Trade update: 2012-10-31 01:13 am EST
1.58% gain, baby!
As I said in my HLHB Weekly Update, I closed half of my position at 1.2920. I initially wanted to hold on to my trade as I hoped that price would continue trading lower. However, since it didn’t make a new low, I simply took profit on the remainder of my position at 1.2914.
Woohoo! I hope this trade marks the beginning of a winning streak. Fingers crossed!
Trade idea: 2012-10-25 2:03 am EST
Connecting the pair’s most recent highs, we actually see that a falling trend line has materialized. I used the Fibonacci tool and realized that the trend line actually coincides nicely with the 61.8% level and last week’s low around 1.3020. Very tempting, eh?
For one, there has been no request for a bailout by Spain, and there’s nothing to suggest that it’s coming soon. This is very disappointing for market participants, which has led to a lot of “risk off” trades in the last few days.
Also note that yesterday’s PMI readings mostly came in worse-than-expected. PMIs are used to see where the economy is headed, so when they are falling, it also means that the economy is contracting.
Wish me luck!