Opened a long position a little while ago. Legged in putting just under half the position on at -20% divergence then completed the position at -.32%, or 1.5261. The pair just broke down past yesterday's low of 1.5257 which could open up a move all the way down to the 1.5200 level. That was an area of consolidation on Wednesday between the big morning and afternoon moves. A solid break of 1.5200 could push the pair back down to the 200 day moving average at roughly 1.5150, which could be a very important area of resistance because both the 200 day and 200 hour moving averages converge there.
All of that is nice to know but it doesn't affect the way I trade on a daily basis. The next long entry for me would be under 1.5210 which could be a stretch for today. This current downward move could be more correlated to the USDCHF being close to session lows, after all the EURCHF necessarily has to be close to if not exactly the result of the EURUSD multiplied by the USDCHF.
Cold outside (and in)
4 hours ago
No comments:
Post a Comment