Good morning traders!
What an unbelievable day yesterday turned out to be and unfortunately there were quite a few casualties who were caught in their short positions expecting a turn around, which didn’t happen. So thank you Mr Mario Draghi for your language which was
hawkish dovish (correction) enough to send the markets into chaos in favour of us bulls. I stayed with my belief, despite some grumbling opposing opinions from my analytical peers, that going long would be worth a punt and I am going to enjoy the reward.
Congratulations to the bullish investors who also had long positions and to those who were also short the Euro. I have sat on a position since 23rd September which is now finally starting to follow my analysis (EURGBP short).
Should you go long right now? Probably not, it’s a bit late now, wait for a pullback to at least the daily pivot before considering. I am moving my RSI indicator to a dip buying template (85 35 levels) and looking to maybe add another trade. We have taken out a considerable resistance level at 10,500 and closed above it, today we check for follow through and momentum, I suspect we retest the 10500 at the very least, perhaps towards the daily pivot and 10,400 and I would be surprised (gobsmacked) if this rally pares its gains or turns into a bull trap. So I am looking to go long again from there somewhere.
I am still interested in placing a USDJPY position trade on soon, I am preferring a long position, but I want a better price. I like a EUR short, but already have my EURGBP short. I am very keen on going long a few other European stock markets, but have been reluctant to trade the Italian. I don’t have an opinion on Gold or Oil.[twitter-follow username=”DaxTrader54″ scheme=”light”]
@daxtradersignal posts various signals, which I am using to trade binary options. They are based on very specific RSI settings and are available for free (to use at your own risk, of course). Feel free to have a go yourself.
Sign up for your binary account here (You can even place $1 per trade – minimum deposit $250):
Dax Support & Resistance
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