Hi, new to FX will post my daily activity here, hopefully will get bashed some quality feedback is most welcome. Feel free to post your trades if you wish, it will be interesting to see the reasoning behind other people's trades. I will be trading Eur/Usd mainly of 15 and 60 minute charts. My main entry will be based upon a presence of failure swing in RSI and divergences in MACD and RSI. I am using a spread betting firm so I am not concerned with commissions (if there are any in FX with other brokers ). Currently short 1.2951 with stop 1.2985. Entry based on the failure swing/double top in hourly RSI and a BRD in MACD. Chart will follow.
I am short on eur/usd at 1.29400 looking to get out at 1.29100. this is a week long play. Other wise i agree with your suggestion that EUR will go to 1.40......this might take a while though.
Well, US economy is slowing down.....resulting in probable FED rate cuts. Thats the main reason. Ofcourse there is more different fundamentals which might impact US dollar. US dollar had beengetting killed for a lon time now....maybe soon enough we will see other side of the trade. Not soon enough.
There are many reasons for weakening $.But I relay on info from my friend who works in the Pentagon. So the $ will go down for the next two ears. There are unbelievable changes on the way.
I have been looking at all time frames and I understand the bullishness in Euro which is still there, I can't ignore 1.2979 still providing resistance on the other hand. We do have a bull flag visible on 15 min chart pretty clear, so I guess my plan of action would be as follows. If price goes down to lower trend line of the flag I will be looking to cover there and possibly reversing position for a long Euro. If I don't get that chance, then I will be looking for a break of 1.2968 to initiate a long position. It does look like an either way gamble at the moment, to me.