Has The Euro Dollar Finally Turned the Corner?

Yeah! its quite risky… I prefer to remain long as well.

I’m experimenting with trading inflection points. I don’t like sitting through retracements so I sometimes get out of my directional position to trade retracements in order to maximize profits and also to make margin available for perhaps a different pair that may be exhibiting more volatility. Trying to figure out when the larger retracements occur.

I learn best when I’m in the market. Otherwise it becomes an academic exercise and it does not register too well in my brain.

I’m trading a lot less at the moment since I’m trying to automate some of my trading and that is proving to be quite a challenge. :grinning: Normally I trade the majors most often and some crosses. I now keep away from the Yen and Swissy and all their related crosses. I’ve added GBP and some of its crosses.

Oanda does not offer Gold else I would love to trade it.

Interesting, I’m with OANDA and trade Gold. Maybe there are restrictions based on different countries?

Huh! Perhaps I’ve overlooked something. I’ll check it out. Thanks for letting me know.

1 Like

Plenty of gold here!

Yup, it’s a US only thing. They only offer forex trading to their US customers. No metals, indices, commodities or bonds. :frowning:

It turns out that your retracement prediction is actually working. EURUSD looks like consolidating between 1.19 and 1.17. I have close my buy positions ang going short. So far I have made good profits.
As you mentioned that you are trade small lots, testing the retracement for a larger one is actually very creative.
Gold is a very good opportunity specially in this covid situation. You can try out other regulated brokers who offer gold.

EURUSD might be done retracing. I’m going to get out at 1.1735 and look for a long entry.

Yup, placed two long trades on EURUSD. Profited so far. But i still feel that it will remain below 1.19 level as USA has started reviving. Extreme fall in jobless claims are surely aiding the economy.

Just placed my limit buy. Looking for price to bounce up from 1.1732.

For today CPI and core CPI data is due for USA. Forecast is much less than the previous figures by 50% as it is expected to drop at 0.3% when its previous was 0.6%. Hopefully good data will deflate the eurusd pair.

You might be right. I see resistance at 1.1980 and then at 1.2045. I’m still hanging on to my 1.1734 long. I had an add on order at 1.1781 and the darn thing bounced off of 1.1782. :rage:

Edit: Getting out at 1.1875 (if it gets there today) or will get out end of day, since it’s Friday. Will look to re-enter next week.

Happy weekend all!

@QuadPip Ever look into TD Ameritrade? You can trade FX with them. They have the Thinkorswim platform for FX. If you qualify, you can also trade stocks, options, futures, margin, and ETFs (crypto might be on its way).

1 Like

Thanks. I’ll take a look. I tried TOS sometime ago but did not like it. But that was very early in my trading journey. Perhaps I might have a different view this time.

Not a good look right after I mention it.
Still worth a try I think. TD Ameritrade’s Thinkorswim Outage Irks Investors | ThinkAdvisor

Technology is getting increasingly complex. These things happen from time to time. But this incident should prompt all of us to prepared by having redundant setups; desktop, phone and web, as available.

You are still better off, I am still trying to come out of the trauma of the major 100 pips fall 2 days ago, I just didn’t listen to my own analysis. I placed a buy trade at 1.19458, had it been a sell, i would have pocketed straight 100 pips, but now i am just waiting for the price to revive to at-least 1.19.

Its a really bad week for EURUSD, all predictions are just turning upside down.

Yikes, sorry about that. We all have those days. It sucks big time.

Take this with a grain of salt but I believe that price might come back up to at least 1.1918. I also think that EUR will continue to make new highs if it does not take out any of the recent lows. I’m expecting it to bounce up from 1.1722 to 1.1733.

Its at a good 1.18 now. Feeling much relieved. I am focusing more on gold these days. But it looks like since its major fall on 11 August, its just consolidating somewhere between 2000 and 1900.

1.1773. Let’s see what happens on Thursday at the ECB.