EURUSD - If i had no ongoing trade..Currently, I am still holding EURUSD short. Click the chart below to understand my trading plan at the time
Nothing much I could do right now other than wait until my specified exit indicator tells me its time to close my entire position. Now, lets say I don't have any EURUSD position right now, here's probably the plan I would make.
Technical Analysis suggests to me that EURUSD is still in a bearish trend (honestly you could just load up the daily chart and eyeball it!) and I will be looking for a bullish retracement to get me a good price to short EURUSD. I do understand if some traders are now starting to look for a LONG setup for EURUSD, at least intraday. Yesterday price moved downwards and hit last week's 20-week AWR downside projection when that happens price tend to either move sideways or retraces. Moreover there is a big option expire at the NY Cut at 1.0950. We all know option expiries sometimes acts like a price magnet. It would take exactly the 20-day ADR upside projection for the price to reach there before the NY cut.
I am open for an intraday scalp to the upside with minimal risk but I am still bearish bias overall. I am anticipating the price would reach 1.0950 but i will be looking to short from there. however, if there is a bearish signal under the option expiry, then I will be taking that short trade.
