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Thread: Sep.22, 2009 Another Chance to sell EURUSD

  1. #1
    In Profit DollarBull's Avatar
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    Default Sep.22, 2009 Another Chance to sell EURUSD

    Price now 1.4790

    Good time to short based on multiple factors. USDJPY returning up, USDCHF turning up. The brief rally in Asian session was not supported by any fundamentals. Therefore, the price must return to levels seen yesterday.

    Set a tight 30 pip stoploss and 300 pip profit goal.

  2. #2
    Elder Analyst
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    since this price happen to be a new high/recent resistance breakout, maybe caution is adviceable
    i believe the 1.48 level have to be tested a bit before direction will be decided.
    that 30 pip SL from 1.4790 might be too tight yet.

    Update: indeed, price just managed a new high of 1.4822.
    Last edited by lizerzoltan; 09-22-2009 at 10:09 AM.

  3. #3
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    Just waiting for EURUSD's short momentum... wish completed the reversal signal today.

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    Default fry

    i trade it and make a good profit you ae right

  5. #5
    In Profit DollarBull's Avatar
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    Quote Originally Posted by lizerzoltan View Post
    since this price happen to be a new high/recent resistance breakout, maybe caution is adviceable
    i believe the 1.48 level have to be tested a bit before direction will be decided.
    that 30 pip SL from 1.4790 might be too tight yet.

    Update: indeed, price just managed a new high of 1.4822.
    Yes, you are right, I forgot about FOMC meeting and the usual spikes associated with it. I will try to be more careful in picking the entry points.

    The G20 meeting is on and it frequently helps USD strengthen. I advise anyone to exercise extreme caution before going against USD until the meeting ends. The markets may be whipsawing for a few days before deciding on the direction. I still believe USD will be strengthening from now, since the US Libor has stabilized but EU and other Libors are still falling. (Libor is the 'london interbank offer rate' originally came for GBP but has been adopted as reference in many countries, with "libor" becoming a word of its own). Libors point to the long term interest rate directions.

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    Moderator cool user Resolve's Avatar
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