Trade Closed: 2007-11-02 16:30
1st Half: +28 pips
2nd Half: +00 pips
Total: +28 pips
The Dollar continued to sell off even after today’s strong NFP numbers. While we saw a surprise to the upside with a read at 166k, we also saw revisions to previous months that resulted in a net loss of jobs. Look out for the Euro to continue to climb against the Greenback, especially as we approach the European Central Bank interest rate decision next week. See ya then and have a great weekend!
Trade Adjustment: 2007-11-01 12:18
Trade Idea: 2007-11-01 08:22
It looks like the Dollar rallied after the FOMC decision to cut the short term interest rate down to 4.50%. It appears to be profit taking and I think it has brought it down far enough where we can enter the long term trend.
As we can see on the chart, the pair found support just above the 1.44 handle after a big drop from the all time highs. We see the new candle forming at the the 61% Fibonacci retracement area, a potentially strong support area as well.
We will long at the market here and set our stop below 1.44
Good luck and good trading!