I know exactly what you mean. But this is for your scalping trades right? Here's is a trading style difference which might confuse new traders
Yes, you're right. It's just that I've started mixing in some of this into how I did my position. Just the same way I took profits of +91 avg around here earlier today. The kind of slow creeping move we see now is typical for how we get higher when those big traders howl at the moon.
I have confusing signals here. Locally the upside volume is low. But then these are the usual thin times. There's still a chance of 1.29 later on but probably there'll be some pullbacks too.
Not pullbacks - but stalling, yes. The pullback we saw was partly after confusing Palestinian leader news, then the option-struggle and finally some profits which were rolled into a little oil slide into US close. This has more to do with US session, and I think one has to keep in mind the motives of the other traders when we now get into the darker side of things. I'm awfully convinced we'll see a 1.2880+ breach here .. and then it's so easy to trap everyone above there. When we close in more .. everyone will be running for 1.29 like there was no tomorrow. Then above 1.29 doubts about the NFP will set in for some profit-taking .. but at what level - I have no idea. The NFP tomorrow is senseless, though IMO. What does it matter to the USD today ? We all know the projections for next year and the election is over. Also, remember, the rest of the world will try to shrug off the bad feeling they have about Bush winning and they're looking ahead, and it's the crosses - like EURJPY which will be important too.
If I may add my 2 cents... Everyone perceives the market differently. We are unique. There are tools that other people have developed, and we can use them to help us see what we want to see. I think that's what indicators are. They help us see what we want to see, and you must have an objective so that your tools can help you meet your objectives. My objectives are different, so my methods are tailored for me. I have no problem handling it, but someone else may not be able to trade it well. I don't think it's a good idea to use other people's idea unless it will help you meet your objective. If you don't have an objective then that should be figured out first.
from bloomberg: "Friday Jobs Report ``The market is waiting for the ECB to say something, but they seem happy now to let the politicians to do the talking,'' said Daragh Maher, senior currency strategist in London at Calyon, a unit of Credit Agricole SA. ``The question now is do you want to make a bet on the euro 24 hours before the payrolls?'' A weaker-than-projected U.S. labor report tomorrow may propel the euro above $1.2930, said Woolfolk at Bank of New York. Traders with options positions that profit from the euro remaining below $1.2930 are selling euros today, he said. "
Just thought I'd mention this from Thomson: [23:43 EUR/JPY Buoyant, Holding Below 137, Break Possible With EUR/USD] Tokyo, Nov 5. EUR/JPY remains relatively bid, trading up to 136.78 in London overnight before easing back to the 136.50 area seen currently. What EUR/USD does from here will weigh heavily on the cross. An EUR/USD break above 1.2900 could potentially take EUR/JPY through 137.00, if only briefly. The EUR/USD rally overnight stalled just two ticks short of 1.2900, mostly on the back of defense of large option barriers there. With more smaller option barriers noted just above, stretching all the way up to 1.3000, a break could push the cross up towards next resistance in the 137.50-60 region, highs dating back to September 28. With USD/JPY likely to trade down as well, the move will unlikely be extended and the trade may be an ideal level to set up fresh shorts. There is already talk that some Japanese players, including exporters, are eyeing more sales in this 137+ area. [23:29 USD/JPY As Low As 105.68, 105.50 Barrier Defense Still] Tokyo, Nov 5. USD/JPY traded down to as low as the 105.68 level overnight before rebounding on a general USD rally on the back of a big rally on Wall Street. The market may have found itself a bit short as well, pushing the market lower through stops below 105.90 and 105.75. Defense of an option barrier at 105.50 expiring today in New York proved to be rather aggressive, and no doubt contributed to the rebound as well. The rebound high in New York has been limited to the 106.10-20 region, and this area is likely to shape up as intra-day resistance in Tokyo. Even if this level is pierced, the 106.50-60 level just above will prove hard to break with those Japanese players unable to sell on 107 or above likely to have moved their offers down to this area. This would necessarily include Japanese exporters who still have to hedge out receivables for the January-March quarter. Downside support is eyed at 105.65-70, the overnight low, and then at 105.50. Large stops are eyed below this latter level. Next support is eyed at 105.00-10. Although some 105.00 option barriers expired yesterday, plenty more are seen at this level. USD/JPY currently trades 106.03/06. USDCHF closing in on historical lows too.
Nice rocket-move there; now let's see what they can do to upset it a little more. It's not a question of IF - but WHEN. Market-makers may swing it but staying with patience makes it worthwhile.
Just took a few more minutes to go back there ... Hope you wore your seatbelts, and otherwise had a pleasant ride! Have a safe landing too .. edit: I saw some positions double my size here getting drawn down in the first slip back towards 1.2880 ... hope that was on profits and not short. But I'll stop being so smug now, just can't help myself sometimes. Remember shorting the USD is alright, because they want you to. edit2: I'm out on +26 for now. I will get back in looking at the action ... just want to stay a little safe. Some nice profits trading the election and the outcome. Looking at the demo account almost makes me annoyed until I remember the unrealistic leverage.