18 September 2012

Today's trade setups

Hi Traders,

Here are two trades I am in and have orders to get me in: (more details to follow)

EURCAD: Short
NYMEX Crude Oil: Short



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5 comments:

  1. PiersC18 September 2012 at 06:46

    Hi Jitan - that's mighty reassuring, I shorted EUR/CAD for the reasons you list (well, most of them) overnight myself, was triggered into the trade this morning. Always good to be looking at the market and seeing the same things you see! Kind regards, Piers

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  2. Hem19 September 2012 at 08:04

    Hi Jitan... I think your blog is great.

    would you say the EURCAD trade is still valid following the the surge in price after the US open today?

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    Replies
    1. Jitan Solanki19 September 2012 at 09:24

      Thanks Hem. Interesting question....what do you think my answer will be?

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  3. Hem19 September 2012 at 14:51

    I think your answer will be "yes it's still valid"??

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    Replies
    1. Jitan Solanki19 September 2012 at 14:57

      It is indeed, until that level of resistance is broken the bears are still in control. If it breaks through then I'll look for a retest of that level as the bulls will be in control up to 1.3400. The rumours coming out of Saudi Arabia regarding supply of Oil are not predictable so we can only go on the information we have on the chart. Remember the reward to risk makes sense on this trade even if it loses. Reward to risk and compounding are the two angels of trading! The short on Oil posted a few days ago has capitalised on the move anyway. Best, JS

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