Long EURUSD; Expect more vol Thursday / Friday

4.11 bst

I have stayed out of the markets yesterday (except for long the yen pairs) and I’m glad for it. In the past I’d be drawn into such choppy directionless markets and end up becoming stressed and anxious. This time I have avoided over-trading and the feeling is good.

There was a chance for a good entry in cable yesterday, to go long long at the bounce off 1.5220 support, but I missed it. I thought of entering again last night around 1.5270, but it was too far from support for my comfort. Never mind. Cable has jumped up today in the Asian session but with the UK GDP news out in the early London session it’s a bit risky and late to go long this pair. We will see a resolution to the recent choppiness in cable one way or the other. I will take a position after the data.

The other events that will ignite the market are the preliminary US GDP on Friday, and   the likely breach of 100 by USDJPY today or tomorrow.

Meanwhile, EURUSD has indicated a system long here at around 1.3050. I have entered an order to go long at 1.3035, if it hits that level in the  next few hours. If it doesn’t hit that level before London I may enter at market.

EDIT: I have decided to go long EU right now, not taking the chance to get in at a retracement.

Long $30/pip EURUSD at 1.3050; SL at 1.2980. But will be surprised if we go below 1.30 today.

Advertisements

2 thoughts on “Long EURUSD; Expect more vol Thursday / Friday

  1. Manoj Kumar

    Hi Zen. I am new follower of your blog. I see an honest and bold exposure of your all trading details. This is the reason why I like to view your post. I am relatively new to G-10 currency trade. Currently I am a day trader and use a mix of fundamental and technical for my trade. I have long journey ahead to improve my trading skill.Is it ok with you if I ask some question on some of your live trade..

    Like

    Reply
    1. ZenFXTrader

      Manoj, You’re welcome to ask, but I don’t promise I’ll have answers to all your questions. My fundamental philosophy is that each trader has to have their own way of trading, based on their view of the market/trading environment, their own temperament and circumstances. Many methods work successfully; as the saying goes ‘there are many ways to skin the cat’. The most important determinant of success is psychology. I am still learning that, and that’s the reason for the blog.

      Like

      Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s