Thursday, June 26, 2008
Stock trading, Forex trading (currency trading) Positioning for tomorrow Friday
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I am continuing to position myself for tomorrow. Rationale was given in first afternoon post.
1. NDX is up in after hours trading, which means that going long half size towards the close was a good idea. (read the rationale).
2. Now I am starting to short EUR/USD in area of 1.5760. This is compatible with my view of possible price action tomorrow morning in NDX. The reason is that if EUR/USD goes down, this would mean stronger dollar, and with it posssibly retreat of commodities (particularly oil). Therefore this could be given as a "reason" for a possible rally in the morning tomorrow.
I should be flexible in my views, and I may change them if my analysis changes.
The 1875 to 1880 area is now the first resistance, in which I expect to offload the half size NDX position.
If they gap down NDX, I would expect it to be down in area of 1845 to 1850, but we will know in the premarket session tomorrow.
Finally, the short of NDX in area of 1950 just 6 trading hours ago seemed foolish at the time, but time reveals the truth!
Happy trading (if you trade after hours and/or if you trade asia and/or forex )
emailfinancialtraders@gmail.com
Write whatever you want in subject and body including EMPTY emails.)
I am continuing to position myself for tomorrow. Rationale was given in first afternoon post.
1. NDX is up in after hours trading, which means that going long half size towards the close was a good idea. (read the rationale).
2. Now I am starting to short EUR/USD in area of 1.5760. This is compatible with my view of possible price action tomorrow morning in NDX. The reason is that if EUR/USD goes down, this would mean stronger dollar, and with it posssibly retreat of commodities (particularly oil). Therefore this could be given as a "reason" for a possible rally in the morning tomorrow.
I should be flexible in my views, and I may change them if my analysis changes.
The 1875 to 1880 area is now the first resistance, in which I expect to offload the half size NDX position.
If they gap down NDX, I would expect it to be down in area of 1845 to 1850, but we will know in the premarket session tomorrow.
Finally, the short of NDX in area of 1950 just 6 trading hours ago seemed foolish at the time, but time reveals the truth!
Happy trading (if you trade after hours and/or if you trade asia and/or forex )
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