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Hello,
We have seen some decent reversals here for the Euro pairs but it is too early to call it a game changer. I was very cautious with my shorts at the start of the session because we see often the market bucking the trend on Wednesday .I took two careful sized short in EUR/USD at the beginning of the session when the price was still below the 30min 20 EMA but I wanted to be flat in front of the London open in case of a reversal. That ended pretty uneventful with -6 and +7 pips. We got the classic London open reversal. I was glad that my gut feeling was right and we pulled out of our shorts before that. Even with the spike the main trend was still down though and I don’t like to trade against the main trend. We got a nice re-test of the breakout area though right at the daily pivot and a long here was too tempting to resist since we could place the stop tightly behind the pivot. I went long at 1.2090 and got out for just 11pips in front of the 38.2 Fibonacci expansion level. The EUR/JPY meanwhile had basically the same setup and I thought that pair could break higher as well. I was very late with my long entry at 94.72 but it played out well. I got out for another 11 pips at the 61.8 FE level. Both pairs sit right now in front of resistance. EUR/USD was not able the break the 5 day VWAP significantly and EUR/JPY having trouble to breach the 100 hourly EMA. This could be good short levels here but the shorter timeframe EMAs are now support. We got +23 pips for the morning on just ¼ size so roughly +6 full points.
GBP/USD was another story this morning. Were weak UK data set a bearish tone in Cable and the pair broke the recent support level. I was looking for a retrace after the break and Cable did a picture perfect retrace to the 61.8% Fibonacci level where it also met the 2 hour EMA. I took a short at 1.5518 with very tight stop at 1.5525 above the 61.8% level. That trade went well and I got out for +32 pips on ¼ size=+8 full points. I did not want to trade larger since I did not want to risk much of what made in the morning. This was kind of a small size trap. Cable went to the lows again and it looks like it will eventually hit the 100% FE level today. In the 2 hour chart it could even go to 1.5400. The 100% FE in the 2 hour chart is at 1.5290. The trade was posted on my twitter account which members have access to. Twitter gives me the chance to place trades also outside of the session times. Overall a pretty decent day with +55 pips even it was just on small size.
Regards,
Marco
We have seen some decent reversals here for the Euro pairs but it is too early to call it a game changer. I was very cautious with my shorts at the start of the session because we see often the market bucking the trend on Wednesday .I took two careful sized short in EUR/USD at the beginning of the session when the price was still below the 30min 20 EMA but I wanted to be flat in front of the London open in case of a reversal. That ended pretty uneventful with -6 and +7 pips. We got the classic London open reversal. I was glad that my gut feeling was right and we pulled out of our shorts before that. Even with the spike the main trend was still down though and I don’t like to trade against the main trend. We got a nice re-test of the breakout area though right at the daily pivot and a long here was too tempting to resist since we could place the stop tightly behind the pivot. I went long at 1.2090 and got out for just 11pips in front of the 38.2 Fibonacci expansion level. The EUR/JPY meanwhile had basically the same setup and I thought that pair could break higher as well. I was very late with my long entry at 94.72 but it played out well. I got out for another 11 pips at the 61.8 FE level. Both pairs sit right now in front of resistance. EUR/USD was not able the break the 5 day VWAP significantly and EUR/JPY having trouble to breach the 100 hourly EMA. This could be good short levels here but the shorter timeframe EMAs are now support. We got +23 pips for the morning on just ¼ size so roughly +6 full points.
GBP/USD was another story this morning. Were weak UK data set a bearish tone in Cable and the pair broke the recent support level. I was looking for a retrace after the break and Cable did a picture perfect retrace to the 61.8% Fibonacci level where it also met the 2 hour EMA. I took a short at 1.5518 with very tight stop at 1.5525 above the 61.8% level. That trade went well and I got out for +32 pips on ¼ size=+8 full points. I did not want to trade larger since I did not want to risk much of what made in the morning. This was kind of a small size trap. Cable went to the lows again and it looks like it will eventually hit the 100% FE level today. In the 2 hour chart it could even go to 1.5400. The 100% FE in the 2 hour chart is at 1.5290. The trade was posted on my twitter account which members have access to. Twitter gives me the chance to place trades also outside of the session times. Overall a pretty decent day with +55 pips even it was just on small size.
Regards,
Marco