A relatively sedate end to the week. The EUR continued to make lower highs and after not re-testing the Asian session high, we chose to go short. There wasn’t any EURO economic news releases scheduled, and the EU Economic Summit moved into Day 2 (yawn).
The trade enabled us to have a very inexpensive stop just above the Asian session high, and our concern was to get through yesterday’s low and the Asian session low without being whipsawed. These levels were tested and re-tested as expected, and the trade seemed to run out of gas as it passed through the Asian session low – where we would expect breakout sellers to enter the market. We tightened our stop – now “take profit” accordingly and ended up with a modest gain to end the week.
Enjoy your weekend!