Why you don't try to catch a falling knife. It would be great to be short..but we are not. Knife hurt when you catch them. On side lines with the euro.
LESSONS: 1. If you missed the break down then you can't chase the trade. 2. If you missed the trade DO NOT try to catch the falling knife. You most likely take a hit to your account. 3. Wait for for something to setup...patience is your accounts best friend. What's up the with EURO? No setups at this moment. We are sitting on our hands waiting. Stay tuned.
We are still watching the E6 closely. There was a false move on Friday. Could this have been the first pump before running? If they push it down Monday or Tuesday the weak longs will get squeezed and bail on their trades. Best to wait for a close outside of the wedge before looking for a trigger.
After braking the support line over 1,2080 it's obviously that short positions will be the trendtopic. With the expected news of Central Bank Europe the euro will take down a bit more probably until 1,1200 expected, if europe still having bad reputation with greece elections and it's economy recesion could end the year pairing 1 to 1. Watchout corrections that...
Yes, the E6 is still falling out of bed. And YES, it would have been nice to still be short but that's trading. We rang the cash register as per our plan and we accept that. UNDERSTAND something...you will NEVER catch the exact top or bottom. You just want your share. :) There is nothing for us to do with the E6. Time to be patient.
Nothing happening on the E6. We don't see anything setting up. We will revisit next week. GO BACK AND REVIEW OUR POST ON THE E6. SEE HOW WE GOT INTO AND MANAGED A GREAT TRADE. HAPPY HOLIDAY TO ALL!!!!
Since covering our position the Euro (E6) has been grinding higher. No need to try and squeeze more juice from the lemon. We made ample lemonade from the trade. We will let the E6 sit for a while (until after the first of the year) or until we see some real buying.
Winner Winner Chicken Dinner. As the old saying goes..."Don't be a dick for a tick"! And dicks we are not. We got within a few ticks of our second target Friday after the NFP number so we covered and will wait for another setup. Review the posted charts on how this trade setup and played out. There is a lot to learn about holding onto a trade. Post...
Mr. Draghi keeps helping us sneak closer to our 2nd target. He must be reading our posts ;) Nonetheless, we have pulled stops down to where our first target was hit. We are so close to the 2nd target that we need to tighten things up. It would be foolish to get this close and let a huge swing take us out. This has been a great trade and has paid us nicely. ...
Euro bear trend is intact. Currently consolidating below the 1/1 bear Gann line The market calls for selloffs to attack for a new low.
The Euro has found some legs and is fighting to keeps it's head above water. Will Mario step in a hammer this nail? We are still short but price is getting close to stops. We would love for them to take out the double bottom. Stay tuned
Showing accumulation as traders anticipate the ECB to provide support and buy sov bonds. If Euro breaks down more, it will be very ugly as the longs since mid Oct liquidate. Long to 1.262
Thank you Mr. Dragi. As long as he keeps printing money the E6 will remain weak. We were expecting another move down...but not this quick. We don't control the markets, we just trade them...so we will take it. Stops are lowered as we seek target #2.
After hitting target #1 we are bouncing which is to be expected. Stops are in and we will look for a break of the low and final target. This coming week could be choppy to up before a retest happens. For more watch: youtu.be
Accumulation. Near term swing low is within sight. $DX_F DXY US Dollar is encountering supply from $88 - 92 at the same time. $J6_F $USDJPY Japanese Yen is near support. All the major currencies are displaying a near term change in trend. More confirmation needed. Seeing early signs.
Of the many years of trading we can say, with confidence, that other than the psychology game of trading, studying has been the biggest attribute to successful trading. Reviewing charts...looking at how our setups forms and play out. In trading you are not trying to be right...you have 2-3 solid setups, control emotions and follow your rules. Then study you...
Weekly chart here The daily chart shows a double bottom, with a huge divergence on momentum indicators. Considering the way the weekly charts moves, I would say a correction to the larger downtrend is highly probably. However, I believe that there is more downside coming in a few weeks. I expect the daily double bottom to play out and offer a better shorting...