I spoke to a few people yesterday who were a little unhappy with the fact the Euro & GBP went down in price.
On Friday I had mentioned I was going to stand aside only to re-post shortly after having done a further analysis stating now might be a possible shorting opportunity based on fib reversal. Regardless of the charts I had put up to confirm that, a few of you still decided to go long.
I have decided not to put up any charts today so as not to confuse some of you but like I have said many times previously, the trend on the Euro is still down and with that the technique to use is sell the rallies. The trend will remain down until or if we deal above 12980 top.
What I am saying does not suggest we cannot possibly break the 12980 but merely from the data we have, the higher time frame suggests the trend bias is down rather than up so looking for selling opportunites when we hit a fib reversal on the Euro was somewhat more fruitful than trying to go long just below a resistance area.
For those that are long the CAD (and I know a few of you are) well done.
I am sure those shorting the Euro & Pound and long on the USDCAD pair have already moved the stops accordingly but if not then move your stops to lock in some further profits now.
Lastly, dont panic in to getting in a trade because it has started to move quickly in a particular direction. Chasing a trade is the easiest way of losing money in the long run. All your trades should be methodically thought out before hand. You should know where all your support, resistance, pivot and fib points are before hand, then when these important lines are touched or broken should your positions be entered.
Good luck to you all.