Euro put on strong show hitting 1.34 against USD. This was the case against most other currencies as well. Needless to say, this put another wrinkle into my plan of shorting EUR-GBP, which made new high yet again. Once again I’m moving sell order to a few pips under recent low. Swiss central bank cut interest rates to 0.50% and CHF is almost even with JPY in a race to 0%. Speaking of JPY, yesterday I covered briefly its cross with NZD.
Price pulled very close to my entry of 51.32, but fell several pips short. Order is still valid and we will see what happens tomorrow. Objective is 52.20.
Swiss Franc got stronger today although not against all currencies. One of the exceptions was a Canadian Dollar.
Trying a couple of buy orders here. One is breakout at 0.9760, with an objective of 0.9850. Another buy zone is if a pullback happens to just under 0.9600. With one trading day left in a week I have plenty of orders for now.
Mike K.
Hi Mike,
Couple of days ago you mapped out a trade in EUR-AUD. The entry signal was at 1.9220 or so. Price at that time was at around 1.96. Why didn’t you enter the trade at that time if you think the price is going down.
I wait for prices to go through certain levels. This for me is the confirmation needed. As a matter of fact, I was looking at EUR-AUD yesterday on hourly charts, but found no reason to get into a trade either. Price just shot up to about 2.0400. Had I just entered blindly only because the level was better, it would have been a loosing trade. This might be OK for somebody with extremely long term outlook, who can slowly accumulate position at different levels and then sit on it for a year. I want to make few pips when I can and wait for another opportunity.