Thanks for the advice. Not confused, just long EURO I don't trade based on any fundamental data, except WAR and Nuclear Threats.
Small specs just got sucked into short BP and EC, and now they're getting spit out. I'm already long gold and crude; EC is clearly going to take out 1.22 next week. It's just a question of picking entry.
While I agree we are heading up, there is some major head wind still above. I am not totally convinced we will break thru next week but I hope we do. We could go back to the bottom of the range around 1.2040 or so first. Good luck with your Gold and Crude trades. DRT (the trader formerly known as VisionTrader)
After spending some time evaluating my studies this weekend, I am planning on exiting my long postion before 22 or the 200 day MA is hit. I think there is a good chance that the resistance I see moving up another 20 or so points is severe. I am going to watch the order flow on Sunday night into Monday and see what I think. There may be a surge up, but I'm not convinced it will hold. I am sure I will regret this, but I have a full position on and the risk is too great for me. It's almost as if everything looks "too good" if you know what I mean. I have about 116 points of profit anyway. I will re-enter long once the resistance is cleared and price has settled. Also, I am going to likely start another thread to follow the Euro Currency Futures. This is what I really trade and I will leave you cash traders alone so you can do your thing. Take care and Good Luck. DRT
After studying the weekly chart, I believe we are on our way up again. But considering the action of the last couple of days, I am going to wait for a good entry point. I think somewhere around 1.2030 to 1.2050 would be a good spot with an eventual target above 1.22. So good luck everbody, it is going to be a crazy couple of days with some good moves .
Is the resistance 1.22006 for eur/usd? I think it's going to drop to at least 1.2050/1.2020 before it attemps to break through the resistance. Good luck to you all -Kastro
Kastro, that's about right. There are some heavy 1.20 1.22 DNT options that will be defended. Look to change to buy on a convincing break of 1.22.
Ivan .... where did you read/hear about the DNT's at the 1.2000 to 1.2200 area? Are these listed anywhere...or are they OTC options from banks etc for other institutional clients? Thanks, and sorry for the ignorance. LOL...i had to google them just to find out what the DNT's actually were
Ivan. So, are you saying a buy would be good at that point AFTER it drops down? I am SHORT right now, but am having my douts. I think It will break 1.22, but I think we might see it drive down towards 1.203-5 first. Thanks bud -Kastro