Taking a trip back to yesterday and a glance at how my Euro trades are faring.
It’s always good to be mindful of not becoming too one sided in your trading. I have three open trades against the Euro and was feeling a little angst’y today. I have my longer term short EURUSD position from 1.1877 aiming for lower levels, and two newly opened trades on the crosses, each anti Euro .
The trades were post here yesterday. The EURNZD trade was highlighted last week .
Anyone who reads my musings will know that I like to let the charts do the talking. So here we go 🙂
EURNZD-H1 update
Notice how the fibs marked on the chart ( from last Wednesday below) captured the move down and pinned it between the levels. We have taken a bounce from the 61.8% and heading down again. The original chart shown below .
EURNZD-H1
Moving on to EURCAD. Again we are looking soft. The fibs at the base of the chart (blue area) will be my target for taking some pips off the table .
EURCAD-H1 update
Chart from yesterday below showing the daily timeframe . As we can see, the 50% from the previous swing high (red line,yellow arrow) has since been taken ……
EURCAD-Daily
Your own thoughts in the comments section below are very welcome as always 🙂
Philosophy: "Trading rules.....it most certainly does"
Read how Horatio got into trading here
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Hi Horatio!
Are you not afraid, that the uncertainty surrounding the CAD at the moment (Nafta negotiations, cofusing central bank, oil potentially peaking) make it less attractive to express EUR weakness through a EUR/CAD short?
Thanks!
I trade fx Fox — ergo I live in a zone between fear and ectasy 🙂
Always take some profits on winning trades. We can always add back and keep a core and go with your bias until the market tells us otherwise .
Point taken 🙂
I will look for EUR/USD shorts personally, as I think we might see some dollar strength going into the FOMC, and rate hike, next month. Good luck!
I think that’s a good strategy Fox 🙂