USD/CAD is also on the line, same 1.147 level that I've been waiting for all week.
Tuesday, June 16, 2009
I'm watching GBP/USD, USD/CAD tonight/tomorrow
GBP/USD 162.4-2, 61% of the recent move up & past S&R. A little short term but with the past support, the trade looks good. Credit to a "joe d" for bringing this one up on the www.nobrainertrades.com chat room this evening.
USD/CAD is also on the line, same 1.147 level that I've been waiting for all week.
USD/CAD is also on the line, same 1.147 level that I've been waiting for all week.
A look at what I was looking at this morning with the EUR/USD short...
A quick shot of what I was looking for earler this morning with the EUR/USD short play. I already had the resistance area in the 1.39 range marked and figured we would see some reaction off that area. This, coupled with the short term trend down and break of 1.38 yesterday (however, no break of lower levels at 1.375, etc.), I was looking for continued movement downward.
Almost happened...but shortly after moving stops to B/E, the EUR powered back up to test highs before heading lower into my adjusted T/P at 1.383
Next time. These smaller trend plays with larger T/P's are generally a lot lower stress for me and risk is quite in control (generally .3-.5% of the account per trade).
Almost happened...but shortly after moving stops to B/E, the EUR powered back up to test highs before heading lower into my adjusted T/P at 1.383
Next time. These smaller trend plays with larger T/P's are generally a lot lower stress for me and risk is quite in control (generally .3-.5% of the account per trade).
Short 1/4 size, 1.39 EUR/USD
More of a trend trade, stops above 1.396, looking for a bigger move down. Won't be adding to the position, keeping it small but with a larger TP. Currently, TP is set at 1.3725
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