Pick of the Day: EUR/USD - Close Open Orders
Close Open Orders: 2007-11-20 13:00
It looks like consolidation did lead to a breakout in EUR/USD, but unfortunately we didn't catch it as the rallied instead of dropped as hoped for.
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
Good evening! It appears we have consolidation this week as a symmetrical triangle appears to form in EUR/USD. Breakout anyone?
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.
Short EUR/USD at 1.4610, stop at 1.4695, pt1 at 1.4580, pt2 at 1.4520
We have a wide stop in place. Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
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!
