I thought I’d drop in a post about my latest trade, that of U.S. Dollar Futures. As many already know, USD futures have been on a down slide for quite some time now, beginning in early July. Surprisingly, I’d never traded currency futures before so I figured I’d give it a shot since this chart had given me a blatant buy signal that correlates with my system. I have no idea what the the long-term trend of U.S. Dollar futures will be, therefore this was just a swing trade that I’ve already liquidated. Besides, I don’t see it going any higher plus my 2:1 risk-reward ratio has already been hit.
I entered at 79.60 on 10/20 and exited today at 80.277. Winning trade but I think it’ll be interesting to see what the USD does over a longer period. I don’t make predictions but I have reason to believe that it’s likely to continue in a bear trend. The context just isn’t right for a long bull run. If not a bear trend, then a period of consolidation. But — markets will do what they want and I could be wrong.
UPDATE: After writing this article, I reentered my position since there was no indication of a counter move. I figured make more sense to see whether or not it touches the swing high and surely enough it did. I think I’m gonna hold and see just how far this bull run goes while also trailing my stop.
As always — nothing I’ve stated here is a trade recommendation. This is only me sharing one of my recent trades. Nothing you read here should be taken as advice to enter into any type of position.