Position Update

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.


4 thoughts on “Position Update

  1. I did have a small 20 pip loss, but my order @ 2800 was just hit (better price anyway) and now I am into it for a +50 pip run. Need to decide whether I will leave these open through the weekend not…we’ll see.

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