It’s Never Easy
Right now, EURUSD looks to be a one-way trade; sell it
anywhere and come back when it’s zero; history says otherwise.
Today we got a brief glimpse into what a market that is
vastly oversold does when confronted with a rumor that makes no sense; up 50
pips in about 2 seconds, thus wiping out a whole lot of shorts who piled in
earlier today.
We had a couple of scalps that were basically scratch trades
and I have positioned in an EURAUD short position that I’m hanging on to over
rollover; we are long AUD and short the EUR. We will see how this turns out,
but it gives us a play on further Euro weakness with at least some upside
protection with AUD [hopefully].
Have a good day everyone.
-vegas
Update 3:10 PM
I decided to close the EURAUD short position with a tiny profit and not take it through rollover. So, on the day we made a couple of dollars but nothing like I was hoping. Gold retreated and so did equities, and I'm thinking the only thing holding up AUD now, relative to the EURO, into the rollover is today's [Wednesday] 3 day charge for short AUD positions at 4:00 PM [Chicago time].
Update #2 4:05 PM
Continued erosion in stocks and gold after hours saw AUD make new lows into the rollover. Very good thing I got out when I did with profits.
Update 3:10 PM
I decided to close the EURAUD short position with a tiny profit and not take it through rollover. So, on the day we made a couple of dollars but nothing like I was hoping. Gold retreated and so did equities, and I'm thinking the only thing holding up AUD now, relative to the EURO, into the rollover is today's [Wednesday] 3 day charge for short AUD positions at 4:00 PM [Chicago time].
Update #2 4:05 PM
Continued erosion in stocks and gold after hours saw AUD make new lows into the rollover. Very good thing I got out when I did with profits.
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