Partner Center Find a Broker

Close Open Orders: 2008-01-08 09:49

Our orders were not triggered yet and with US pending home sales data coming out in a few minutes I would like to get out of the way of event risk by closing our open orders.

Close orders to short EUR/USD at 1.4750

I have a feeling we will see disappoint data once again from the housing sector and with EUR/USD in ranging mode most of the day, I wouldn’t be surprised to see a breakout rally in EUR/USD.

So, no trade. Stay tuned for a new idea tonight!

Trade Idea: 2008-01-08 00:01

PoD Chart

Good evening! I thought I’d start off the week with a simple Fibonacci play on EUR/USD.

I have pulled up the one hour chart as I expect that if this trade triggers, I am looking to hold on to it as a very short term play. In my opinion, we may see the Euro rally just a bit in the upcoming European trading session, but may find resistance at 1.4750. With the lack of any major Eurozone news, I think volatility will be limited ahead of the US pending home sales data later today.

The 50% – 61% Fibonacci retracement levels on the recent swing move may also serve as resistance to and upward breakout. We’ll see…

So, I am looking to short and I may possibly close this trade out ahead of the US data at 8:30 am EST.

Short EUR/USD at 1.4750, stop at 1.4790, pt1 1.4710, pt2 1.4670

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Good luck!!!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.