JohnLaw
Short

Stumbling the EURUSD legs by the hour

FX:EURUSD   Euro Fx/U.S. Dollar
Oh yeah - I was dead wrong on the short term price action.
Bash me! :-) Well, one cannot be right too often :) . The upward price pressure was certainly more fierce than I anticipated. That did hurt my account too. "Yes, I feel you pain."

As a result, the diagional triangle is gone. The 1.140/1.144 level presents a horizontal barrier.

Nontheless, not much has changed on the EUR USD :
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- the overbought and/or almost overbought levels the RSI have not given any clue to a continued bull trend. It simply gyrates between overbought and oversold. This is typical for a period of RANGING price action.
- I'm still suspicious about this EURUSD             thing
- Yes, it can break to the upside, but looking at larger swings (4 hour & daily) it "feels" a better ebb & flow if at least one down wave develops now (but this is not particularly scientific in nature :-)
- We've got pretty solid support levels present: currently testing an upward sloping trendline-in-the-making, then the 1.1180 level (red support area), then the 1.1070 level (green support area) .
- It's bad that despite all the "good" Greece news, the 1.14 level ONCE AGAIN turned out to be too hard to break That is a longer term negative for the EURUSD             .

I'm still sitting on my short position, but will close it at the aforementioned levels - to see what happens from there - unless we get a great heavy spike down; of course I wouldn't mind that :)

Related Ideas

JohnLaw
a year ago
Covered my short at 1.117

Reversed, now LONG, meant as a reverse-to-mean trade.
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JohnLaw
a year ago
This thing doesn't show much strength and looks to be heading down already.
So:
-the quick long closed at 1.1210 for a small profit
-reversed & short , anticipating 1.1050 (TP)
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JohnLaw
a year ago
UPDATE:
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Closed short at 1.1160 level, since retracement towards 1.1050 prior to Greece-deal did not materialize.

Just before closing of NY market, BOLDLY ;-) anticipating some Greece deal, I reversed.
So yes - John Law and his balls are LONG @ 1.1160
Large mental SL (@ 1.1050)
TP on surge @ 1.1350-1.1400

Let's see where Greece and the EU take the market. In any case it's going to be educational :)
See you at the other side of the weekend !
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