As a general rule, trading markets are often thin before and after a major holiday. Not a lot of major participants are in the market specially a 4th of July Independence day in the United States. Although, for some traders this is the right opportunity for them to take advantage of the foreign exchange market.
As we have seen in the Asian trading sessions the GBP/USD and the EUR/USD have significantly moved lower from their respective opening prices. The persistent bias of calling these two major lower still hold true from last weeks movement. And true enough based on our market view dated the 23rd of June 2009; the EUR/GBP cross rate was the most ideal pair to trade with. Having a greater profit potential from the price levels of .8553 and is currently working in the price levels of .8638. Our blog as of the 25th of June did mention this trade. Some may say that it is quite far as traders often times trade on a short term basis. That is why it is important to know how the FX market really works. There are really no quick fixes but to be able to do research and careful study even before trading.
So for the week ending the 10th of July; the continuation for the US Dollar to remain resilient is still the sentiment. Remember, no straight ups or downs are expected. consider the tolerance points in any given position.
Good Luck and Happy Trading!
As we have seen in the Asian trading sessions the GBP/USD and the EUR/USD have significantly moved lower from their respective opening prices. The persistent bias of calling these two major lower still hold true from last weeks movement. And true enough based on our market view dated the 23rd of June 2009; the EUR/GBP cross rate was the most ideal pair to trade with. Having a greater profit potential from the price levels of .8553 and is currently working in the price levels of .8638. Our blog as of the 25th of June did mention this trade. Some may say that it is quite far as traders often times trade on a short term basis. That is why it is important to know how the FX market really works. There are really no quick fixes but to be able to do research and careful study even before trading.
So for the week ending the 10th of July; the continuation for the US Dollar to remain resilient is still the sentiment. Remember, no straight ups or downs are expected. consider the tolerance points in any given position.
Good Luck and Happy Trading!
No comments:
Post a Comment