Traders, we headed into London with the understanding that this tight range in the EURUSD has to break, and that trading Forex in these conditions is essentially a challenge due to one simple fact: this range is going to break, and when it does, it may be violent. Here’s that Premium post:
Reasons for Consideration:
With the EURUSD stuck in this triangle, we simply play the markets tight and watch this narrowing range. It’s all we can do.
Our USDCAD trail remains, but it doesn’t look too healthy.
Reasons for Concern:
Breakouts of these narrowing ranges can be snappy. Many times false breakouts take place. These are challenging to trade.
That said, for the London session and into the NY open we basically tried our hand at two fades (one worked, one didn’t) and managed our USDCAD trade, which continues to make up proud.