I saw something shocking this morning! Traders going LONG EURUSD! Anyway – here’s my short trade set up. (why would you go long on a currency pair that has been bearish for 3 weeks?)
I have placed an entry order for 115 pip profit at 1.32930 entry tp 1.31776. This is about 56 pips away from the current price – the market has to break through three supports to get to it so it should be “Non Farm Payroll” safe from whipsaws at that distance. You can see that although the EUR has strengthened so has the dollar and the EUR has not been able to get near it. (Massive chart, Blue and Green lines)
The second trade I am looking at is a EURNZD long – the EUR has broken up through the 50 period MA and is in pullback, so it still has to break up through a resistance to get to my trade. (I really like to make things difficult for the market).
Ofcoruse it’s NON FARM PAYROLLS later which should rock the market so I’m staying out of having any trades on if possible.
http://www.strobot.co.uk < you have NEVER seen trading like this!