EURUSD: Wait for Draghi's speech and maybe for the daily close
Updated
We should be seeing a turn in the Euro very soon. I'm already long with a wider stop and looking to add to longs. I advise caution today, the market is awaiting Draghi later today. We're overbought in 4h, and RgMov shows bearish sentiment in this timeframe (contrary to daily and weekly bullishness), so a new low could trigger selling in the short term.
What I'd like to see would be new lows tripping 'All stops known to man' after the news and a quick reversal, closing the day near the highs. This would give the perfect excuse to enter longs on a new daily high after today's close, and tightening my initial position's stop, reaching a full position, long the Euro. If not, another positive outcome would be a rapid rally causing today's price range from the open to be bigger than Friday's true range, giving us an excuse to buy dips and/or new highs above the previous 3 days' range.
Let's keep our eyes on this now. Right now, there's a bullish signal in the daily with new highs, but the news are a huge risk, if we were to trade with tighter stop losses.
Good luck,
Ivan Labrie.
What I'd like to see would be new lows tripping 'All stops known to man' after the news and a quick reversal, closing the day near the highs. This would give the perfect excuse to enter longs on a new daily high after today's close, and tightening my initial position's stop, reaching a full position, long the Euro. If not, another positive outcome would be a rapid rally causing today's price range from the open to be bigger than Friday's true range, giving us an excuse to buy dips and/or new highs above the previous 3 days' range.
Let's keep our eyes on this now. Right now, there's a bullish signal in the daily with new highs, but the news are a huge risk, if we were to trade with tighter stop losses.
Good luck,
Ivan Labrie.
Note
I have a small long and a wide stop of 350 pips, I'll add and tighten stops once it's clear EURUSD and gold have bottomed. For now I could easily see a bit lower prices before all bulls are shaken out.Trade closed manually
I'm flat EURUSD for now, but watching. I think Silver's outperforming gold currently, and we are seeing AUDUSD outperforming EURUSD as well. Until we get a risk off rally, the rally in gold and the euro are suspicious to me.I'm interested in getting involved, but I'll wait for now.
Also monitoring bonds for entry.
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