Every indication I plotted through Ichimoku showed a downward cross at 1.3885. Seriously, is the EUR going to hit 1.3950?
because every one has stopped shorting it since some time now?
even though there couldn’t be any more reasons to do so?
let alone the technical analysis…
I’m hoping of some movement down…went short at 1.3885 my stop/loss at 1.3915 (it’s just hanging around 1.3912). This is one of those loses that you just take with a smile.
I have traded with Ichimoku and have found some success using the trading system.
have you looked at the fundamentals? to see why the Euro is strong? I have found naked trading using support and resistance to be the best form of trading out there.
It already hit 1.3950 and I don’t see any reason for it not to hit 1.4000 unless US retail sales really surprise to the upside which could result in some short-term profit taking before the uptrend will resume.
I was a bit surprised that the CAD strengthened in relation to the greenback. There was so much negative news surrounding the CAD not too long ago, what do you think will happen next? I am waiting in anticipation haha…
Yes, big fan of Ichimoku. I’ve been studying it heavily for the last year. Matter of fact I see a pretty substantial downward cross in EUR/USD @ 1.3955. And yes, I always look at the fundamentals. As per EUR/USD I didn’t really see anything glaring - that’s why I asked.
Entered short 1.3940 - t/p 1.3890; s/l 1.3970
Good way to end the trading week…I’m cooked.
I have traded EUR/USD for years with a firm bias to short the pair when it reaches significant COT extremes but in the face of devaluation by that private bank called the FED and the Euro run by the lying Hawks of the ECB, this is pair is politics meets dodgy bankers.
The Open interest on this pair is always heavily long simply because the Euro is a peg all be it a glamorous peg for weak European nations in effect German is the pillar and as a result the ECB will say anything to ensure this currency stays on board.
It is also a risk on currency, meaning that when risk is high the EURO is strong, If you take a look at the S&P 500 VIX it is really low and the current Bond yields in the US it is clear that the money flow is into riskier assets and away from safe haven currencies like the USD, AUD and JPY.
To top it off there is an open currency war between the US and the EURO. The inverse relationship between USD and Gold and the obvious correlation between the EURO and Gold also means Euro strength is inevitable.
The only way to trade this pair is with a bullish bias on the longterm and look for sell off points but remember the sell off won’t last.
Don’t worry this peg like all other pegs in history will collapse and all will be well again for now it is what is…
Indeed…indeed. I trade predominately EUR/USD and GBP/USD. I can’t seem to get my head around trading more. That said, that’s why I was so curious to see why EUR/USD was hitting two and half year highs. I just didn’t see that coming. I obviously knew it was going to slump after Mario Draghi spoke earlier today. Any time he opens his mouth it’s worth 20+ pips!!
Hi Moosedrool,
Knowing it was going to slump, did you trade it?
It’s nostalgic when you think it’s time for eur/usd to drop and it just does it’s own thing. Truth is until you have a solid signal to short you’d never want to go againts such a bull market.
There was actually a neat setup that pinpointed the exact momentum reversal on eur/usd , without any fancy indicators or alike.
I wish you the best of luck and success.
'Best
Indeed, I did Kas. Look at my post above. But I lost with the pair yesterday but managed to be in the positive because of today. Not a bad week, though. Did plenty well with GBP/USD (had a good flow). Taking tomorrow off unless my read is correct that GBP/USD will hit 1.6520 (current 1.6611) by 6:00am est. If it does that early I’m going short around 1.6500. I’m thinking somewhere at 1.6400 at the end of the day.