Ugh, this is getting frustrating. My HLHB system did not get a valid signal again even though the EMA crossovers that I setup keep catching the trend reversals. As you can see, there was an upward crossover this week, but my 30-pip filter and the overbought Stochastic did not let me enter.
This epic fail of a signal, together with my lost EUR/USD trade, makes Huck a very sad girl. Hmm, I think I need to blow off some steam over the weekend. I hear Transformers 3 is out. While I am a girl, I do enjoy action flicks from time to time… It gives me an outlet for my pent up trading rage. Hah!
Anyhoo, the market was pretty crazy this week. Or at least for me. Greece once again dominated the spotlight as the parliament took a vote on austerity measures. Honestly, I didn’t really keep my hopes up that Greek Prime Minister George Papandreou would be able to get enough support to pass the austerity bill. That’s why I tried to short EUR/USD.
As you probably know by now, the proposed budget cuts and tax hikes got approved. It was what the market had been anticipating and I was right about seeing a “buy the rumor, sell the news” reaction from euro pairs at the wake of the announcement. However, I got stopped out even before the pair dipped. The sell-off didn’t last long though. Thank goodness! I would’ve felt really bad if I missed the move had it lingered on.
Aside from risk appetite brought about by positive news from Europe, the dollar’s gains were also limited as concerns about the U.S. debt ceiling began to gain steam.
After my 1.0% loss, I just decided to sit in the sidelines. I didn’t want to lose any more than I already did. If I didn’t stop myself, I would’ve probably ended up trying to short the euro again and doing further damage to my account. Now at least I still have enough money to buy my Transformer 3 movie ticket and a bucket of popcorn. Ha!
So there ya go, that’s my story for this topsy turvy week in the currency market. What’s yours? Tell me how your trading was through Facebook, Twitter (@Loonieadventure), or by writing in the comment box below. That way, I’ll have something good to read after I’m done with the movie. Thank you!