chinese monetary policy, just did it in for the Euro. There are two schools of though for now. One is that a bailout of Ireland may reduce (or stop entirely) the risk of contagion of Euro debt fears. The other is that a bailout of the individual member-country debt is akin to QE by the US. Another point to note is that QE version 2 may not be required (at least as much as originally intended).Levaz wrote:EURUSD short at 1.3825 SL 1.4000 TP 1.3550
So we look for a retrace for the safest place to short the Euro yet again.
EURUSD short at 1.3550 SL 1.3650 TP 1.3350
You may want to be more aggressive and enter lower, but that will increase your risk exposure. All of the world's traders a looking for a reason to short the USD.
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Nov 14 - Nov 19 2010
I don't believe that the Euro crisis has been kicked down the road, let alone be resolved. I have a short position at 1.3525, so the I will give you a better entry position.Levaz wrote:EURUSD short at 1.3550 SL 1.3650 TP 1.3350
EURUSD short at 1.3565 SL 1.3685 TP 1.3350
Please use a 100 pip trailing stop, as we expect some volatility from parties with vested interest in the USD to act up.
Another possibly good trade is:
EURGBP short 0.8625 SL 0.8700 TP 0.8425
This trade may take a couple of days, but we will wait for this one. The risk to reward is quite good. There is strong resistance just above the entry level. And next support is around 0.8350.
So unless the Eurozone crisis is suddenly "resolved" till the next time, this should be a very good trade.
There has also been strong positive sentiment towards the USDJPY.
USDJPY long at 82.80 SL 80.80 TP 85.00
Between, the Eurozone crisis, China's monetary tightening policy to slow down the "excessive growth", JPY heavily over bought, there seems to be a silver lining for the USD (for now).
Let us see how these trades pan out.
Do not over extend, pick any two (preferably only one) trades.
Levaz
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Nov 14 - Nov 19 2010
order in play, and facing severe pressure. My charts show a high of 1.3667, so this one is barely afloat. There is s good chance that we may get taken out tonight, as market has shifted focus away from the Eurozone for now.EURUSD short at 1.3565 SL 1.3685 TP 1.3350
If the above is the case, then this may be a loss waiting to happen. However, I plan to stick to the trade.EURGBP short 0.8625 SL 0.8700 TP 0.8425
The only trade that went in our direction, but we did not get picked upUSDJPY long at 82.80 SL 80.80 TP 85.00
I do not generally have so many trades at one time, but bearing in mind the Euro weakness still in the background (subdued that it may be for now), we have
GBPUSD long 1.5990 SL 1.5900 TP 1.6200
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
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