Update: Jumped on EUR/USD’s Uptrend!

Here’s an update on my EUR/USD position from last week!

EURUSD

Although I know that my trade idea is still very much valid, I decided to take my positions out ahead of the FOMC statement. I would have done a move-stop-to-BE action like Happy Pip is brilliantly doing with her AUD/USD and USD/CAD trades but I didn’t have the luxury of price being far from my entry (just 3 pips!) It also didn’t help that EUR/TRY’s price action was killing the euro during early London session trading.

In a few hours we’ll see Bernanke’s last FOMC statement and you can bet your neighbor’s cat that EUR/USD will be one of the bigger movers if the Fed decides to taper some more or to disappoint expectations. In any case, I’ll still be watching EUR/USD closely and look for possible entry areas around the SMAs and trend line.

How about you? Did you take off positions ahead of the announcement too?

XOXO,

Huck

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  • Alex

    Hi Huck…might be a stupid question but I’m new to Forex. Isn’t it a smart and pretty safe move to put in a Sell stop or Buy Stop limit order, say 30 or 40 pips above/below the current EUR/USD price with a small take profit (say 20 or 25 pips from that entry point)?

    Am I missing something or in my mind the worst that can happen is the news goes the other direction and your trade never executes…but if the news goes in your direction it’s hard to imagine this thing NOT moving close to 100 pips one way or the other…which would trigger your take profit.

    • Hucklekiwi Pip

      Heya Alex!

      This time I just adjusted my position since the trade wasn’t really up by a lot. But if I was considering a new position, a straddle play is probably a good bet. Unfortunately, the pair didn’t show exceptional volatility and now I’m out of the trade. Any suggestions over another entry level?

  • Alex

    The above, obviously, is referring to BEFORE the FOMC statement.

  • malba88

    Daily descending chanell link to mql5.com
    But fomc can be deciding

    • Hucklekiwi Pip

      Whoa, didn’t see this one! Can’t take this trade for myself though, since my SMAs are supporting an uptrend. But do you have open short trades on EUR/USD?

      • malba88

        I had on 1.3680, and i closed litle below, i have problems with my psicology:) I have good ideas, but i rearly let go to my tp line.
        I am still in phase of learning, and i hope that i will fix my psicology:)

        • Hucklekiwi Pip

          It’s okay, I’m sure you’ll find a way to make it work. Nice call, btw. It’s back near the trend line again!

  • Alex

    .

  • http://www.fxlingo.com/xemarkets-review.html FxLingo

    I think taking long from this level is not a good idea though the market is uptrend.

    • Hucklekiwi Pip

      Well, it has stopped making significant gains since the day I entered the trade (boo!) Maybe I’ll just wait for another entry opportunity. How about you? What other pairs are you watching?

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