ForexSpirit

September has finally rolled around which means there is an inkling of hope that the markets might make up their mind as to which way to go. There’s nothing wrong with being stuck in a range for months on end. It’s just that when it is coupled with the lazy days of summer and the sword of Damocles that still hangs over the markets and the world’s economies it kind of makes you wonder what event is going to ignite the spark that causes all hell to break loose.

I’m still focused on the longer term charts right now. Stop loss is 100 pips on EUR/USD with a profit target of around 50 pips. I’m going to occassionally go for more (100+) while I will bump up the stop loss to just beyond breakeven if things go 30 or 40 pips in my favour.

I went short on Tuesday at 1.4216 but that got stopped out this morning just before the ECB rate announcement. I would normally look for at least a 50 pip move higher before looking to enter into an Anti-Hedge trade but Trichet’s comments persuaded me to just jump back in anyways.

Thus I’m back in a sell trade from 1.4295 and will look to hold this to around 1.4150 to recoup today’s loss plus some profit.