It's inevitable to notice that the Asian and London Session is getting more and more quiet these days and primary moves are only noticed during the New York Session. I managed to position a trade after the retracement yesterday. I've increased my account leverage from 3% to 6% per trade as I've gained more confident on the system I'm using now. In 2 weeks time, if it went smoothly as planned. I will increase my trade leverage to a maximum of 9% and I will trade with only 9% from now on. I managed to make 2 new trades today for EUR/USD with new leverage @ 1.2680 & 1.2730. To protect against my losses in the daily interest rates of EUR/USD, I’ve managed to short USD/ZAR @ 6.05... hoping that instead of even out my interest deficits everday it would bring me profit in long term as well.
In 2 weeks time, I hope to see EUR/USD to reach 1.30 although 1.29 for me is a critical reversal point and if a break upwards above 1.29, it will serve as a great support for the EUR/USD. However, this week’s crucial data release would be tomorrow’s FOMC rate decision where it’s expected by all an increase of 25 bps and a pause will be expected after tomorrow’s hike. This will trigger further EUR/USD rally towards 1.28 and probably breaking it. However, if the Fed signals that the hike will happen but not until 5.25% or 5.50% we will see further retracement of EUR/USD. In which happens, my bias is still towards Euro which I believe the current sentiment of majority traders are with me.
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Completed/Closed Trades
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Long EUR/USD @ 1.2680 , TP @ 1.2730
Long EUR/USD @ 1.2730, TP @ 1.2780
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Existing Trades
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Long EUR/USD @ 1.2610 ( Position Trade )
Long EUR/USD @ 1.2760 , TP @ 1.2810
Long USD/CHF @ 1.2380
Short USD/ZAR @ 6.05
I strongly believe tomorrow will be a better market to trade in as more important data of Euro-Zone, British and Greenback will be released and we will see big trading range hopefully. I currently have no trades planned further except the 50 pips series I intend to continue until the EUR/USD reaches 1.30.
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