Trade Idea: 2011-11-17 2:10
However, like my momma always told me, “Don’t settle for the first boy who gives you flowers after a breakup,” I’m not just gonna jump in at market. Nope!
I’ll wait for the pair to test resistance at 1.3550 and reversal candles before pulling the trigger. I will then aim for yesterday’s lows at 1.3425. As for my stop, I will leave it at the 1.3600 psychological handle.
For one, there is still a lot of political issues surrounding both Italy and Greece. Also, the debt contagion fears have not abated yet. In fact, just yesterday, Fitch warned that market that euro zone’s debt problems could spread to U.S. banks.
In terms of event risk, I foresee very little. There are bunch of mid-tier economic releases from the U.S. due like the report on building permits and the weekly jobless claims but I doubt they’d have a strong impact on EUR/USD’s price action.
To recap, here’s my plan:
My profit target is ambitious so I may end up exiting early. I’ll be sure to update you guys though!