i am reading conflicting views... "``I don't think it was a very strong protest,'' said Kenneth Landon, a currency strategist in New York at JPMorgan Chase & Co., the second-biggest U.S. bank. ``We go to $1.30 on euro pretty soon.'' " from bloomberg then: "The last time the euro headed toward $1.30, European finance ministers, central bankers and prime ministers united to warn that an appreciating currency would short-circuit the economy's recovery from the weakest growth in a decade." from bloomberg.. i see no reason for it to decline for the rest of today, however there will probably be resistence like we saw earlier in the day to get to 1.29.. my bet is on it moving between 1.285-1.289 with a slight chance of going up, not down (tomorrow is a different ballgame)
.. and from Thomson: [15:10 GMT 4th November] As the political row surrounding the [EUR/USD] rate rages, the most sensible comments of the day have actually come from the Prime- Minister of Luxembourg who earlier claimed it was either useful or warranted for Eurozone politicians to comment and attempt to influence the EUR FX rate on a daily basis. German comments have recently highlighted the fact that as the rate nudges close to the all time high 1.2927 many member state economies" export sectors are finding it uncomfortable to live with the prospect of 1.3000 by the end of the year. [EUR/USD] itself is now in the option related selling territory as a plethora of one-touch, DNT and other exotic triggers emerge in the 1.2900- 1.2930 and above region. Spot still remains sub 1.2900 having hit a high of 1.2896 intraday as Middle-Eastern names are rumoured to have converted nearly seven yards of USD"s into EUR"s. The pair has now pulled back modestly after failing to overcome 1.2900 on the first attempt. With the NY cut now passed the seller of the option that had a rumoured USD12Mn payout can now breathe a little easier but with bulls still pushing hard more defense may yet be required.
US12 Mn = 12 million right? Not use to seeing the n on the end :> I'm going to wait this one out.. I don't see how you waited it out to +90.. better man than I ;o) .. I'm going to try and wait it a little though instead of chop chop :> ps- what's the thomson address?
With FXCM and Refco FX 30-day demo accounts - Trading Station or going at www.ifrmarkets.com for a full-service. The movement extended to roughly 118 pips, but I think 91 on average was quite ok. I now think it will break 1.29 soon though.
Still choppy with range extensions, added another +10 scalp in there. Preferrably we'll stay over 1.2880-ish for some time. I'll stop now, since I'm getting just a tad too courageous. My spot demo trade is for 1.29+ though. Happy trading.
Futures option trading.. interesting.. I think I'm going to open a mini-account.. can one of you explain the difference between 200:1 leverage and 100:1 leverage? Does that just mean I can take more risk if I want? Anyways But I had a tidbit of info that I found interesting.. If you go to the options page.. and say, I wish to receive USD: 5000 If the currency: EUR/USD Trades at or through: 1.29 For the session expiring at: 11/5/04 10:00 AM --- And the cost says: Cost USD: 5,000.00 I wonder if that is a good market indicator that it will trade through 1.29... interesting....
for a mini account 100:1 leverage is $1 per pip. 200:1 would be 2x that, $2 per pip. I use 100:1 In my opinion I don't think that's very large leverage if you use suffient capital and not use all of your equity on a single trade. I think 100:1 is just fine if you use proper money management. edit: I don't want to say 200:1 is too much leverage, because some people think 100:1 leverage is crazy. In my opinion if leverage is bigger, you'll need a bigger account.
We hit some market momentum there for a while! Saw 1.2895 for a brief second.. looks like we're back down in the 80s again.. dowh! What a tease!