Italy Finance Minister says they should consider quitting the EUR and go back to Lira. Information is sketchy here, just heard from a deep sleep..Neal.
Apparently it's an Italian newspaper citing the Italian Finance Minister without any direct quotes. I'm still trying to gather information. Still sketchy.
I spoke to some dealer desks out of London. Apparently, the initial headline was that the Italian Finance Minister made these comments, however, the body of the story seems to sight the Italian Wealth Minister, Rodrigo something or other and that he has always been a skeptic of the EUR. They thought the EUR would climb back up here once the market understands that it is the Wealth Minister rather than the Finance Minister. Personally, I have no idea, just passing along their comments. Going back to sleep..Neal.
is this then what made the puppy drop 70-pips in 30-seconds? WELFARE Minister Roberto Maron?? the guy sounds lke a drama king.
Hehe, Italian politics have always been known for being very "mixed bag" with the well of political parties and currents. My view is still that the lower half 1.22 is a good area for the next weeks. When scalping, I think that going for 60x 100pip profits is a bit crazy ... However, taking whatever profit is better than any loss when scalping strategically, in my opinion (and limited experience). The best streak I had was 105 winning scalps in a row over roughly a month, as you might recall I have mentioned before. I still can't see how it was possible, in light of my mixed scalps late last year, but experimentation and markets can always get the better of you. It's hard to say if today's NFP will be a big shaker or show delayed reaction until next week with more of a wait-and-see reaction. There is no doubt that markets are a little more cautious right now, so there might be a chance for getting some up movement based on both profit-taking and low-level perception 'per se'. For the next few months I think that we will still see movements back to around 1.30 levels, but trading lower in a "range" between 1.27 and 1.33 . Yes, that's me going out on a limb, but that's how we make money, no ? I took a small long bet pre-NFP with 1.2450-ish target from 1.2270 with sl 1.2020 trying to use that mixed strategy of pausing the trade when profits look good and if I follow markets at the time. Then I would be reentering shortly after. That's all I have time for now. I have also shifted my funds almost wholly into â¬s now, because I have little time to get into scalping still. I have these pet projects which I do and they take up a lot of time; and I think the latter part of last year got a little too absorbing for me when trading. So a little more leisure time is better. I see a target for balancing out funds (between â¬s and $s) around 1.29-1.30, but trends/events might change this bias. I wouldn't be scared of a little lower markets near term, but having a real grasp on what is really moving markets on weekly and monthly basis is important. That means weeding out most of the news, but not skipping it entirely for a broader sense of market perception and sentiment. Happy trading!
You're right. That is why I am not scalping. 100-tic TPs in not scalping, it is small-band to medium-range position trading. Though I have a couple other structures in place that will hopefully support the system if needed. fx
Ivan, thanks you confirmed my own suspicions. So I got out of the short with a 15pip profit, any a profit is good! It went to 1.23 before plunging due to the that Italian report. Now where did I put my back to the future de lorean... I'm now long EURUSD from 2.2280 and GBPUSD from 1.8170. I think some are expecting NFP data to be relatively poor compared to previous months, but not too bad. Others however are hoping it will be a saving grace to relieve them of their stale short positions. Some people were using monster.com press release as a guide, but most everywhere I'm reading, including one trader I've spoken to, claim that monster.com press release's relatively positive data will not be useful as a guide for this NFP data due to certain adjustments. Eitherway, I've set some liberal stop losses on there so any immediate strength of USD against these two currencies straight after NFP will IMO retract as they seem as psychological low levels. What do you guys think on the notion that if EURUSD goes to 1.2380 or thereabouts due to NFP, to close out the long on that pair and go short once it stabilises anywhere around that number? I've set my TP on GBPUSD to 1.8400, but not sure it will rally up to there in the short(ish) term? If you see a flaw in my strategy, please criticise, I'm new to all this and lap up any comments, good or bad.