Inside the Currency Market: EUR/USD

I’m not sure where trades stand. EUR/CAD hit target at 1.4837 from 1.4751 and EUR/USD hit at 1.1204 from 1.1155 We were caught on the short reverse from target as both pairs decided to go higher to extensions. We’re not caught, I didn’t plan for extensions to be seen. Extensions are nasty areas but aren’t seen very often. Non Farm Payrolls has a habit to see extensions to offer an example. If short stay short, we’re okay and not to worry. NZD/USD saw 0.6403 and bolted straight down on the RBNZ cut. The statement is on site for interested. It dovetails well with original commentary. Tradeables is again the big issue for New Zealand.

EUR/USD. Bottom. 1.1177. Range break above 1.1324, Below 1.1143. Overbought sell point 1.1299. Strategy. Longs above 1.1234, Target 1.1299. Then reverse short to 1.1266. Points on the way up, 1.1239, 1.1253, 1.1268, 1.1283, 1.1299. Failure point 1.1268 then short reverse to 1.1251.

Shorts below 1.1233, Target 1.1205. Watch this point for reversal to 1.1233. Below 1.1205, points on the way down, 1.1230, 1.1222, 1.1215, 1.1208, 1.1191, 1.1177 Bottom.

Brian Twomey, Inside the Currency Market, btwomey.com

Advertisements

2 thoughts on “Inside the Currency Market: EUR/USD

  1. Hi Brian I did enter short at 1.1135 as suggested yesterday and now I am a little confused with all these updates I wonder if would be better to close the trade and take a loss, You suggest now all these variation that honestly continue to confuse me. So assume I enter the trade in this case sell Euro at 1.1135 as I did I think you suggested sell under 1.1139 and target of 1.1110 and clearly the trade has not worked now how one has to behave in this situation? Because since then You suggested another short with an higher price I believe 1.1150 and now You suggest another one a 1.1233 . Frankly I am a little puzzled wonder what to do? Open all these shorts?
    For a professional like You I believe You can handle any situation and act accordingly but I am not a Professional like You this the Big problem.
    I appreciate Your opinion
    all the best Ralfhy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s