Looking further ahead, I will short the EUR/USD at 1.40. 50% fib of the recent decline is at 1.4014 and I would expect a respectable kickback around that level, especially with 1.4 being such a strong support level before.
Chart below...
Wednesday, July 8, 2009
Going into the London session...
...I'm really not seeing any defined levels to short the EUR or GBP from. There are small pockets of resistance around 1.394-5 and G/Y 1.614-5 but nothing that stands out as a reliable trade.
Looking further ahead, I will short the EUR/USD at 1.40. 50% fib of the recent decline is at 1.4014 and I would expect a respectable kickback around that level, especially with 1.4 being such a strong support level before.
Chart below...
Looking further ahead, I will short the EUR/USD at 1.40. 50% fib of the recent decline is at 1.4014 and I would expect a respectable kickback around that level, especially with 1.4 being such a strong support level before.
Chart below...
Some thought into keeping my weekly trade plans/setups...
...specific, controlled and tracked.
For example:
Setup 1 for this week is long E/U @ x
Setup 2 for this week is short G/U @ x
Setup 3 for this week is...
from there, I will track each trade...if I took it, the gain and loss, if I didn't take it, what would have been the gain/loss based on the proposed sl & tp.
out for coffee, more later...uk opens in two hours.
For example:
Setup 1 for this week is long E/U @ x
Setup 2 for this week is short G/U @ x
Setup 3 for this week is...
from there, I will track each trade...if I took it, the gain and loss, if I didn't take it, what would have been the gain/loss based on the proposed sl & tp.
out for coffee, more later...uk opens in two hours.
EUR/USD, watching 1.3785 - 38% fib agreement
Watching 1.38...just below it looks like a nice entry and we have the 38% fib level coming into play from april lows to june highs. I don't like how we just saw a nice 40 pont bounce off 1.383...but if I can score a lower 1.37 entry (1.379 or 85), it looks like it would be worth the trade.
Three weeks ago, I would take it with a half or full size trade and scale into the heavy support that we have just a little lower around 1.375...but here, I think I'll keep my stops tight and look to re-enter immediately if we blow 1.3785.
See chart below as to what I'm looking at on the daily...
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Three weeks ago, I would take it with a half or full size trade and scale into the heavy support that we have just a little lower around 1.375...but here, I think I'll keep my stops tight and look to re-enter immediately if we blow 1.3785.
See chart below as to what I'm looking at on the daily...
Quickpost this image to Myspace, Digg, Facebook, and others!
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