ForexSpirit

Today saw a definite return to Q1. To take advantage of these new low buying levels I need to unburden myself of some of my open positions from higher up in the grid.

I need to make sure that I am not over geared in my open positions. Just as I do not open trades at one price level, there is no sense in closing losing trades at the same price level.

To this end, I closed my oldest trade from way back in August. With some gearing freed up I placed a limit order to enter at the birthday level in the low half of Q1. The limit order was hit not long after, at pretty much the low for the day.

On a chart it looked like this:

If price really has bottomed I’m prepared for euro’s rebound. If it hasn’t the closing of further positions from Q3 and Q2 will be in order, as nothing has changed my mind yet that euro long is not the correct fundamental medium/long term trend direction.