Going strong is the word
Still short the animal for nearly 2 weeks now and it’s going well .Yesterday I tightened up the topside, guaranteeing a decent amount of profit and that level held nicely.
We have an additional stress factor in play: Spain’s Catalunia. Not saying that bit will bring Europe down but ahead of a possible eventful weekend and Monday , some EURO longs, who have been protected by the supports, may decide to take some chips off the table. Additionally we see some broader based USD strength in the expectations of Tax Reforms, looking through a smalls potential weaker US labor report tomorrow.
- We are currently testing/breaking(?) the 200 week MA at 1.1710, reflecting the above.
- I’ve lowered the next take profit slightly from 1.1680 to the August low at 1.1660.
- If partial tp is done, re-sell at 1.1760/80
- My last target for this trade will be the bottom of the daily Ichimoku cloud , today at 1.1590 , slowly rising to 1.1600 next week .
- Then it will be time to reassess, maybe sell the break for 1.1425 ( 61.8% fibs of the move) TBD
- Keep stop at 1.1795 to guarantee profit
Lastly EURJPY has been faltering and put some downward pressure on the core pair, reflecting elections uncertainty and Nakaso’s remarks earlier in the day.It dragged me into a short term eurjpy short 132.33 , partial tp done at 131.90 ahead of the 200MA on H4.Stop for the rest at b/e to guarantee some profit, let the rest run ,possibly 130.60.