Once mistake, twice stupidy? Today we’ve had just another headline driven session, full of market over reaction.
Basically expectations (and really that’s all that matters from a trading perspective), for this evening’s emergency Eurogroup meeting on Greece were exceedingly low. Yet they still managed to fall well short of them.
First of all we had this come onto the wires:
“The Eurogroup is drafting some kind of bridge-declaration…”
But as we’ve come to expect from the Euro, dodgy reporting saw it nothing but another maybe ‘proposal’ and we’re now seeing headline like:
Disappointment as Greece and its Eurozone partners don’t even release a statement about its bailout programme…
EUR/USD hourly:
I’ve taken a short on EUR/USD at the level I tweeted in the chart above. It was a news driven spike, we failed to push through short term resistance with any sort of momentum and I expect a move back into the bottom of that range again now we’ve tucked back under that trend line.
USD/JPY 15 minute:
As for the USD/JPY, price gave a 2nd chance to get long if you’re keen. Yes it’s late to the party but the pullback in a short term range is there for risk management and I took this too.
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yesterday’s trades saw my GBP/USD short idea stopped out on that spike. If your stop wasn’t as tight as mine then you might have survived but I got knocked out at the top.
Dane Williams – @danewilliamsau
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