My stops where hit last night with a gain of 80 pips of a scaled up position (4x’s usual due to TS being in the money). I was thankful for this so that I could get a fresh look at the market today and really see price.
Still looking for shorts, I was waiting for a pull back to 2800 (50% fib retrace of recent low – 2500), but price never made it. The closest it came was 2761. I did notice that when it fell from 2761, it was quick and decisive so when it broke through 2700 I entered a position @ 2690. Price hasn’t breached above 2700 since, so I feel as if this is a strong area of resistance. I currently am risking 1.32% and am into profit by 54 pips with my TS @ 2724. I have 2 sell orders in place – one @ 2800 (just in case we get back up there) and one @ 2490 (if we move hard and through the 2500 mark). I think we’ll be looking at 2300 in no time, I don’t know when, but I hope it is soon!
Check out CurrencyThoughts (in the blogroll). He has some great Fundamental Analysis over there – he keeps tabs on EVERY currency and has a pretty good idea about the Global Economic condition.