FXE trade ideas
BITO, FXE, GLD, TLTThe markets BITO, FXE, GLD, TLT are all under extreme downleg compressions. A resolution or resolution failure could cause an extreme reaction in any or all of these markets. If there is a marked retracement in any of these markets an out of the money call position could offer an exceptional opportunity even if only one of these markets complies, IMHO.
FXE update ECB Press ConferenceFXE tracks the Euro currency. Christine Lagarde reiterated no rate hike decision at today's ECB Press Conference. Although she keeps saying no rate hike in March or in 2022 for that matter, she did say the governing council are concerned about short term inflation and asset purchases have to be completed before any rate hike. Here's a 4hr chart, 4-month view: I'm short from R3. A change in newsworthy current events has a direct impact on currency, so stay in tune.
2 week high = $106.54
2 week low = $103.43
52 week high = $114.81
52 week low = $103.40
SMA200 = $106.85
SMA150 = $105.96
SMA100 = $105.11
SMA50 = $105.16
breakout = $105.77
R3 = $105.36
R2 = $104.94
R1 = $104.52
pivot = $104.11
S1 = $103.69
S2 = $103.28
S3 = $102.86
breakdown = $102.44
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
$FXE Euro obvious Head and Shoulders patternOne of the most blatant head and shoulder patterns I have ever seen on a chart. Risk Reward box dhows where I opened my position and where I set stop losses. RSI approaching seriously oversold levels so I would expect some support soon, Regardless anticipating a 6-month decent to 106, while Fib levels call for a possible 103 test.
Euro Currency at KEY levelThe $Euro has stayed above the orange level, around $109, for a year. We have seen several tests of this level (shown by the purple arrows).
Why does it matter?
1. The US dollar has an inverse correlation with the Euro as well as Gold.
2. A strong US dollar negatively affects international equity (such as Europe and Emerging Markets).
3. A weak dollar generally creates a bullish scenario for commodities.
4. Gold has a slightly negative correlation to Bitcoin. Currently at -0.5
FXE an oversimplified view of EURUSD pair (and of USD)using a few stripped down indicators (Simple Moving Averages, which can be supplemented with ADX and ATR), EURO strength and breakouts popped up last week with on a weekly price basis. This looks like a trade which can be entered as the pair hits averages and "support". (Look at other pairs, including gold itself) and USD weakness has return as of summer 2020.