Trend is our friend.... yes, I was reminded again yesterday. I have mentioned before about trading AUD$ against the trend and I did yesterday. The price action on its way down was corrective and it fell way short of my target of 0.9860/70 and looks set for my upside target of 1.0120. Trailing stop saved the day or it would have been red. Always remember not to give everything back, and worse to lose subsequently when you were already riding on profit..... its a cardinal sin!
Currencies are taking in its stride the event risk this weekend as it pushed higher to take buy stops out overnight. It has come to the stage where downgrades and even if Greece exits the Eurozone, the market will just shrug it off as a E$ positive, considering how much negatives have been factored into the market by the positioning as revealed in the CFTC data.
Will keep it short for today as I hope not to carry any position over the weekend. E$ should still have some more momentum to challenge the week's high of 1.2670 and will keep my initial target near to 1.2800 in mind.
1.2540/50 to hold and 1.2680/90 (1st resistance) and 1.2780/800 (news induced). Guerilla trading style for today but only on the long side.
 |
| E$ Hourly |
No comments:
Post a Comment