Tuesday, May 31, 2011

Fading EUR/USD rally

EUR/USD has rallied on the Greek bailout news, but it has also reached resistance level at 1.14430

Just shorted EUR/USD @ 1.4400
Stop 1.4455
Target  1.4320






UPDATE (11:35 AM PDT):
EUR/USD currently @ 1.4384 and its been going side ways all morning. This is not the kind of action I was expecting. Moving stop bellow break even to 1.4398.

I want to abort the trade if the market rallies.



UPDATE (13:10 PM PDT):
I didn't want to carry this trade after close.
Closed out short @ 1.4392 for 10 pips profit.
Will go back to sidelines and wait for a better trading opportunity.

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