All these gorgeous ex-USSR women trying to come to the West. http://www.fiance.com/gallery-questionnarie-37215.html Very nice
I'm still following my stop. Now it's at 1.2317. I'm expecting at least one more push downside below 1.23. Anyway, I'll just trail till I get stopped out. The best scenerio for me is a slow slide until the close, then I'd be leaving at most 5-10 pips at the table.
Chinook, Thanks for the links to the adjustable moving average stuff (and the women ). What do you find the advantages of tick charts to be? I have always been leery of excluding time from my charts. Thanks, TRADERguy
Know your enemies and the terrain ... [16:31 FX OPTIONS: BIS Reports Shows Slide In Q2 Volumes] New York, September 28: The BIS report on derivatives shows a rise of 43% for H1 of 2004 in the amount of derivative contracts to $304 trillion, and up 12% from Q1. Turnover in currency trading actually slid 8% reversing a 35% rise in Q1 over Q4 of 2003. Trading in currencies fell sharply in Europe, declining nearly 50% in Q2 of this year despite even wider ranges for currency prices than in Q1. The decline in the US market was 9% in Q2 for currency volumes. Daily turnover in the currency derivatives market fell 8% in Q2 of this year to $1.5 tln. Currency derivatives saw a 40% decline in volumes in options in Europe, while they fell 18% in US trading. The fall in transaction volumes involving EUR totaled 21%, but volume of contracts involving JPY were unchanged. The quarter masked some large swings in monthly flows, with volumes down sharply in April, to a lesser extent in May, and surging back in June. The BIS concluded that wide swings in spot and market reversals tend to boost transactional flows the most as seen in Q1. The residual effects of changing macroeconomic views may have had only a limited impact on currency direction in Q2 and could have actually dampened transactional volumes. Volatilities even fell slightly in Q2 suggesting the fear of a large movement declined after the reversal of currency direction in Q1. One thing missing from the report is a breakdown of the type of users of derivatives. This is important because the large increase over the past few years in option volumes has to be tied directly to central bank participation, especially in currency options. It would be interesting to see how much growth emanated from other sectors to judge how sustainable the rise in derivative transactions will become. Conversely turnover in the foreign exchange markets rose 82% since 2001 to $1.9 tln and in the US to $461 bln. It makes the value of global forex transactions over three times the value of trading in US Treasury securities. There has been a rise in the Use of currencies as a separate asset class but five banks (UBS, Deutsche Bank, Citigroup, JPMorgan Chase and HSBC hold a combined 44.6% share of the market according to Euromoney estimates. Further consolidation will limit liquidity concerns in the future and could spell difficulties for those supplying pricing to large financial institutions. [15:00 FX OPTIONS: EUR/USD Vols at Session Highs] London, September 28: Implied volatilities are at session highs across the curve--the 1mth is 8.55/8.8 last, compared to last Friday"s 21-month low of 8.15/8.35, with the fact that spot is trading on a 1.23 handle aiding buoyancy. Key 1mth resistance is located at 9.0 pct, with maturity bids last seen on a 9.0 pct handle on September 15. The 8.5 pct level now provides strong support. In the mid-dates, the 2mth is 9.1 pct bid last, having been offered at that level 24 hours ago.
I guess we're on opposite sides then, since I'm long around 1.23 (various entries). I will try and max out some gains today if I can, purely "technical". Target is above 1.2340-ish. edit: some lingering around 1.2315 to consolidate entries for those needing "fresh starts" - and we're on our way. If volume stays sheepish we probably have some tired trading, and we might fail later on - unless investors return refreshed with new energy.
I'm close to getting stopped out--within 5-6 ticks. For a change, I'm "blindly" following my stop. I don't see any strong directional bias right now though.
That was a thing of beauty! A few people fell out of the tree on that shakeout. I got lucky at .2330. Gotta keep an eye on these QM spikes. I am flat.