Watch for liquidity to begin to dry up this week as we drift into holiday mode .
I’ve always considered myself a bit of a Forex rebel and I am not adverse to trading over holidays. It can be a good period for poaching pips but horrendous for medium to longer term watchers as the moves often mean nothing in the bigger picture .
There are always exceptions………. If you were lucky enough to trade EURUSD long over the Christmas period last year you would have found yourself picking the lows for the whole of 2017.
A long in EURUSD from 1st January 2016 would have bagged you a near 900 pip tally into May without your evens stop loss being challenged .
This leads us tentatively to the ghost of Christmas Present and a short set-up I will be watching – assuming and hoping humbly that I’m not on Santa’s naughty list . 🙂
A possible head and shoulders trade with the neckline down at the (green line) 1.1710-20 area. This level is also the 61.8% of the move. The fibs are acting nicely from the November highs to lows. Decent scalping between those %’s for intraday traders so far. I’m playing this with a short bias/ selling into rallies for now .
The very best of luck (and skill) with your trading this week .
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