EURUSD

I went out for lunch and missed all the action. 100 pips missed, will have to watch and catch the next run.

I would like to see a rebound to 1.2715 (50% fib) but probably that won't happen until late Asia or London.

no... incident.

I love my charts.

Still hanging on to that last remainig short?

I have a pending short from 1.2693.

Your so good I'm sorry I misread. Thanks

Did you hear the guy on Bloomberg talking about the stock rally? "As soon as the word about uptick rule being in place in a month or two broke, shorts were getting covered all over the place." This has nothing to do with risk aversion in general so EUR stayed unimpressed i suppose.

Lol booze maker loser of the day, mules do good gator? xD

Ping: Passholder

PM coming your way

Why here? 50% fibo?

if you draw a fibo from the bottom of this channel to the top that 2690-700 area is actually the 38% fibo, we found a temp bottom to this recent fall today at the 50%...

Im long at avg 2636, put on <1hr ago.

do the math

looks like fun

I try to trade the majority trend daily.. till it changes to long, I stay away from them

ah the beauty of strong S/R levels (currently 1.2625..i must admit i picked up a long there too that was recently closed without waiting for us session close).

1.2625 which has acted as a very strong resistance while pa was in the range between 1.2625-1.2565 has just proven to have become a very strong support level. How long this will last ...to be seen. In any case current pa has reached an intraday resistance/support level formed really in the past 12 hours or so. This level is at 1.2680. Pa up to 1.2725 could be considered as a consolidation area as there was no real momentum between those values and proved as ground for further pa development. Now i see 3 scenarios playing out

1). We reverse pa to the downside again soon (anywhere from 1.2680 to 1.2725) where 1.2625 gets retested again forming another W in the process which will push pa later on to the highs again.

2)We continue straight up to todays high and make an M in the process (double top) followed by a massive bear run down for the rest of the week (given 1.2625 does not act as support and further down the 1.2565 value)

3)We start dropping soon, no M...just straight bear breaking all supports and new lows in sight.

These possibilities are listed in order from most likely scenario to least likely..which will happen to be seen (maybe none of them). All i know is I am flat until further pa develops or target areas get reached.

Good pippin all..im off for a while

Looks to be Price may be heading downwards. I guess today's earlier upwards trend is no more. We'll see.

I hope you noticed that this pair actually made another lower low and a higher high

This was a great post. It gives us more insight on how the big boys work. I still believe that we, as retail traders, can make it in the FX world. We don't have their advantages but have the oportunity to ride along if done properly.

/H

So far so good.

Pivots for today from 5pm, if you don't have any.

H = 2820
L = 2578
C =2681

Bond Auctions this week need weaker $ to attract buyers of U.S. debt.

... We have three separate auctions going on this week with a total of $92 billion of Treasuries on the selling blocks. We start with an astronomical $63 billion of 3-year notes, followed the next day by $18 billion of 10-year notes, and finally $11 billion of 30-year bonds.
Now… Let’s circle back to the financing of our deficit… Recall that many times I’ve explained how the deficit needs to be financed by foreigner purchases… And when those foreign purchases aren’t enough to finance the deficit, the government only has two choices… They can raise interest rates aggressively in an attempt to attract foreign investment… (But by doing so, would bring their economy to its knees) – OR – the government can allow/force a debasement of their currency, a general weakening if you will, to allow those purchases to be made at a “discount”. For you see, any foreign investment into Treasuries, has to be made with dollars, so the foreigner needs to convert their currency for dollars… If those dollars are at a “discount” then the foreign investor gets the bargain!
So… Here we go with the big crescendo… The fears late yesterday and in the overnight markets are that these auctions carry notes and bonds with yields that just aren’t of the making to attract enough investment interest to be covered. Well… If the auction doesn’t go well, that means we have a financing problem, and with our economy in the shape it’s in, there’s no ability to aggressively raise interest rates… So… the only choice is to have a weaker dollar!.......


http://www.dailyreckoning.com/financial-auction-week/