Entry: @ $1.2400
Target: $1.2245 (the recent low from 08 Dec)
Stop: $1.2470 (breaching the key reaction high at $1.2456)
Reason: Despite yesterday’s shakeout for the dollar, the big downtrend remains intact on the euro and I remain bullish on the dollar, confident that EUR/USD will continue to be sold into strength. There is a near term range formed between $1.2360/$1.2400 and I would be happy to sell towards the top of that range for renewed weakness.
Oh dear, what a day to be caught short on safe havens! A massive shift in risk sentiment as the US began trading saw Gold spike higher and Dollar/Yen spike lower, both of which I was the wrong side of. Oh well, I dust myself off and go again. I remain confident of my general long US dollar strategy.
I was stopped out of my SHORT Gold (02/12/2014) yesterday (opened at $1205 and stopped at $1225). This meant a loss of 20 pips.
I was also filled and subsequently stopped on my LONG USD/JPY (09/12/2014) position (entry at 119.50, stopped at 118.50) for a loss of 100 pips.
My total booked profit took a bit of a hit yesterday but is still currently +378 pips
At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.