Sunday, June 21, 2009

USD signs

Just a quick update here. EURUSD just broke an important trend line here on the 60 min chart. This is the sign I was looking for and as a result I remain short without any hedges for this overnight action here.

Seeing this nice drop here right off the open indicates further weakness and should give us continuation into the first few days this week. I am not quite ready to go in heavy via futures and will continue to short term/day trade with my futures account until the trend becomes clear again.

As mentioned last week, we do not yet know the direction, while we had many signs of June 11th begin a top, I remain very cautious until we have traded outside of this 2 month range here. I still see a possibility for further highs here towards the first week of July with a 1014 target (a target I have referred to many times). However, its not a target I am currently trading against as I am quite short via equities and ETFs.

Have a good night and talk to you all tomorrow.

1 comment:

  1. Good luck on your trading, although I remain bullish in a short-term (1-3 days) play.