There were a few announcements today so there was quite a bit of volume around on the charts. Going back to yesterday's post i thought that Loony may still be weak. As it turns out, it didn't drop off over night as I had thought it might.
I identified another sell setup on Loony at around 6pm today but decided not to take the trade based on a news announcement at 7pm. I was wary that this had the potential to stop me out. It turns out the announcement didn't move that pairing too much and the trade would be active now. Currently i'd be 20pips in profit out of a 32pip target. If the trade comes good, i'll post a picture of the set up tomorrow for educational purposes. It's part of my strategy not to trade too soon before an announcement so i'm happy that I stuck to the game plan.
Also, a note on the EURO seeing as it's in the news so much at the moment. I posted a trade over the weekend of a great set up on the EUR/USD chart for a buy. Well since the open on Sunday evening it has proceeded to drop off again and it has moved through the area where the strength came in last week. It moved through this area today (around 1.3450) on really high volume which for now i'm interpreting as potential strength. It will be interesting to see how this plays out for the rest of the week as the overall trend on the hourly chart is still down. Yet with all the bad news I can't help but think it's going to rally. We'll see!
Also, a note on the EURO seeing as it's in the news so much at the moment. I posted a trade over the weekend of a great set up on the EUR/USD chart for a buy. Well since the open on Sunday evening it has proceeded to drop off again and it has moved through the area where the strength came in last week. It moved through this area today (around 1.3450) on really high volume which for now i'm interpreting as potential strength. It will be interesting to see how this plays out for the rest of the week as the overall trend on the hourly chart is still down. Yet with all the bad news I can't help but think it's going to rally. We'll see!
That's all for today,
Cheers,
KFT
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