Yipee! I locked in a hundred more pips on my short EURUSD trade. I thought the EURUSD drop would go on forever since the euro zone saw another debt rating downgrade in Iceland. The price dipped all the way to a low of 1.3269 before pulling up and hitting my 150-pip trailing stop. I could’ve gotten more pips but rules are rules!
Anyway, I didn’t get any new signals on my HLHB mechanical system for this week. There was an upward crossover earlier on but the next candle didn’t hit the 30-pip filter… and ’twas a good thing it didn’t! I would’ve probably gotten stopped out if that long trade got triggered.
Despite Ireland’s credit downgrade, traders continued to buy up most of the anti-dollars this week. Looking at the price action for the past couple days, it looks like risk appetite is back on track, ultimately spoiling my trade.
Could this be the start of a new trend? With the euro and the pound still unable to post new convincing significant highs verus the dollar, I think I’ll maintain my bearish stance on those currencies.
Well, that’s about it for my weekly market thoughts. Stay tuned for more next week. Until then, toodles!