Discussion in 'Forex Trading' started by Kastro_316, Aug 3, 2005.
Well, it did it, it broke through!
Where does it go now? Keep going up?
Its below its longterm downward sloping Moving Averages. At this point it looks like a bounce, thats it.
What do you mean "bounce" ?
Kastro, are you short or long on USD?
I was short, it took out of one my stops...why?
It means you are making some money now. You need to know when to take your profits?
Here is your bull trade, USDCHF. Three year downtrend some base building, then a strong move above 100 and 200 day simple moving averages. Buying this currency on a retracement would be an excellent strategy. just the carry on a long position is yielding almost 4%. So with 100.1 margin holding this pair would yield 40% even if the curreny stayed flat.
Agree that EUR/USD looks like a bounce. Will change my thought if it convincingly smashes 1.2350, though.
Consider it as the 38.2% fibo retracement of the 1.3125-1.1870 downtrend. Strategy at this point should be to buy dips as dailies are bullish.
Any news last night? I know it broke thru that 1.2250 technical level finally and it was off to the races....
Kastro and many with you,
Who cares where and how far it will go ?
Stop trying to forecast. You'll never get closer than a wild guess anyway. Nobody really knows.
Trade what you see and you would have made an odd 120 pips per 100k contract on this morning's break-out.
Hint (for what it is worth): the "smart money" in currency futures is long Euro and short Dollar at a ratio of 4:1 so there is a very good chance (all else being equal) that EUR will rise against the USD.
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