- This was a Fed week with lots of movement. Originally my bias was short, but that trade was stopped and even the long reverse trade was nearly stopped out by a whip.
- After the Fed meeting, this pair and most majors moved considerably against the USD.
- Took profits on the Long reverse trade, but looked to get out on any weakness in momentum.
- This grey chart is how the week ended.
- We see here the move down was just as abrupt as the move upwards after Fed Day.
- Our momentum analysis, was disciplined and more importantly, profitable.
Our current position is short EUR/USD. Direction will not totally be clear until markets are back from holiday, and thin trading conditions are over. Our bias remains bearish until momentum signs change.
Conditions were not as difficult as the previous week, however reversing the losing position was important to contain a large drawdown because of market volitility. A B+ for trade management this week.
No comments:
Post a Comment