Okay. I know I am being a little silly tonight, but pay attention to this one. Tommorrow marks the 100% line from the all time high to the low at the end of last year. This means major change is coming now!!! Do not take this lightly. This is based on a daily chart. Isn't it fasciating how this coincides with the ECB annoucement. How did Davici know this hundreds of years ago? Now the problem is...we have no clue which way she will go. Do not take this chart lightly. I have uncovered the holy grail but dropped it over one day when I was fishing. Still trying to find it again but this was a clue. This is an important chart. Get ready for tommorrow. Get a good night's sleep and put new batteries in the mouse. Good night this time. DRT
Kastro, I was a little restless as usual. Check back a few posts. I updated my open positions for the week tonight. DRT
Should be an interesting morning. What will most likely happen is the Euro will rocket up to 130 this week. Then reverse next week and go to 1.25 OR WE WILL JUST RANGE TRADE UNTI I PASS ON....this is more likely. [10:03 GMT October 5] Stocks and M&A have dominated European affairs and the FX markets have been forced onto the back burner. Exacerbating this theme has been the pre-central bank calm ahead of the ECB & BoE meetings today. EUR/USD has traded a 1.2700/20 rough range in Europe as US Investment House sales kept the topside capped while sizable bids into the 1.2690"s meant the downside looked equally limited. Dealers also note option expires at 1.2710 and 1.2725 at the NY cut-off (14:00 GMT), that helped gravitate the price action early-on. Looking ahead, the 11:45 GMT ECB rate verdict is widely expected to see Trichet & Co. hike Euro Zone interest rates by 25bps, taking headline repo to 3.25%. However, much importance is once again being placed on the accompanying statement & press conference at 12:30 GMT. Economists are looking to see how the central bank head will justify any moves while dealers look for an underlying hawkish bias to underpin the Euro appreciation in the medium-to-longer-term. US data sees weekly numbers in the early release with Moskow comments due to hit the tapes at 14:40 GMT
What did they expect here? An increasee after all the accounting stuff.... [11:07 GBP/USD: Weighed Down by Unchanged UK Rate Verdict] London, October 5. Cable has fallen by an approximate quarter-cent to new intra-day lows just shy of 1.8825 as some speculative long GBP positions are jettisoned on the back of the BoE MPC"s "unchanged" base rate verdict. Sub-1.8825 support points include 1.8800, 1.8787 (yesterday"s low), 1.8764, 1.8737, and 1.8700. 1.8842 (London morning low) is now a rebound resistance level. Upper obstacles reside at 1.8868, 1.8880, and 1.8900.
I still have a strong buy signal for USDJPY around 117.33 and we are getting close. It is going to get hairy if USD weakens today. If we move up out of this area, I am looking at 119.10. If the 117.33 area gives way then we may see some major downside. If you are selling JY, then 8600 to 8605 area with a target of 8485 area. DRT
Option plays. Now there's something new. Controlling the market for now. They should have there own trading instrument. Sigh. There's a big bid sitting down around this 2885 level. DRT
I have decided to cover 30 of my EC contracts at 2727 to lock in some gains this week. Still leaving 10 open. This 2723 level is real important also on the EC. I will look to re-position if we get thru today. NFP tommorrow and all so I doubt many will look to go out on the old limb. DRT Here's why... I think a lot of the big houses look at these levels too. Look for a close below here.
A reminder that we are still at the bottom of this damn range. It still bugs me that the USDJPY has not gone into my 117.33 area. Waiting.