Last week I was short EURUSD until I wasn’t. I flipped my position, taking a slight profit, and made some good money (on paper) being long. I decided to hold through the weekend. But it’s been a pretty lame start to the week.
Don’t get me wrong, the overall trend right now on the daily and 4-hour charts is bearish. But the 15-minute and 1-hour charts are both currently bullish with their SMA’s purely aligned to the top side:
Until that changes, I’m staying long. It will be interesting to see what happens as we approach the down trend line resistance currently sitting a bit above 1.1700. Here’s another look from the 4-hour chart:
This recent bottom we’ve put in was pretty obvious. I wish I’d caught it earlier. Take a look at the bullish divergence on the daily chart I’ve marked in orange:
So yeah, I could have gotten out earlier with more of a profit on my shorts, but at least I made some money and got out before getting crushed. I’ve been largely focused on EURUSD the past few months, trading mostly futures via Think or Swim, although I am trading a smaller Oanda account too. I’m also considering blogging more, but focusing on shorter, off-the-cuff posts like this one. Curious what you all would think of that.