I reduced my USD shorts today, cut back EURUSD long

FX:EURUSD   Euro / U.S. Dollar
514 5 15
I was long EURUSD             and I had some other USD short exposure too (mainly via DXY             ), but reduced my positions to a minimal level. I do not have a clear view, as market clearly misses momentum. When I am not confident, I don't like to have too large exposure.

- Within few weeks market will have to make a serious decision abt             further direction: either the long term downtrend will be broken and we'll see more bullish waves, or if the break happens on the lower side of thie green channel, then the patter will become a bear flag , with a tgt             below 1,05. However fir now, and probably for the next few weeks we'll only see trading in a tightenning range between 1,1050 - 1,1350
- Ichimoku picture is rather neutral, and Heikin Ashi also shows lack of momentum, candles have been mixed in last 5 weeks.

- Breaking or not breaking? As you see Bulls started to face some increasing resistance: there is the Kumo and Kijun above price. In fact we could call EURUSD             bullish only above 1,1300 - 1,1350!
- Heikin Ashi also shows Bulss were trying, but they are less powerful, now we have minor signal for momentum drop. The picture changes to undecision again.

Maybe it is not about the USD this time, but if I look at the extreme high EUR levels on other crosses, we may see some decent correction on those. That means some EUR selling in general, which can block EURUSD             from moving higher too.
Is it time to focus on other EUR crosses rather then EURUSD?
Anyway, I don't like this lack of momentum, that's why I decided to scale back. This doesn't mean it can not go up, but I rather enter long again 100 pips higher, if I see a strong momentum, than keeping a too big position which frustrates me.

I called your attention yesterday to check EURNOK             for a pull back trade. It started to work, and actually today we have the first daily Heikin Ashi confirmation as well. Sell that on tops.

I will soon post charts on other EUR crosses too.
Good idea, I think it will correct a bit lower first, before the weekly takes shape and we see it push towards 1.22.
IvanLabrie IvanLabrie
Maybe EURAUD is a good long right now:

SL under the red line.
Kumowizard IvanLabrie
Problem is today's doji Heikin Ashi candle! Here you also see loss of bullish momentum. It may easily com back below 1,58. Actually I think it may start to build a top range 1,57-1,62.
IvanLabrie Kumowizard
Look at 4h, oversold extreme.
My analysis gives me a valid reason to buy here.
I don't believe in AUDUSD upside right now. Even less than EURUSD downside (which is moderately high probability now)
Kumowizard IvanLabrie
Maybe yes, maybe not, but I have other instruments that are trending well. So this position just kills a bit my focus. I still have some longs left with final stop at 1,1050.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out