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Goldman Sachs Says Buy Euro Dollar To 137.

The Euro Dollar rallied strongly yesterday on the back of a buy recommendation from Goldman Sachs, with a price target of 137. This buy recommendation came about an hour after a sell recommendation from another broker at 13270 targeting 12950. I cant remember who it was that made the sell recommendation but it played nicely into the hands of Goldman who i am sure were accumulating long positions on the back of it.

This is why i don’t trade news. You could have got caught out big time yesterday if you were shorting down to 12950.

Euro dollar has rallied significantly in the last 2 days so i am expecting a bit of a retrace late Monday or early Tuesday. We may take out yesterdays high on Monday before a retrace is seen though, so don’t go short until you have a clear reversal signal.

OK, trading update for the last 2 days.

Thursday we had 2 trades. First trade was Cable short at 16066 down to 16051 for 15 pips. We also had another Cable long trade at 16036 up to 16096 for 60 pips.

Yesterday we had 3 trades. First trade was Euro short at 13283 down to 13253 for 30 pips. Next trade was Cable long at 16109 up to 16151 for 42 pips. We then took Cable short at 16151 down to 16103 for 48 pips.

Update for the week as follows. 13 trades. 401 pips profit.

Nice start to the new year. 🙂

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