I guess that is there to "protect", I don't think he's going to let it go to 900 ticks. (Have you ever, DRT?). I run a little system that has 700 tick max. dd and think that is too much, but you make me feel like I am okay here, DRT.
Okay this is not what I had hoped for this morning, so I think I will take my head out of the cement mixer and wait for the 12050 level to be taken breached with some conviction. My view has not changed, just bad timing. I will look to re-enter sometime today. Dam!
I find it interesting that the EURUSD marketplace is hinging on each news related item that comes along. The US Senate and China, Current Accounts, Interest Rates, weather forecast, nuclear wars, etc. Bottom line is that nobody has a clue what to do.
I agree, every little piece of completely usless information makes huge swings in the FX markets. I am more than happy to sit aside during these times. Honestly, I have a bearish bias on the EUR and the Yen. I will try to not get into too much trouble iwth that bias.
I agree so the only thing pointing the way are the chart patterns and identifiable support and resistance levels. Support/Resistance comes in at 1.2025 and 1.2060. More important on the downside is the 1.2000/1995 level. I don't see this being penetrated. Upside, after 12060 is breached, we need to exceed the the 1.2085 level before we can be reasonably certain of a significant advance. I still think this will happen, sooner rather than later, but we need to get over this schizophrenic market action first. This may be the result of further reports this week. I think the interest rate hike in a couple of weeks has been factored in some time ago. Always interesting. Good luck
Just an FYI - I suspect there is CB/other activity at the 1.2120 level around 1:00. Buying or Selling ? Who knows, but there are some fairly big numbers in the ASK column. 500 - 900 contracts I have seen so far.
Well we have finally climbed above the 12050 area and I am long at 12062. First hurtle is 12085 (the slight congestion area just below 12092) and then, 12175. Had trouble pulling the trigger on this one after this morning's call but when the signal comes we must take it, put in the stops and let it go at that. Good luck to everyone. DRT: I did notice those large numbers today. Maybe someday we can swing that kind of line as well. I am definitely not a 500 lot trader.
Good luck with this. It sure looks good. I am getting close to my breaking point with the short. It just keeps going and going..... I keep seeeing a move down...maybe I need new glasses. DRT