Sunday, June 7, 2009

Quick Trade Update: EUR/USD (and yes on a Sunday)

Anyone that has read the STOP Trading!! post yesterday knew what was going to happen regarding to my trading idea for the week. I hardly ever trade on a Sunday since the Forex market can be very skittish, however, at the moment the overall EUR/USD market in my opinion is very well directed at the moment (judging this from mainly fundamental analysis).
Little did I know this was going to happen so soon! I thought for sure this was going to happen tomorrow (Monday), but it happened sooner then expected, meaning investors are buying the USD in a rapid pace, driving the USD price higher.
Regardless we're up, 1.3925 is as low as it went so far today and guess what, what did I say yesterday? 1.3925, right on the mark. If you would've followed me you would be up almost 40 pips! Not a bad start for the week! Do I have a crystal ball? No, I wish.. still I wouldn't recommend any trading yet until wall street kicks in. Of course this is a very very short term time frame. I just never predicted anything so accurate! I think it was good to post a Quick Trade Update because of this (bragging rights :)

I'm curious to see what's going to happen tomorrow, I'm shorting this trade. Already at a good entry point. Not sure where to exit, I still have trouble formulating a good exit strategy, and that's my biggest downfall at the moment. We'll see what happens.

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