Featured, Trades|November 2, 2012 9:52 am

Your Game Plan for 11-2-12

Follow up

Market: Eurex EURO STOXX 50 Index Futures, $FESX_F
Buy/Sell?: We keep our short bias due to cross assets divergence in Europe, ie, Equities/Currencies, and in US Oil/Equities. Sell below 2530.
Line of Least Resistance: Upward sloping
Trend/Fade: Fade, subject to confirmation in the Eur/$
Range: 2540/2480.

Reason for trade: After a 40-point run the shorts stance was kept in place. Yesterday’s bounce closed the trade but the underlying reasons to fade the up-move are still in place, and the divergence between the Eur/$ and the $FESF_F is supporting the idea that the picture is incomplete, which is the reason we are searching for market confirmations. The confirmation of the move will come from the Common currency breaking the 1.29$ mark.

Reason for trade: Our long trade continues to push higher and offset our stop on the AUD/USD. Take profit at T1 in place with stops moved to lock in profits.

Share this post:

© 2013 . All Rights Reserved

The information and data on MrTopStep and any MrTopStep report(s) or Membership Services were obtained from sources considered reliable. By using this website or any other MrTopStep Membership Services, you agree to the terms set forth in the Terms of Use. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. MrTopStep, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report.

MrTopStep, its officers, and directors are not agents, representatives, or affiliates of the CME Group. Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Your Game Plan for 11-2-12

You might also be interested in the following: