Current Position

Strong resistance @ 2900 last night.  I shorted @ 2840 then I added as it moved in my favor, I now have a substantial position on the short side with an average price of 2805.  My TS is currently @ 2789…

Looking for a further push down – we will see some retracing to the upside first (hopefully not all the way to 2789) before it can gain enough momentum to break 2700.  Very strong support there…but once that is cleared we should see 2500 and I am hoping we see 2300 soon too. I don’t think a huge bearish downside move is asking too much do you?

Check the comments to see my position updates.  Happy Trading.

UPDATE – Woke up this morning just in time to watch my stop get hit.  Will wait for a peak and momentum to build before I short again…I know one thing, 2700 is TOUGH.

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5 thoughts on “Current Position

  1. There’s a symmetrical triangle brewing on EUR/USD with an upper descending trend line at 1.2805 (or 128.35 if you’re drawing wick to wick) that looks poised for a break during NY today. There charts reads a bearish-neutral bias, so my (monopoly) money is on a downside break, but given the sideways movement we’ve seen lately it’s really anybody’s guess. Weakness in the USD elsewhere and rising crude and gold values lend misgivings (which may not be well-founded, ultimately) about moving much further down short-term.

  2. Agreed, I am staying out until the market decides which way it wants to go. If I see 2840(top of the 4H triangle) I’ll put a short order in @ 2800 (let it gain some momentum b/c 2700 is strong resistance) or if you break 2700 I have a short order in. But for now, I don’t even have the courage to bet even fake money…

  3. Great analysis on the EUR. Same sentiments even though 26 Feb there was a rally but I believe the smart money are pocketing the buy orders while waiting for their sell orders to take the markets.

    Thanks for putting me in
    David
    david-aw.blogspot.com

  4. Hey David, Thanks for stopping by. andrewunknown really knows his stuff, make sure you check out his blog – I am honored to have him stop by and offer his analysis.

  5. Thanks for the kind comments – I’m just not blogging enough to merit them at the moment!

    Nice bounce off the trend line for a 200 pip drop, though that 50 pip throwback mid-Tokyo probably shook out some weak hands. Hope you caught some of the move. There wasn’t much conviction there, just a creeping slide downhill; but it did slide. I kept occupied with the usual diet of JPY crosses and some GBP/USD, GBP/CHF dabbling. There’s just something about me and the Pound….

    Enjoy the weekend!

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