Browse Stacks: Patterns: Pivot Points: Blanks of the trader
Blanks of the trader
Now and again some weeks are bringing sense of lethargy, the last one was like it in my portfolio watchlist. Despite some good moves that happened on some markets the setups were not in my trading plan, therefore i had to watch those movements from the sidelines. Having said that it was not dry week for me in terms of trading. Out of 3 setups posted last week, 2 were taken giving me 1 winner and 1 loser as an outcome. The sideways range on CAC40 was broken last week when upper level at 3790's was penetrated once and broken for good later. Was busy covering short positions and looking for appropriate option CALL to hedge this position. March 3850 CALL is looking good at the moment, hopefully will be able to make up some loses from initial short. The winner came from EUR/USD long setup, i was lucky enough to get my fill at 1.2967 level, as the market moved up north from there later got my target 1 hit netting +115 pips of profit. Got stopped out at break even at the remainder of position on Friday after news event, which caused very much exaggerated sell off in my book.
Will be approaching next week with caution as strugled to find many ways to get involved with the markets i am watching. Surely EUR/USD may bounce off again, as 1.2967's level serves like a spring every time price hits it. Will be very important to see where this pair will open after the weekend, based on that will be making decisions whether get involved in it or not.
Despite counter trend nature of USD/JPY short setup it has more creditability in my book. This instrument is hugely overbought, another test of 96.50's area will likely to shape divergence if looking at RSI indicator. Again if weeks opening will be lower and will hit 95.20's the setup will become invalid.
Overall there are lots of dependencies if looking at both setups, due to counter trend anticipation more conservative traders will likely to stay aside.
That will sum up this fairly short stub, have a good one traders!
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