The EURO

Euro is trading at 1.2099 right now. My inclination is to go long. I am thinking a good entry would somewhere between 1.2080 and1.2095. Eventual short term target 1.2150, long term over 1.2250.

We'll see soon enough.

 

I'm flat after this afternoon. Price action is boxed, and there is no real technical reason to buy or sell at this point. Best wait until direction presents itself, or otherwise just take your money and hit the blackjack tables.

 

Its there. I am buying at 1.2096.

 

If there were any fundamental reason to sell dollars and buy Euros, the Euro would have made a new high by now.

Of course, there was enough mania to run it just past its last high in the early 90’s (looking at the pre-Euro currency basket.) And then the blow off in 2005. Why the blow off?

Until there are new events that change the fundamentals, the Euro is going nowhere.

 

What's there? Please tell us the technical reasoning you claim is there.

 

What "sam" just said is that he's going to wait till everyone and his mother is long euro before he buys. Now long ECH6@1.2138, long GCG6@508.6, long CLG6@57.95. Small spec shorts will get squeezed going into CLG6 contract end on Fri. I'm staying long CLG6 until either end date or until CLG6 goes up another $3. Staying long ECH6 until about 1.2280. At that price, small spec longs will bail; big spec is just starting to get long, so buy after any small spec bailouts. Long GCG6 until about 2 days before next big event--FOMC, monthly jobs, etc.

 

Shorted the failure at 1.2140. Stop is tight (actually at 1.2145) in case failure was...well, fake

PS, I'm glad you speak for Sam now, energyboy.

 

Logged back on, and thank God - saw that my stop loss had been set for 1.2185 instead of 45. Oanda has a self setting stop loss percentage. I must have just clicked accept.

Love this down move! I'd have been pissed if I missed it.

 

Closed on the rejection of 1.2100

 

Well it hit a high of 1.2163 but then immdiately fell back again. So I was half right.


My reasons why I thought it would rise were fairly simple. It looks like we are getting ready for a big move up on the weekly chart. I know that sounds simplistic. Direction is something I try to not overthink because it could easily go wrong. I put most of my trading efforts into finding ways to get out quickly when I am wrong. Ride the winners cut the loosers. My fundemental analysis is basically just reading the Economist and watching bond rates. Nothing special.

Anyway good luck to all