10/12/2014: Trading Idea SELLING EUR/USD

Trade:    SELLING EUR/USD

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.

 

Trading Update on previous trades:

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

 

 

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