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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
cl out eurusd long @13379
hmmm. so i'll save my next question until we close above 1.34 level... :)
EURUSD testing the 1.3380 trendline resistance extending from the Nov 4 high and thru Nov 5. 1.3385-90 also coincides with the 55-week MA. Therefore the euro's 7 week downtrend would only reconsidered if we see a close ABOVE $1.34. Why do I saya CLOSE above $1.34? Because in this world of options barriers, HFT and multiple players, the market is not going respect these levels by the pip. As a result, you need at least 20 pip close to ascertain whether that is a valid break. If you have been trading long enough, you would have noticed that.
To those who trade at least 100-1 margin and are stopped out (or margined out) right at these resistance/support levels, this $4 trillion/day market does not revolve around you.
Ashraf's ARABIC Interview with CNBC ARABIAhttp://bit.ly/gnpH2I
Ashraf
i can safely assume your TP is 1.20? as you were calling 1.20 by yearend? :)
stops? just for formalities sake.. :)
check the 4/8 hour chart... not sure if it's a good idea to short... 3350/60 should have capped if it was ready to move lower......
3320 will likely provide good support if ever it dips... gl :)