Boy, were we on the wrong side of the market last night. I was stopped on the balance of my short at 119.33 last night, which by the way was about 3 points from the absolute high, to then see the market trade right back down to our short entries at 118.95, reverse BACK higher to stop me out again at the high of that move, before the market consolidated and continued higher. So if any of have been stopped at the high of a move, and it feels like the market is out to get just you, get that out of your head, because it happens to all of us. Actually it happened to me last night, TWICE.
The only positive factor last night was that I was still long a piece of USD/CHF from our trade last Friday, which I existed into the resistance zone below. A pair of 441 point legs project USD/CHF into the .618 retracement at 1.2735 zone. I'm not going to issue a trade for the remainder of this New York session. Let's watch to see how the dollar closes today.
Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.
Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
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