I didn't like the fact that we couldn't take out the high of 1.2874. I have taken profit this morning at 1.2848. I am not short yet, but this smacks of a potential downside reversal. I'll wait a bit for more confirm.
Haven't been in the Currency futures for a bit while I was deciding whether or not I wanted to continue with trading more intraday or daily etc. I have decided that I am better with the longer term and so will continue the journal now with longer term trades from the daily chart. I have shorted the Aussie futures here at .7647 with a buy stop at .7776. I'll trail the stop down and look to perhaps add shorts below the reaction low of .7581.
While not necessarily a home run yet, it certainly is a nice start to the trade. Price is .7601 as I write.
Still holding the Aussie futures short here and added a British Pound Short today at 1.8846. Stop is above 1.9225. I will trail the stop down.
We should see a bit of bouncing here before more downside. I've got my British Pound stop at 1.9225 and the Aussie at .77760
There is a very good chance that with this bounce , both Euro FX and the British Pound futures are near their highs and will reverse lower. I know it doesn't look that way right now, but it is very possible. I will still be holding the British Pound and Aussie short here. Aussie looks over done as well, but to a lesser extent at the moment.
Just came across this journal, I'm glad to see more and more people trading the EC. There's another thread about how people are getting ripped off by the bucket shops. Hopefully that will drive more people to the EC and the other currencies. Not too much going on with the EC, or anything for that matter, so basically just stopping by to say hello.
This pretty much sums up the Euro FX since we last spoke. Unmistakable. Weekly chart has not totally rolled yet, but that is "brewing" It remains to be seen as we talked yesterday.