Close Open Orders: 2007-11-20 13:00
The Greenback sold off pretty big as soon as European markets began to open- eventually to new all time highs for the Euro. It looks like a return to risk as higher yielding and riskier assets rallied throughout the day.
Close all open orders.
So, we missed out on some pips as I didn’t have a long order ready in case the pair broke out to the upside. Just a reminder that we can’t predict what the markets will do and that we should always be prepared for anything!
Well, just one more pick for tonight as we have the US holiday this week and I will be heading home for the weekend tomorrow. Stay tuned and I’ll try to make it a good one!
Trade Idea: 2007-11-19 23:00
As we can see on the chart, the pair was unable to break past the 1.4730 – 1.4750 price area as it has touch 3 times and bounced lower. It also appears that the pair is making lower highs indicating we may see a reversal to the downside. And while stochastics are not in overbought territory, they may be turning lower.
So, based on price action, I will look to sell if the pair breaks below the uptrend line drawn on the chart, and I will target previous lows.
If the pair does make it to our second profit target, we will adjust stop to pt1 instead of closing out the trade.
We do have US housing data tomorrow, so stay tuned for updates and trade adjustments. Good luck and good trading!