Canceled EURJPY Trade

Posted by:

Last week on Sunday night I saw this article on Zero Hedge:

The Dollar and bond yields are lower as Sunday evening trading begins but US equity futures are up around 0.4% following President Trump's apparent retreat from Chinese trade-wars, supporting the rescue of giant telecoms company ZTE

The dollar's response to trade war headlines can vary, but generally it is downward. This is also very risk-on and means Trump will likely soften his stance towards other countries like Mexico and Canada. I chose a long on EURJPY to gain exposure to short dollar and short yen (risk on). CADJPY would have been another good choice or even short USDMXN.

I was hoping for a pullback to the previous days VPOC so my limit entry was there, with a stop slightly below the VPOC from two sessions previous.

Unfortunately it never pulled back and I canceled the trade as the dollar started to rally. It seems I had the right idea for a short term trade my entry was just never hit


You must be logged in to post a comment.