You are Damned if you do and you are damned if you don't . Well the EURUSD bulls were handed diamonds on a gold-plate . The comments by US president on FED, US Interest rate hikes and Currency manipulation by EU & China made a pretty good day for the EURUSD bulls.
If you joined the wave then that was good injection of euphoria (Drunken episode). OK , OK , I know back to reality .
Reality for EURUSD ( Last 3 to 6 months including current month data) :
- EURO Data is still softening, there was a glimmer of hope that things had reached stability but this months data indicate a much deeper problem.
- Tariffs threat
- Italy Debt issue and the question of them wanting to leave EU at some point in the future
What does a poor soul do on the trade front ?
Entry:
SELL at 1.1722 to 1.1735
Exit : anywhere from 1.1660 to 1.1595
Cancel trade if EURUSD > 1.1753 and Dollar Index < 94.00
If you joined the wave then that was good injection of euphoria (Drunken episode). OK , OK , I know back to reality .
Reality for EURUSD ( Last 3 to 6 months including current month data) :
- EURO Data is still softening, there was a glimmer of hope that things had reached stability but this months data indicate a much deeper problem.
- Tariffs threat
- Italy Debt issue and the question of them wanting to leave EU at some point in the future
What does a poor soul do on the trade front ?
Entry:
SELL at 1.1722 to 1.1735
Exit : anywhere from 1.1660 to 1.1595
Cancel trade if EURUSD > 1.1753 and Dollar Index < 94.00
Comment:
Some of FX option expiries for July 23 NY cut
EUR/USD: EUR amounts
1.1700 ==> 2.1bn
1.1750 ==> 1.1bn
Most likely to see EURUSD range bound between 1.1700 to 1.1750 until 10:00 am EST before we can see any major push below 1.1700 or above 1.1750
BIG Picture:
So long as we are below 1.1790 then EURUSD is still Bearish in the bigger picture . But if it goes above 1.1753 then breaks 1.1790 it might extend to above 1.1800 area
EUR/USD: EUR amounts
1.1700 ==> 2.1bn
1.1750 ==> 1.1bn
Most likely to see EURUSD range bound between 1.1700 to 1.1750 until 10:00 am EST before we can see any major push below 1.1700 or above 1.1750
BIG Picture:
So long as we are below 1.1790 then EURUSD is still Bearish in the bigger picture . But if it goes above 1.1753 then breaks 1.1790 it might extend to above 1.1800 area
Comment:
EURUSD Support just 1.1690 for now , Let's see if it can break today or tomorrow
Comment:
Who is the problem ? the EURO or the Dollar ? hmmmmmmm!!!!!!! Pick your poison !!!!
When you have 2 Drunkards trying to lead the way , that's a big problem ? its a dance
2 steps forward then 3 steps backwards then 4 steps sideways then 2 steps to the right, Are you confused yet ??? Well that's the EURO and the Dollar dance right now
When you have 2 Drunkards trying to lead the way , that's a big problem ? its a dance
2 steps forward then 3 steps backwards then 4 steps sideways then 2 steps to the right, Are you confused yet ??? Well that's the EURO and the Dollar dance right now
Comment:
If you entered as per my previous trade:
Entry:
SELL at 1.1722 to 1.1735
Exit : anywhere from 1.1660 to 1.1595
Let's take some profits off the table now . Exit 75% of your position 1.660 to 1.651 .
Put a tight stop on the remaining 25%
OR simply close the entire position and wait for a bounce back to 1.1700s before re-entry
Entry:
SELL at 1.1722 to 1.1735
Exit : anywhere from 1.1660 to 1.1595
Let's take some profits off the table now . Exit 75% of your position 1.660 to 1.651 .
Put a tight stop on the remaining 25%
OR simply close the entire position and wait for a bounce back to 1.1700s before re-entry
"LEAVE YOUR EMOTIONS OUT OF THE TRADING ROOM, AND LOOK AT THE PRICE ACTION"
if you bring your emotions in to your trading, its like bringing live Grenade into your room and hoping for the best. That thing can explode any anytime.