Up and down

It should not come as a surprise that the recent rally in G/U and G/J was about to be reversed soon. G/J broke the raising trendline today and fell as much as one would expect (that is to the next support level).



USD showed some strength by retracing G/U and E/U, however failing to bring U/CAD higher. U/CAD created a strong resistance, so I went short when G/U and E/U stopped their fall. Initially, I was planning on holding the short a lot longer, but I got out after the momentum vanished.



Here's an opportunity which I missed. I had planned to short E/G at 0.9132, but unfortunately we never reached this level. We came to 0.9128, but I do not enter until a level has been reached, since the price can attempt to fake a breakout. Some people advocate using multiple entries and smaller lot size, but I'm not a fan of this, since it gives us unfavorable R/R ratio.



Finally, I wanted to short U/CAD at 1.0222 - previous strong daily support which got broken last week, but I was in school already. The trade would have gone to -8 and +35 at the time of writing.




-Tyler