$EURUSD Weekly Outlook - To Summarize - Short

5 thg 10, 2020

CoT has the commercial banks shorting the EURUSD still. Yeah, they added a few long positions this weel, but that was to get back to a level they wanted to add more shorts. They/ve been shorting since the height of the Pandemic swing. so for the Central banks to start being profitable, the price will have to be below 1.13500. If you draw a fib from the start of the EURUSD commercial shorts to the height of the commercial shorts, you can see it unfold in the fib extensions where price wants to reach.


I personally like to see a bit of a larger retracement to the green box notated in this chart during the London/NY session before aggressively going short.


Plus theirs divergence in the 10 year bonds between the currencies. As most are going up, the EUR is taking a dip as of recent.

DIVERGENCE IN 10 YEAR BONDS


Strong Bear tendencies this week. It will be London op and NY open to find the best setups to go short.

5 thg 10, 2020

Ghi chú

It went into the retracement box I wanted to see. I was a little late to the reaction but I did take action and decided to short once it hit the 70.5% retracement of that fib.

5 thg 10, 2020

Giao dịch đang hoạt động

My only reservation is the breaker at 1.18430. I do believe if it does reach that point, I will be out of the current trade but I would then re-enter that that level.

5 thg 10, 2020

Đóng lệnh: đạt mục tiêu

As I realized the short trade of the day had reach it's -62% retracement. I decided to close the trade as it was starting to retrace possibly looking for a higher price for the smart money to add to their shorts. I'll be paying close attention to fibs to see when the next best possible short it. I pmay have pulled out prematurely but I grabbed 13 pips out of this one so I can't complain.

5 thg 10, 2020

Ghi chú

-62% extension I meant. Not retracement. And I had a few positions sprinkled throughout there but the average was 13 pips.