Trend for 9th of September (updated) ~ forex trading experience blog
Hello, market trend analysts and independent traders. Today was a nicer day than yesterday. Euro decided that it is time for it to collapse and did not hesitate in doing that. I do not know whether data from Europe or some other thing caused the move, but I remember what I said yesterday and that thing was to sell on rallies. Euro did not rally much, so one could follow another strategy and that was to sell Asian lows.
It would have worked in all Euro pairs: eur/gbp, eur/cad, eur/aud, eur/usd and even eur/jpy. Selling Asian lows in a downtrend or buying Asian highs in an uptrend is a good choice when there is very little retracement after a huge move during European or American sessions. I prefer waiting for counter trend moves during Asian sessions and then nice continuation of the move from the previous day. However, that is not always the case. Sometimes ranges of Asian sessions are terribly narrow and what can one do is simply sell the lows or buy the highs (depending on the direction of the move).
EUR/GBP is trying to break its’ long term support, or we could say that it actually broke it, if we assume that support was at 0.8600. However, we have to see what Monday brings for I want to remind you that a general rule is: if you have a huge move on Friday, you can expect a reversal on Monday. Not sure if that is going to be the rule next week, but let us get ready for different kind of surprises. Better safe than sorry! I still believe that eur/gbp will go much lower.
See also:
Following the leader
Trading resistance
Range
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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