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Scalper King signals update

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Market Updates :

We are short on EURAUD because after interest rate from the both region we see there is no change and the bearish trend on both should continue, also looking at greece problem EURO looks more in mess compare to AUD so we are short on this pair.

Market updates :

It has been an eventual few sessions for EURAUD, as traders flock to both the euro and aussie. The AUD was propelled higher by the RBAís policy meeting yesterday when the bank wasnít as dovish as the market was expecting it to be, while EUR rocketed higher after reports that Greeceís creditors reached a deal and eurozone inflation beat expectations. The fun isnít over yet for EURAUD, with a policy meeting at the ECB tonight and slew of economic data out of Australia over the next two days.

In Europe, the IMF and European Commission have reportedly come to an agreement on what Athens need to do to get its debt under control. There is no guarantee that Athens will accept the deal, but itís definitely a step in the right direction. The positive news coming out of Berlin was preceded by stronger than expected eurozone inflation numbers Ė core CPI jumped 0.9% (expected 0.7%). With a policy meeting at the ECB tonight, traders have taken the opportunity to unwind, pushing EURUSD to a resistance zone around 1.1200 in the European session overnight.

Meanwhile, the RBAís policy meeting yesterday was very eventful for the Australia dollar. The bank noted that Australiaís uncertain and somewhat bleak economic outlook requires accommodative monetary policy, especially considering the RBA isnít getting much help from the fiscal side of the equation. This is a slightly more dovish tone from the central bank when compared with its last policy statement, but not by much. We still consider this as an implicit easing bias, as opposed to an explicit one, which is too vague for Australian dollar bears; as is the bankís decision not to expand on its bearish stance on the exchange rate.

This resulted in a drive towards the Australia dollar ahead to todayís Q1 GDP numbers (1130AEST/0130GMT). The market is expecting the Australian economy to have expanded 0.7% q/q and 2.1% y/y, but the risk is skewed to the downside after Q1ís abysmal private capital expenditure numbers. After the growth figures, AUD traders will turn their attention to the release of Australian trade (expected 2.1bn deficit) and retail sales (expected 0.3%) numbers for April.

EURAUD flirting with 200 MA

EUR/USD Technical Analysis: Aiming Above 1.13 Figure

The Euro rebounded against the US Dollar as expected having produced a bullish Morning Star candlestick pattern. A daily close above the 50% Fibonacci expansion at 1.1320 exposes the 61.8% level at 1.1439. Alternatively, a turn below the 38.2% Fib at 1.1202 opens the door for a challenge of the 1.1005-55 area (23.6% expansion, horizontal pivot).
Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective and wait for the move higher to offer a selling opportunity. In the meantime, we will remain on the sidelines.

What I don't understand is that it supposed to be a scalping method. What's even worse is that you took a trade that had a SL of 580 pips and a TP of 150 pips. That's a Risk/Reward 4:1 !!!! And on top of that you keep adding to a loosing position which is the fastest way to blow an account.

Can you explain what's going on?


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