The bottom of the dollar: case for and against

Discussion in 'Forex' started by riskfreetrading, Oct 25, 2009.

  1. Hi!

    I have not traded the dollar for a long time now. I just went long dollar and short EUR less than half an hour ago, when my order got filled. I got filled at 1.5060.

    Since I did not trade this pair for a long time, I wonder what you think are the cases for shorting or longing this pair.

    I am short as of now EUR/USD with 1.5060 as entry point. I have another order around 1.51, but I do not think the market will get there today.

    My timing models said to sell at 1.5060, so I did what they asked.
  2. I think you should put a stop with your order.
  3. I expect a possible retest of high, but at a lower level than to the high of 30 minutes ago. I plan to add more lower than the high in case it does not get to the high of 1.5060.

    What is yesterday's high?
  4. Where, and why? If you are bullish, why?

    I looked at it again, and I think it would roll down from here.
  5. If I were you, I put stop at 1.5080, +20pip stop. If you are in profits, looked like it, I will move my stop in break even. I will just trade the chart, don't know which way USD heading long term. I don't care, however I will watch bond market as well.
  6. EUR/USD is now at 1.5028. I am going to watch it as it is getting closer to buyers at 1.5020 area. Profits are now +32PIPS.

    I plan to take some profits to cover cost of stop, and have a free trade from this point forward.
  7. There is the mother of all Gartleys on the weekly Euro with strong bearish divergence.....
  8. just took 35PIPS profits on part of position. Now, I will put stop for a free trade from here.
  9. Good to see you again Bigpipn, and thanks for sharing your insight! Cheers!
  10. Pair is now down to 1.4955. Position up more than 100 PIPs.


    entry was at the exact top. Priceless!

    #10     Oct 26, 2009