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