It looks like Euro is trying to bounce from the lows but I think we might see a test of 1.200-1.1980 later today. For now, I'll play the short side from the 1.2050 level. Chinook
The CME FX futures rollover was yesterday but looking at the volume, the September contract had about 20% more volume than the December contract so far in currrent session. I'll switch to Dec. contract once its volume exceeds the Sep. one. Chinook
He'll mumble in front of the House in about 1.5 hours. Let's see how many pips he'll move EurUsd in either direction short-term. Maybe 40-50 pips? Chinook
Welcome back Chinook - we definitely need you here to facilitate conversation... I cannot see Greenspan saying anything surprising - unless he says they'll hold off with another rate hike. Probably the "moderate" talk and as usual the upbeat asessment of the US Economy - which should hopefully cause a break of 1.1990-80. Maybe not quite just yet - although later.... lets see.
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Thanks. I was away for couple of days and now I'm back in the game. I couldn't help myself but check the markets couple of times everyday even though I had no open positions. I don't also expect Greenspan saying anything surprising. But you know his each word gets disected. I'll just let the charts speak to me, I won't even listen to him. Chinook
It used to be that they would push the mkt in the opposite direction then they would either crash it down or run it up after any major announcement. Now it seems that the mkt don't move at all until after such announcement is made then they give a opposite reaction 1st then the mkt will move in the direction of the major trend. I don't know if this is to be considered as mkt manipulation or if it is just a 21st century phenomenon that we all must become accustomed to? Just my observation.
If we get some good volatility it could be quite easy to trade the speech, also remember the beige book after his speech and friday's trade numbers which might be quite bleak considering the oil prices of late. It was a nice ride down from the asian session, and also several opportunities in retracements up till around the US opening - but it seems a lot quieter right now. Hope we'll see some action with some minced words. Will we see his happy-face today ? <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=580286">
Well, I have a happy face so far I don't even know what he said I'm hoping for a trend up day. I'll buy 20-25 pip retracements--Hope it comes back to around 1.2102... Chinook