One of the core trading beliefs that has kept me out of trouble (e.g. chasing trades, ignoring my stop loss, “impulse buy” trades) is:
There will be other opportunities after this one.
It almost always follows a missed trade or a significant move. One that I wish I was in, but there will be another–25+ years at this has taught me that!
With that, let’s talk about the EUR trades that are working: EUR/GBP, EUR/USD, and EUR/AUD (despite the AUD weakness we’re seeing post-RBA). I don’t see the RBA as a game changer even though 1.4380 resistance has been tested; it’s just another opportunity to set up the swing short.
I am also looking at the CAD. I am open to this currency possibly becoming a weakness story as opposed to the strength story. I had been selling versus the EUR (EUR/CAD). There are two ways to plays this: Sell the EUR/CAD on CAD strength or buy the USD/CAD on CAD weakness. Which it will be will depend greatly on what the hot zones reveal about the state of the Canadian dollar.
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