I’ve probably been a bit too outspoken on Twitter talking about trades being a ‘punt’ (gambling, for you non Aussies). Recently we’ve had the SNB playing their peg games and Draghi announcing QE for the Eurozone.
What I’m critical about is taking trades around these sorts of news events where you know if something doesn’t meet expectation then you can see HUGE gaps, missing your stop for the worst possible outcome.
My point is always that there is no real way to define your risk here if something goes wrong, especially intra-day trading.
I realise that there are many ways to trade around these types of events and I apologise if I come across as pushy or annoying. Just putting my two cents out there.
Where to now for the Euro? Anyone holding short into the Draghi speech was obviously paid handsomely. He pulled the old ‘under promise and over deliver’ card, shocking the market with how big his QE plans actually were.
I was one of the ones that missed the boat on the original trade, but almost see this as a second chance to get short at current levels. The outcome of the Greek election and more SNB intervention talk (lol) has seen the Euro shoot back up to it’s previous SR level.
Intra-day Trade Idea: EUR/USD hourly chart. Price is pushing out of it’s short term range with no momentum, up into resistance. I am taking a short here with a stop at new highs and target back into it’s range.