(CORE) POSITION TRADE
TRADE REFERENCE: CP20
TRADE DIRECTION: LONG
TRADE STARTED: 9th April 2020
EXPECTED TRADING PERIOD: Thru - Q4 2021 / Q1 2022
Q1 2022 REVIEW:
For the Q1 2022 review, I brought my LIMIT closer to prices, in from 1.9800 to 1.7000. I feel that this level is far more realistic given the current state of affairs vis-a-vis global geopolitics and the market fundamentals.
We are currently in a BEAR move inside a BEAR CHANNEL.
This pair has been very frustrating to trade for sometime now. I am always happy to have one contrarian trade in operation at any one time, but this pair just has NOT performed well in RISK OFF.
I am looking to exit this POSITION on a BULL move back to 1.5800 / 1.5900. The question is when will see this? At the moment I feel that any move higher rests with the fate of the EUR. At the moment, I feel the EUR/USD needs to test 1.0500, maybe even 1.0340 first before we see EUR strength once again.
CHART UPDATE: 01.05.2022 from 5 Minute ZOOM update: