EURUSD – closed short at 1.3557, -19 pips

EURUSD – closed short at 1.3557, -19 pipsJanuary 31, 20148.41 gmtI’m not feeling comfortable with how EURUSD is behaving, so I have cut my loss and got out of the short trade.Closed EURUSD short at 1.3557, -19 pips.Some factors that influenced this decision were i) My entry is too late as per my system rules. I was counting on a continuation of the downtrend, but that is risky. ii) Today is a Friday, and barring any unexpected event we’re likely to see traders square off positions which means EU might rise after falling all week. iii) As I have observed a few times earlier, there seems to be a strong undercurrent of demand for the Euro despite its economic problems. This often manifests as a sudden squeeze upwards. I don’t feel …

via Zen and the Art of FX Trading:

8.41 gmt

I’m not feeling comfortable with how EURUSD is behaving, so I have cut my loss and got out of the short trade.

Closed EURUSD short at 1.3557, -19 pips.

Some factors that influenced this decision were i) My entry is too late as per my system rules. I was counting on a continuation of the downtrend, but that is risky. ii) Today is a Friday, and barring any unexpected event we’re likely to see traders square off positions which means EU might rise after falling all week. iii) As I have observed a few times earlier, there seems to be a strong undercurrent of demand for the Euro despite its economic problems. This often manifests as a sudden squeeze upwards. I don’t feel like taking the risk.

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EURUSD – closed short at 1.3557, -19 pips

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