Trade Closed: 2008-04-16 08:11
Euro bulls have been beating on the 1.59 door and it looks like they have broken through on the back of higher Eurozone year over year CPI data this morning.
This closed our trade out as both of our profit targets were hit.
1st Half: +50 pips
2nd Half: +135 pips
Total: +1.85% gain
Hope everyone did well on this one! Stay tuned to see if the market gives us another opportunity tonight!
Trade Update: 2008-04-15 13:32
Our trade was just triggered as EUR/USD fell within the last hour to hit our orders at 1.5755. It is the end of the Euro/US sessions overlap, so we may not see much movement from here for the rest of the US session, but hopefully we will see buying support in the upcoming Asia and European trading sessions.
Stay tuned for updates and adjustments! Good luck and good trading!
Trade Idea: 2008-04-14 22:04
Greetings! For today’s “Pick” we’ll take a look at the EUR/USD as we head to what should be a very active session in the currency markets. We have an ample supply of economic releases with the ZEW economic survey data for the Eurozone and for the US we will see PPI and the TIC data.
Our trade ideas is that if we see EUR/USD fall on today’s data, we may see buying support at the trendline drawn at the chart. The pair has been drifting higher, so a long play may give us a higher probability of jumping in the right direction.
Fundamentally, we all know that energy and commodity costs have been running high and with the value of the US Dollar falling, investments in US assets are projected to be lower. Any surprise data otherwise should produce some extra action in the markets.
Long EUR/USD at 1.5755, stop at 1.5705, pt1 at 1.5805, pt2 at 1.5890
Remember to never risk more than 1% of you account on any single trade. Adjust position sizes accordingly.
Stay tuned for updates and please be cautious during news releases. It could be very prudent to reduce position size and risk during as news releases can be very unpredictable. Good luck and good trading!