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EURUSD

  • #13,441
  • Jul 7, 2008 12:28pm Jul 7, 2008 12:28pm
Quoting Cdawg
Where did that little 100 pip bump come up from??

Well I caught the train 1.5671 headin north
15:43 EUR/USD: Yellen"s Sober Comments Support Prices New York, July 7. Although Fed"s Yellen didn"t stray from the standard story the central bank has been saying of late, her suspicions about consumer credit likely becoming more expensive and harder to get, while the housing market is likely to deteriorate further into 2009 have served as sober reminders to the forex market that the Fed's ability to rescue the dollar with higher rates any time soon is limited to say the least. Yellen also reiterates the Bernanke bias that commodity-led inflation is likely to taper off in the medium-term. One can only hope. But Yellen is not predicting a return to lower commodity prices, just that they should flatten out. Even if oil stopped rising from current prices it would not be a major plus for the US economy, where consumer credit options are dwindling as borrowing against home equity dwindles in the face of falling net equity levels and the dire straits faced by stung lenders.
EUR/USD is running into offers at 1.5675, with a break above likely to see 1.5725 tested next. 1.5610-15 lows solid. [email protected] /rs
  • #13,442
  • Jul 7, 2008 12:30pm Jul 7, 2008 12:30pm
closed at +1
  • #13,443
  • Jul 7, 2008 12:45pm Jul 7, 2008 12:45pm
Oil is bouncing nicely...Not good for dollar.

OIl also looks like it might form a H&S on the 1H TF.

This should be in play in europe trading later.
  • #13,444
  • Jul 7, 2008 12:53pm Jul 7, 2008 12:53pm
I'm now short at 1.5743 with s/l at 1.5775. I hate going against the trend but dollar strength should follow G8 summit:

http://www.forexfactory.com/news.php?do=news&id=95005
  • #13,445
  • Jul 7, 2008 12:58pm Jul 7, 2008 12:58pm
Quoting jgoff
I'm now short at 1.5743 with s/l at 1.5775. I hate going against the trend but dollar strength should follow G8 summit:

http://www.forexfactory.com/news.php?do=news&id=95005

Just curious....Why would you short into a move like this...I'm not suggesting it won't end here but why not wait for more confirmation before going short...It could go up stop you and reverse. I'm sure your all to familiar with that....Anyway i'll wait for a better signal. It will be bought on dips and i don't know if they might drive it a little higher before sellers take control.

Just a thought cause i don't want the gangsters to get your roll. GL
  • #13,446
  • Jul 7, 2008 1:06pm Jul 7, 2008 1:06pm
This move will most likely retest the high again. MAybe break it maybe not....But it's unlikely it will go downtown at a moments notice after breaking upward.
  • #13,447
  • Jul 7, 2008 1:10pm Jul 7, 2008 1:10pm
i just noticed a signal on the 30 minute chart. it could blow up on me but i'll just take the loss and enter another short when it cools off again but switching to the 1hr chart. again reducing risk by keeping my s/l close.

Quoting pipmac
Just curious....Why would you short into a move like this...I'm not suggesting it won't end here but why not wait for more confirmation before going short...It could go up stop you and reverse. I'm sure your all to familiar with that....Anyway i'll wait for a better signal. It will be bought on dips and i don't know if they might drive it a little higher before sellers take control.

Just a thought cause i don't want the gangsters to get your roll. GL
  • #13,448
  • Jul 7, 2008 1:13pm Jul 7, 2008 1:13pm
Remember the market is not rational.

It usually does not act like one would expect.

G7 might cause the dollar to rally but not right after the meeting.

I preferr to trade price versus assumptions....

Just my 2 pips GL
  • #13,449
  • Jul 7, 2008 1:15pm Jul 7, 2008 1:15pm
Quoting jgoff
i just noticed a signal on the 30 minute chart. it could blow up on me but i'll just take the loss and enter another short when it cools off again but switching to the 1hr chart. again reducing risk by keeping my s/l close.
Your trade will probably work for the time being cause the market moves in waves....but i didnt see it make a lower low i think i saw a higher high....
So chances are the dip will turn before making a new low....
  • #13,450
  • Jul 7, 2008 1:15pm Jul 7, 2008 1:15pm
DOWN GO DOWN!!!!
  • #13,451
  • Jul 7, 2008 1:17pm Jul 7, 2008 1:17pm
Does anybody know when the meeting concludes?
  • #13,452
  • Jul 7, 2008 1:18pm Jul 7, 2008 1:18pm
Down euro, down euro, down down down
Short 1,5743 t/p 1,5710
  • #13,453
  • Jul 7, 2008 1:19pm Jul 7, 2008 1:19pm
Quoting pipmac
Just curious....Why would you short into a move like this...I'm not suggesting it won't end here but why not wait for more confirmation before going short...It could go up stop you and reverse. I'm sure your all to familiar with that....Anyway i'll wait for a better signal. It will be bought on dips and i don't know if they might drive it a little higher before sellers take control.

Just a thought cause i don't want the gangsters to get your roll. GL
Looking at the four hour chart, EURUSD just recently broke out of a channel it has been from 0800 GMT 13 June to midnight 4 July. This, big move drove price back up against the bottom of the channel, but old support should become new resistance and price should drive down.
  • #13,454
  • Jul 7, 2008 1:20pm Jul 7, 2008 1:20pm
holy moly oil is under pressure...
  • #13,455
  • Jul 7, 2008 1:20pm Jul 7, 2008 1:20pm
Quoting jgoff
I'm now short at 1.5743 with s/l at 1.5775. I hate going against the trend but dollar strength should follow G8 summit:

http://www.forexfactory.com/news.php?do=news&id=95005
I doubt if this meeting will have any affect on $. There are no Central Bankers attending meeting.
  • #13,456
  • Jul 7, 2008 1:27pm Jul 7, 2008 1:27pm
did you watch the pfx analysis? for the past 5+ years dollar strength has followed the G8. i'm not saying that this pattern can't be broken, just saying that there is a high probability it will continue.

Quoting tamster
I doubt if this meeting will have any affect on $. There are no Central Bankers attending meeting.
  • #13,457
  • Jul 7, 2008 1:28pm Jul 7, 2008 1:28pm
Quoting lapidaanima
Looking at the four hour chart, EURUSD just recently broke out of a channel it has been from 0800 GMT 13 June to midnight 4 July. This, big move drove price back up against the bottom of the channel, but old support should become new resistance and price should drive down.

I agree. Lets see what happens. I'm sidelined.
  • #13,458
  • Jul 7, 2008 1:37pm Jul 7, 2008 1:37pm
Im a drop a hammer on this pair soon.
  • #13,459
  • Jul 7, 2008 1:42pm Jul 7, 2008 1:42pm
Quoting Newb>Trader
Im a drop a hammer on this pair soon.
Profited 150pips from Shorting GBP now looking for a better entry in EUR/USD.

Any ideas will be appreciated.
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  • #13,460
  • Jul 7, 2008 2:01pm Jul 7, 2008 2:01pm
Quoting atif
Profited 150pips from Shorting GBP now looking for a better entry in EUR/USD.

Any ideas will be appreciated.
I'm gonna pay special attention to the 61 Fib retracement of the recent 4H selloff. If the 61Fib hold it should be good for a few pips. Gl
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