fair enough, well at least post your longer term outlook based on daily/weekly if you have one (you greedy so and so )
Eur BID nicely on heavy volume to spike out of the range @ 14:13 EST.... is this the Central Bank in shining armor we've been awaiting to lead us all the way to 1.40? Let's hope the momentum fund boys will follow through... antsy to jump on... no confirmation though.... smells like a simple consolidation of the mush made today..... waiting....
Romy is right about watching the 240 chart. I would like to jump right in and push long, but the 240 is extremely bearish looking. However, I also know that the best time to buy is on pullback and as you can see, we are just above support on the 240 that would create a double bottom. So, is that what it is or will the bearishness of the 240 roll us right over? Good questions here. This is why I wil reenter on breaks above reaction highs on the 10 minute chart using stops below reaction lows on the 10 minute chart until we get one that holds for higher levels. I want to reenter on strength above reaction highs. I will use buystops for this. Then when the 240 shows divergence or bullishness, I will push a little harder. What if the market continues it's decline? Then I will give most or all of the profit back on my longs, however, I have sold calls above the market when we pulled away from the upper Bollinger , so I will not be walking away empty handed. If the market renews it's upswing, then I'll be in to be long against any short calls.
Some sign of price exhaustion followed by a clean and sustained break of 1.32. Divergence between price and momentum would be also be nice but I think that will go hand in hand with the exhaustion. If CPI numbers are better than expected tomorrow, look for the spike down and perhaps exhaustion at midday. If not, look for a spike up. In any case, I don't think anything will happen tonight. HOwever, if the above does not play out and CPI numbers come in much higher than expected or if the market reads it as such, watch out below...... a nice reversal may be at hand. Everyone and their grandma has been long this rally..... cheers
Here is one for you... Empire State Numbers released in anticipation, they were supposed to be released tomorrow. Market expected something like 16... number came out at 24.....how us that for a slowdown in the US economy..... that is definitely USD bullish..... this is starting to look like it may go the other way. All eyes on tomorrow's numbers.
Not entirely correct. There have been those that have posted right here at ET that either didn't get in, couldn't believe their eyes or got in late. People get hung up on the whys so much that they couldn't pull the trigger until way late or not at all.