After the beating I got yesterday, I am surprising my self that I am back at it again. But today I decided to change things up a bit and take advantage of the London trading time. It seems like they know how to trade technicals. US markets only screw up my good trades. Yesterday’s loss was really unfortunate because it was cause by a spike in trading that barely touched my stop. You can see it in the pic. See the two random candlesticks? Yeah, that was the speculation. Thanks. I have to remember to put it further out if I want to avoid volatility or closer in if I want to be out quick.
The thought process behind this trade is simple. Investors are coming back after the sell off last week and that usually pushes the Euro higher. Not only that but the 200 EMA is showing as a support level. I placed my stop relatively close but far enough away to avoid any shenanigans at 1.43. I’m considering a trailing stop but I will leave it for now. As always, I will let you know how the trade goes in the comments.