Short the EUR/USD as long as price is below 1.3723
Short the GBP/USD as long as it's below 2.0400
Short the USD/JPY as long as it's below 119.80
Flip a coin on the USD/CHF
EUR/JPY will continue to fall if it breaks 161.00, or will bounce off 163.00 for a good short if it doesn't break 161.00 first.
GBP/JPY will continue to fall if it breaks 238.00, if not, it will bounce off 242.50.
Both those Yen crosses will go on a freefall if either scenario plays out.
Or maybe they'll all just shoot up and I'll do what I do every Friday and curl up in a ball on the kitchen linoleum floor with a bottle of cheap scotch. Regardless, the overall trend is down so I'm only looking for short opportunities and a bottle of scotch.
....beautifull, ....i agree with tread starter, but i dont have a clue, where are we gona be at those minutes next week....we may be there one more time 500/2, but then we go south, if the news are not 2 good...
It took about one hour go down from 200 to 163, now it pull back from 163 to 223 with only hour too. 1H chart also shown a doji candle with long leg. I think this is a great signal to stop the huge down and start to reversal.
The Euro´s leading the bounce up this morning....it put in its low at 1:45 edt, just under the 3650 level and has gone up 50 pips. Cable´s low was 25 mins later and it has only put on 10 pips more than the Euro.
So I´m seeing cable struggling with a weak, spiky bounce, but if it stays around the 0200 area until the close of the 4 hour candle in 35 mins. that will be a doji with an 8 pip higher low than Wednesdays low.....
Euro SUCKS today.. dive down below yesterday's low just to touch my SL and shoot up.. kicking me out of the train..
I hate putting stop losses on for that reason - the chart knows where my stop loss is exactly - i mean to 1 pip - then it shoots back.. i got paranoid and thought my spreadbetters were fixing it - but then i used 3 other sources and yes that is what the market did. So unless i am the only one in the world with an open position, there is no way its a fix against me. Its a fix against all of us as we tend to put our sl's on at about the same deviation from current price..
I prefer to use really big sl's now - just so i can get out of the house for food !
This week, even the really huge ones would get hit so the answer is to stay out of the market when it is so manic.. we can't though can we when we see all those mega pips just there on a plate ! -perhaps a hedge that works would be the answer but a lot of disconnects take place when its this rough so you might find oil and the dow going to the sky together or cable going one way and the euro going the other...yep i reckon if you cant sit there with your finger on the ejector seat button, then you shouldnt be flying the plane right now....