Oil trading range still works. Is EUR heading up after the election?

Light curde is at $64.07 again. I’ll keep doing the same trade until it fails me: Buy at around $64, take profit above $67, stop lost $62.

The EUR/USD at 1.26 is interesting, but I’m not ready to trade this pair yet. I’m going to wait until after the election. With current information, my model gives upside of 1.4 downside 1.2, not good risk/reward. After the election, assuming Obama wins and he implements taxcut for the “poor” and put purssure on business to “create” domostic jobs. The downside could be much higher and make it a good trade to buy EUR short USD if EUR/USD stays at around 1.26. If you want to take some risk, buying EUR/USD now can be rewarding after the election.

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2 Responses

  1. Sadly the election of Obama will change the dollars
    strength. I’ll reserve my judgement on
    whether that is for good or bad and
    see how the next few months unfold.
    🙂

  2. EUR/USD went up a few hundred pips to 1.2999 around 3:00PM EST. It would have been a good trade buying at 1.26.

    At this point, I’m bias toward Obama = weak dollar. My opinion could change once I see the real Obama economic plan.

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