Written by britt maras
Tuesday, April 27th, 2010
Market Timing Trade Room sitting on eur/usd short from 3290 and 3250. Caution Advised
Forex Signal Timing Alert for strong price action Tuesday 5:45pm ET for 3.5 hours and again between 11pm and 1am ET for 6 hours with strong price action.
We are using a stop in the 3240 area with deep targets between 1.2970 and 1.2660 BUT we will manage profit once below 3080 or we will assess market if zero stop is hit.
I urge caution and patience and I urge prudence if you are long the pair. Speculator positions according to FXCM has balloned out to 1.80 long to short and fundamental news is flowing regularly. It always amazes me how speculators buy into weakness and sell into strength.
If you are short, good. If you are long, you need to manage risk appropriately.
good luck — Britt Maras
