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On Friday, the market closed with the unfortunate news in Paris. No on really knew what was going on at the time. As the public was waiting for more coverage, the death toll rising, the attack became much more serious. The world got together to express sympathy for those who lost their innocent lives. My prayer goes out to the families and the country.
After such a chaotic and tragic event in Europe, I was expecting to see the chaos translate into he markets. Fortunately, the attack did not reach the markets and in fact, strength investors. Our stock market rallied up, and even the DAX stood it’s strength. The forex market was rather quiet despite the global chaos.
I took trades in shorting the EUR/USD and EUR/JPY. The EU continued it’s downward path and EJ formed a heads and shoulders trade which I’ll be holding till tomorrow. One other trade I’m holding as well is USD/CAD. Oil today had a 3%+ rise and I feel like it has more room to go.
Below is a 1:1 clone movement followed by a double touch with a wick rejection. This type of price action has a high percentage for a reversal. I can see oil testing up to the horizontal box around $43-$44.
My Forex Journey 