Archive for May, 2009
Tuesday, May 26 Update
Posted by: | CommentsToday we’ll be seeing a number of important news releases for the EUR/USD.
As the market is quite overbought from last week’s action, I’ll be sitting aside for now until I see a sizable correction, and then consider going long again.
Monday, 25 May Update
Posted by: | CommentsToday is a U.S. Bank Holiday. No trading for me because liquidity may be exceptionally low.
Weekly Roundup
Posted by: | CommentsThis has been a very bullish week for the EUR/USD:
I am convinced that the Euro is going to continue moving up in the near future. Next week, we will be mostly looking out for potential long trades to take advantage of this strong bullish trend.
And because we will be trading on such a strong trend, we can begin to pay a little more attention to the 4 hour chart – our stop loss and profit targets will this be larger, and we’ll have to wait patiently for a nice retracement before entering in the direction of the trend.
Have a great weekend everyone, see you guys on Monday!
Friday, May 22 Update
Posted by: | CommentsYesterday, we saw prices continuing with the uptrend since Monday, and have now hit the resistance of the uptrend channel:
From a technical standpoint, we may be looking a reversal today especially because Fridays are well known for reversals – when traders take profits at the end of the week.
However, we must be careful not to enter into any trade prematurely because the entire week has seen a strong bullish move, and we don’t want to trade against a strong trend.
The best thing to do now is to just site on the sidelines and let the market tell us where it’s headed.