12/15/08 6:25 pm - EURUSD: All 3 positions closed at 1.3716 for a 1069pt profit

Just closed all my long positions for a total profit of 1069 points. The pair is hitting strong resistance near 1.3745, the 38.2% Fibo retracement of the 1.60-1.23 range, as well as the daily MA100, and the top of the October congestion zone, all around 1.3730..50. Momentum has been very strong and we moved up 1000 points in only 6 trading days. A more gradual approach towards 1.3745 would have caused me to keep my positions, but we’ve gone up a bit too far too fast, and are likely to see a short term correction of 200..300 points first before 1.3745 is taken out. Will buy a sustained breakout above 1.3745 nevertheless, in case the dollar selloff intensifies even more, especially after the FOMC meeting. Otherwise will wait for a re-entry opportunity near 1.3430.

Hourly Chart:

Daily Chart:

December 15, 2008 · Filed under EUR/USD

2 Comments »

  1. David Said,

    December 15, 2008 @ 11:28 pm

    Excellent trades Carsten…

  2. admin Said,

    December 16, 2008 @ 12:00 am

    Thanks! Hope you were long too!

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