Hi guys, this is a risky trade, so I am only using a half position, but I do think it will work. Most of my indicators are showing the EURUSD and many other pairs as extremely over extended.
- X Meter showing over bought on the 5 minute - X Meter was originally designed to run on the 5 min interval and it is about 90% accurate (a strong 2nd interval is the 30 minute and that is also over extended). - The USD is over extended on both the short term and long term barometers - RSI is over-bought - CCI is over-bought - and several others...
Technically the EURUSD is above resistance and above the 4 hour channel, but I 'think' this is a bull trap. Like I said, risky. That said;
I am short @ 1.0894 (stop and target marked on chart). I also think that the market will close the opening gap from this weekend, so my target is placed accordingly. Normally, EURUSD gaps are pretty reliable. We'll see.
This is not investment advice, just my opinion(s). Please trade accordingly.
bro im glad to see you posting again im upside down on eurusd right now. did you post the barometer also?
Do you think usd will make a comeback? or do you think usdjpy may be a good short for a while?
riffster21
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@steveb4088, I never stopped posting? I try to post barometer updates whenever I think it is important. I don't want to bomb the folks here with barometer updates when most don't care about them. I rarely trade the USDJPY. In my opinion, it is one of the hardest to trade. The BOJ makes it hard to predict key levels. That said, the UJ is extremely over-sold and should have already bounce, but hasn't. The BOJ is probably at work again. I wouldn't even consider a long until down trending resistance fails.
Do you think usd will make a comeback? or do you think usdjpy may be a good short for a while?