I will be looking to open a short position on this pairing, for reasons technical and fundamental. I will be watching the non-farm payroll closely to see confirmation for my trade.
My technical reasons include; horizontal resistance between 1.146-47 and a potential down-trend line (yet to be seen).
My fundamental reasons include; recent warmth in the US/China relationships and the instability in EU due to Merkel's resignation and Italy.
However, If the price breaks this trend line and goes for a re-test I will consider taking up a long position.
Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
My technical reasons include; horizontal resistance between 1.146-47 and a potential down-trend line (yet to be seen).
My fundamental reasons include; recent warmth in the US/China relationships and the instability in EU due to Merkel's resignation and Italy.
However, If the price breaks this trend line and goes for a re-test I will consider taking up a long position.
Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
Trade active:
Steep drop after NFP and various data releases
Comment:
I will be looking for a Take Profit at 1.13
Comment:
I have moved my stop-loss to break-even at 1.145
Trade closed: stop reached:
Although my stop was reached - I still made 70+ pips on this trade
