Trade Closed: 2008-07-15 09:02
It looks like traders shrugged of news of plans by the government to help Fannie Mae and Freddie Mac and continued to sell off equities in Asia and Europe, and the US Dollar. Also, ZEW data out of the EU came out negative for the Euro, helping to push our pair lower.
Our trade was triggered and while we were temporarily in profit, carry trades began to sell off as soon as the European session began to open.
Total: – 50 pips/ -1.0%
Trade Idea: 2008-07-14 18:00
Today’s trade is a basic short term play on riding the rising trend. Stochastics are creeping lower near oversold conditions, so we’ll wait for them to get there by putting our orders to long at 1.6150.
We do have event risk during the upcoming European trading session with the ZEW Economic statement for both the EU and Germany. This may give us enough volatility to bring the pair lower and trigger us long.
Good luck and good trading!