Is the EUR currency at the top? Say what you think, and propse the best way to short it. I am considering a dump of the EUR seriously, and looking for the best ways to play it.
I went short EUR last night on a scale trade entry method. Getting spanked right now, but I am watching to see if EUR exceeds the recent highs. Otherwise, I agree, there could be a significant correction, if even only for the short term...could be some good money made. Sentiment is very low in the DX (in the teens) and in the high 80's low 90's for EUR....Looks ripe for a contrarian trade. I am in and short. I normally cut my winner short more quickly but this trade was planned this way on a scale in basis. Not trading on hope, these are planned entries. We'll see if I am right. http://elitetrader.com/vb/showthread.php?s=&postid=1853779#post1853779
I made 20 to 40 pips on it here and there, but I think the big dump is coming. It keeps getting me out of my position. Maybe I should wait for it to surrender before I join the trend. The question is when the dump comes, against which currency should be shorted? Is it against the Yen? EUR/JPY just fallen like a rock, but I covered too soon, made only 40 pips instead of 75 if I waited just 10 minutes more.
i'm actually looking to buy eur/jpy bascially right now, 156.50/60 (if we can firm up a bit going into Sydney and Asia open)...seems like a nice technical buy setup if you ask me. Also looking to continue buying dips in eur/usd
I hope it goes up, because I am a seller in the 157.50 area. I sold earlier today but covered too soon. EUR/JPY is in a bear market. I am mainly focused on the short side of it. So rallies are places to short for me.
Reaver, why not wait for a double top or a trend reversal pattern? The thing is a screaming long at the moment although too late to go full force.
The previous high is at 1.5903 and the current price (1.5835) is just below the 60 and 180 period bands on my day trading chart. The problem lies in the fact that there is still a lot of residual buying pressure on the monthly charts. I do not use the monthly when trading but certainly want to know what the macro trend is. I believe it will bounce around just below 1.5900 for a while before reversing down, setting up a better long in a few weeks. If short I would place a stop above that previous high. The down move could head towards 1.5300, however.
That is exactly what I am watching for: the double top! I also want to hear ideas on how to make the most out of a falling EUR if this takes place? Any suggestion on how to play it on the down side would be very helpful. I missed the beginning of the fall of GBP, and I do not want to miss the beginning of a falling EUR.
its hard to call a top on the euro when the US still cutting rates while eu doesn't look like they will anytime too soon
keep selling. Raging bull market, IFO delivers third upside miss in a row, Fed slashing rates, ECB talking tough on inflation and showing just about zero concern over the euro's rally. Trichet passing up opportunity after opportunity to talk it down.