Fundas - The Aussie has recently been hit by the US China trade feud as well as the bearish sentiment on emerging markets. On the other hand the Euro temporarily scared bulls with talks of contagion from the turkey crisis before aggressively squeezing sellers back to "pre-turkey" levels.. The risk still exists given there has yet to be any form of rescue or funding announced. Additionally, many risk factors could come into play here with the miss on inflation numbers this week, Fitch to release its Italy assessment later Friday and Trump seemingly gearing up for some comments on the EU re trade. Lastly the Aussie cash rate is due next week and we could see some strength come in after weeks of selling pressure.
Techs - Looking at the weekly supply around 1.6200 and this pair's run up to the zone, I am looking to scale in short with an initial risk off the 1.6225 level and then adding to my winner (while reducing risk level) if and when the back side is confirmed. I would look for a ride down to the 1.5950 level. This is obviously a counter trend trade and i play these more defensively given i'm going against the natural flow. So my management is focused more on scaling out close to various supply zones. Always keep risk management at the forefront of your trading! And dont forget to pay yourself! Thats the Stellar way!
Happy Trading!
Techs - Looking at the weekly supply around 1.6200 and this pair's run up to the zone, I am looking to scale in short with an initial risk off the 1.6225 level and then adding to my winner (while reducing risk level) if and when the back side is confirmed. I would look for a ride down to the 1.5950 level. This is obviously a counter trend trade and i play these more defensively given i'm going against the natural flow. So my management is focused more on scaling out close to various supply zones. Always keep risk management at the forefront of your trading! And dont forget to pay yourself! Thats the Stellar way!
Happy Trading!
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Good Morning Traders,
Sorry for the late update, however i started in short last night at 1.6158, with SL at 1.6225 as discussed. WIll be watching for add opportunities.
Sorry for the late update, however i started in short last night at 1.6158, with SL at 1.6225 as discussed. WIll be watching for add opportunities.