liveforexdaytrading
LiveForexDayTrading Representative
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Recap 14-06-2011
Hello everyone,
I did not see much of a setup this morning especially with the meeting of the Finance Ministers in front today. I decided to go short on EUR/USD at 1.4430 with just ¼ of the normal size and a 21 pips Stop loss. My target was down at 1.4390 which was the daily pivot today. I took the short a bit pre-mature and was not waiting for a lower high in the 15min chart. I just sold the 50% Fibonacci retracement in the EUR/USD and was looking for a 2:1 risk reward ratio. That trade got stopped out at the SL level for -5 full pips. Right now I am looking for a significant break of the 1.4450 level a retest for a long opportunity or a break of the 1.4325 support level and a retest for a short.
(See Attachment Image1)
GBP/USD is trading in the “neutral zone” between 1.6300 and 1.6450. I will most likely stay on the sideline until we break either level. AUD/USD is also not doing much recently. I am still slightly bearish on that but if we break the 1.0700 level again to the upside my bias might change. I will look for shorts below 1.0580.
Regards,
Marco
Hello everyone,
I did not see much of a setup this morning especially with the meeting of the Finance Ministers in front today. I decided to go short on EUR/USD at 1.4430 with just ¼ of the normal size and a 21 pips Stop loss. My target was down at 1.4390 which was the daily pivot today. I took the short a bit pre-mature and was not waiting for a lower high in the 15min chart. I just sold the 50% Fibonacci retracement in the EUR/USD and was looking for a 2:1 risk reward ratio. That trade got stopped out at the SL level for -5 full pips. Right now I am looking for a significant break of the 1.4450 level a retest for a long opportunity or a break of the 1.4325 support level and a retest for a short.
(See Attachment Image1)
GBP/USD is trading in the “neutral zone” between 1.6300 and 1.6450. I will most likely stay on the sideline until we break either level. AUD/USD is also not doing much recently. I am still slightly bearish on that but if we break the 1.0700 level again to the upside my bias might change. I will look for shorts below 1.0580.
Regards,
Marco
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