I will only consider the trend to be Extremely bullish when the price action decisively breaking the 1.3100 level which is the immediate critical resistance.
The Trading range should hover between 1.2500-1.2600, Being in a short term mild POSITIVE reversal basing on Indicators. Again in view of the unexpected intervention by Europe/ECB WHICH MAY BE IN THE MARKET ANYTIME OF THE DAY, it will made any assumptions /prediction worthless. However, price action above 1.2600 may expose 1.2800 as an acceptable Target limit for near short terms.
As traders we have to be very patient and not jumping into the Bull trap untimely and being injured. We may have to wait for the dust to settle down first and to confirm how effective is the ECB Intervention on both the Forex and Equity market, even though Both European and US equity markets have indicated a strong reversal and well stabilised today(On Friday Close), ( both Equity markets with 0.2-1.0% average improvement recovery).
More EUROPE/ECB Intervention Measures may be announced, and their short term/middle term/long term effects have to be studied and digested.
So I will only enter my trades with Large Positions /High Leverage when a clear trend direction have been evolved or at least slightly revealed, combining wth Both Technicals & Fundamentals..... . .So I will relax now and have a weekend break and would be back to look at the Markets again next week
Forex Trading has been very exciting this entire week, proving to be extremely challenging and rewarding indeed., And we have CHF intervented by SNB, ;AUD intervented by RBA, Euros Intervented by ECB..,,GBP by BOE,. ,and JPY by BOJ....., so Forex Traders are now trading with MANY Central Banks which possess almost unlimited resources, But in fact they are sometime distributing Huge Chunk of money quite freely, A FOREX SANTA CLAUS Everywhere ?!
This must be a record week to have so many Central Banks TRADING against/ together with Traders !! Never happen before in HISTORY ! FEAR...FEAR .. is the KEY words for SOME OF THE CENTRAL BANKS !
Happy Trading
No comments:
Post a Comment