the market drifts UP for the last 2-days to hit almost 1.2500 - yet when the trade deficit numbers come out at record levels again, the market gobbles up USD?????????????????????? driving the price of EUR/USD DOWN??? WTF??? source: http://news.yahoo.com/s/ap/20050812...eCyBhIF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl good thing I'm short euro from 1.2456 - maybe I can GET a couple hundred points off this craziness!
Because the market was unable to take out the 1.25 mark. Don't you study your technicals? The failure to overcome the 38.2% retracement of the 1.3480/1.1870 rally is the main catalyst for this mornings decline. The whole rise from 1.20 still makes no "sense".
Study technicals? Nah, I let the guys who study techincals make me money. The curious thing about "technicals" is that so many people trust in them yet they never can tell one damn tic about the very next point/fluctuation move whatsoever. notwithstanding, here we are again at 1.2434. I rest my case. I took 50-pts off EUR/USD in the past two-days in the spike and missed 50-pts in a short I should have closed but didn't. Now I'm 66-pts in the hole on a long and only 35-pts in profit on a short, sitting 80-pts in the black on my USD/JPY short that my TP is so far down on I need binoculars to see it and... and... *yawn* It's been a long week. Have a good weekend, Ivanovich.
I always thought that the market makes no sense at all. If it made sense, then there would be no price inefficiency and we traders would be out of luck. I hope that the market always remain unpredictable and non-sensical... that way it is easier to trade Good trading, Maji
Forget about the technicals and go your own way...but remember this : buy the rumor, sell the news...