USDSEK is flashing a sell signal here, but the longer term timeframes are in an uptrend, this makes for a great place to look for longs. I'm monitoring the price action to reenter longs gradually until the 14th close, aiming to risk 1% overall, if price were to drop under my stop. For now, if you wish to buy, you can enter here but risk would be bigger, so keep position size small enough to tolerate a 2883 pip decline from here. Once we approach the downtrend time and price target, we'll start to see price action show signs of reversal and that's when we can amp up the size and tighten stops after it's safe. I'd rather not have a stop or have a wide one until then.
Good luck,
Ivan Labrie.
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I'm opting for entering into the trade gradually.
First fill at 9.1245
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Have been adding each day at the close.
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Added near today's low, a position way bigger than the rest. All in profit now.
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Look at this and USDNOK and compare to the performance of USDEUR...now you know why I'm focusing on these two and (USDGBP) as my dollar longs.
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-Pound and Nok have a lot more room to devaluate and SEK has way lower volatility and better trends than the Euro (less manipulation!)-
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Breaking above options resistance and rallying further is a good sign. I'm watching to trail stops and add soon.
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The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.