Monday, November 14, 2011

EUR/USD Trade Update

Those who used Fri bounce to short should take 1/3 off and bring their stops to just above today's high. Nobody ever went broke taking profits. Resistance now comes in at 50dsma. It is all about quick and emotionless trading here. Do not fall in love with your positions and take what market gives you. I still see a trip to 1.3150 in the next month or so. This said, EUR/USD has been anything but predictable, so take your profits and thank trading gods for this quick trade. If we get stopped out on some "breakthrough technocrat promise", we will use those higher levels to sell again. Overnight we will see what EZ Q3 GDP looks like. Anyone wants to take a guess?? LOL

Update on Nov 15  9:30 am
Time to take another third off and bring your stops to just above 50dsma and trail it. 

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