Browse Stacks: Government: Blanks of the trader

Blanks of the trader

Content added from mofutures.blogspot.com
Recap

Some USD weakness by the end of last last week allowed EUR/USD short posted last week hit target 1 for about +90 pips today after Cypher pattern completion. Whether this move will be sustained remains to be seen, however the underlying for it is quite strong with rumors of QE by ECB moved towards more action based rhetoric last week, having Greek bonds back to the action last week sold off purely on this expectation. Regardless of this spaghetti decision making by ECB, the picture on charts was much more straightforward which is much easier to take advantage of. There was similar setup on GBP/USD pair where bearish Gartleys pattern completed higher than the textbook completion, however last major Pivot resistance held @1.6822 and moved south towards 1.67's level. The both setups are taking advantage of USD weakness, therefore it makes sense not to get overexposed and take just one position out of two in my book.

Options play

Although there is fair amount of volatility expected, there are no clear cut setups in my portfolio watch list on higher time frames. At times like this trading the options makes a lot of sense with very likely to see up and down activity throughout the week setting the spreads has potential for profits. In terms of

risk events

, there are many reports coming from Europe,Asia  and US as well as interest rates to be announced by Bank of Canada on Wednesday.

Have a good one traders!

Comments

No comments yet.

...