One of the core trading beliefs that has kept me out of trouble (e.g. chasing trades, ignoring my stop loss, “impulse buy” trades) is:
There will be other opportunities after this one.
It almost always follows a missed trade or a significant move. One that I wish I was in, but there will be another–25+ years at this has taught me that!
With that, let’s talk about the EUR trades that are working: EUR/GBP, EUR/USD, and EUR/AUD (despite the AUD weakness we’re seeing post-RBA). I don’t see the RBA as a game changer even though 1.4380 resistance has been tested; it’s just another opportunity to set up the swing short.
I am also looking at the CAD. I am open to this currency possibly becoming a weakness story as opposed to the strength story. I had been selling versus the EUR (EUR/CAD). There are two ways to plays this: Sell the EUR/CAD on CAD strength or buy the USD/CAD on CAD weakness. Which it will be will depend greatly on what the hot zones reveal about the state of the Canadian dollar.
Follow Raghee Horner (aka Queen Cleopiptra) into her kingdom of forex and futures. Get the best techniques and tactics for trading currencies, futures, and options. Sign up for her free video newsletter today and get the invitation for for all her free webinars here.