Weekly Thread: Oct. 19 - 24

Euro is currently positioned in little triangle which is in 1.16 - 1.17 range. Naturally the range is becoming thiner. We could observe this currently: in asian session we had +1.1715 high, then move down to 1.16 low --> move to 1.1690 high --> now move to 1.1605 low...If we break down, next level is definitly the 1.1530/50 area. This is going to be much more serious level than 1.16.
If we break upside, then we wait and see if we buy or resell.

Good Trading all!

 

Euro is rebounding a little due to eurjpy heavy buying, but I dont think it should be a problem. If short trade gets closed at entry level, I will consider reentering - who knows, maybe I get to enter at better price...maybe worse price. I will try to add the long position on usdchf as well.
Eurjpy isnt an option any more for now.

Well, closed at entry level while I was writing this post. Will wait to reenter euro/$.

Good Luck everyone

 

Seems like we are breaking that triangle resistance line upside. This may trigger 1.1720, maybe 1.1760. In my opinion, that is the point where we may see the break upside or confirmation that we are going down if it fails to resume upside move. (now euro is even higher : 1.1680).

 

Resond the eur$ @1.1650

added long usdchf @1.3322

 

EURUSD:

stop is lower than on previous entry: stop @1.1740

target is the same: 1.1445


USDCHF:

stop @1.3195

target 1.3590 (gap area)

 

Closed both trades:

eurusd @ breakeven,

usdchf @ 1.3333 (+11 pips, +0.42%)

waiting for rebound upside to reenter. The triangle (on euro) is not broken still, so I prefer exiting due to uncertanity.

 

This is where we are now. If we break upside, my stop @1.1740 may have been taken out. Break upside should trigger at least 1.1700/20, maybe even higher, so I prefered exiting. On the other hand we may break down ... but its better not to lose than ...

 

my mistake, it's +0.33%, not 0.42%

 

Here's an updat on that triangle. Still inside .
I think exit will be late, confusing and not sertian. I may still take short on break downside, but maybe not. The reason is that technically I would prefer to see upside move to 1.17, maybe even 1.1760 - and faliure to break upside to short afterwards. But, market will make its move (I belive soon), and we cannot know which one exactly will it be

 

Talking about "late, confusing and not certian" EXIT out of this tiny triangle on 60 min charts. Looks like we are going to see some upside move after all. But who knows?