EURUSD

Looks like we are on the way down.

Good Trading.

I said the ride down...

it's not the fall that killed em it was the sudden stop!! hahaha - story of my life.

...thx, moved to a new broker, & hadn't really noticed it at the previous broker now i'm seeing it most of the time, gonna have to track it....scullduggery afoot methinks...

Morning all, shorted and off to breakfast :-)

wait for 1.2860

ECB's [TRICHET] now out and praising the speedy reaction of authorities to the financial market/credit crisis, most of all the ECB.



European Union Monetary Affairs Commissioner [ALMUNIA], speaking at the European Parliament, is covering a range of topics. He starts by saying that the probability of the Euro area splitting is 'zero', echoing earlier comments by ECB Tumpel Gugerell who called such talk 'nonsense'. Almunia also says that Europe and the world are facing a unique economic crisis. He notes that rising spreads show that perceived risks to public finances vary and goes to mention that credit markets are not functioning in a 'normal way' so that unless it is fixed neither 'the monetary policy stance nor the fiscal policy stance will be efficient'. He hopes that pre-G20 European meetings will be precise and clear on appropriate global solutions. ECB President Trichet is now speaking at the same Parliament session.

correction finished, sell guys

yes... everybody sell me all your euros...

Say what you do... but dont say what others should do

wave chart horly

I agree

I would not sell yet... I would wait for 1.2850 or 1.2860. but I can't be wrong too.
I have a comfortable position and I can wait without stress... the gap is still not filled...

Is it standard practice for the gap to be filled? The reason I'm asking is that there seems to be strong resistance at 1.2822,which might hinder the move up.

What do you guys think?

yep those levels are not far away

"......but I can't be wrong too....."

I tohught ti wsa only em woh has been drniking for last seevral huors.

most traders were short and it went up.

there goes to show you that price action is inversely proportional to the number of trader's position.

oops yeap. sorrys... haha

that's how the banks work.... but they have more patience in the monthly charts... hehe...

banks are the ones with the opposite trade.... to maintain price stability... recently banks are in trouble.. that's why we are seeing so much volatility... which is great for us traders.

I've noticed in the last few weeks that e/u breaks through the gap on monday and carries on in that direction for the rest of the week.

Market behaviour looks a bit different on this one though, like the ones we use to have in the good old days when eu was up in the 150's. (I hope thats not because of NY close today)

So heres my trade plan (only if the gap does not close today):

1. we're gonna go down to the bottom of the bucket where i will be looking to long at the 12740 level. target is to close the gap 12860. The rise should start tuesday. 40 pips stop.

2. then short from 12860 and see where the week takes me. (sl 12900). i am expecting it will bounce of the nose.


(....and now as usual the market is gonna make me look and feel pretty stupid (if you folks dont get in their first!! ))

If we cross 1.2806, I would not short more today.
I do not see then a clear picture of this PA.

Right now I am keeping all my shorts, but if I see a break of 1.2806, I will close two of my 1.2835 area shorts!!

This is my opinion!!

I think most of us will feel safer to sell once the gap is filled but it is not a must this to be done in today's session,it could even test 1,2720/00 or less before doing that.