Euro weakness seems to be appearing across a few different currency crosses.
While we are not trading Euro Dollar itself, we are finding quite a lot of success in the EURAUD, EURCAD and EURGBP. We are short all of these and they have declined since entering them – although not immediately I might add.
Part of trend trading is compounding. As we are longer term traders, we have the luxury of time and so a key component to success is to compound when a suitable set up presents itself. EURAUD and EURGBP additional positions have already been added and we are now awaiting the EURCAD to give the green light.
Trading the trends is far simpler than most other trading systems and takes very little time to analyse, enter, manage and most of the time the exits take care of themselves so there is no subjective guess work involved.
EURAUD daily chart below shows the downtrend during 2014. Pullbacks are the enemy for some traders but trend traders embrace these as they provide compounding points of reference.
Good trend trading…