EURUSD

There's not much to send it through, news wise at least. It already dropped 100 from the Asia open.

Might see some movement after the RBA policy statement if AUD/USD moves. Don't know which way it'll move though....

If exchange error is proven then it is legal to cancel trades generated on that exchange that fir certain criteria. What's more important is a sign a message that we received today. Soon all of us are to be proper screwed, brace yourselves for mega vola in the not so distant future. I don't buy the error story btw.

I do think at a certain point you’ve made enough money.
~Obama


But really, how many stocks moved more than 60%?

I really hope dow capitulated yesterday.
im sitting quite heavily on a option right now. as long as euro trades between 2500 - 3000 ill be happy as a bird!

As I said earlier, 1.2600 will be hard to break. Price has retested twice so expect another retest soon.

I have a stop order just below 1.2600 and intend on catching some more shorts during London with take profit @ 1.2500

hahaha eurjpy went down 8 phennings yest. sure took out alot of accounts!

No, while I haven't lost money, I haven't made much either. Low retracement and volatility just don't work with my precision tight stop trading. Made a grand total of 6 pips yesterday on the first test of 1.28 resistance. It didn't hold and went up to 1.2828, taking out my tight trail in the process, and I didn't bother to re-enter a couple of hours later at 1.28 (I was eating of course).

Bad week. This has been what I've been waiting for, (EUR and the markets as a whole) and I've completely failed in being able to trade it. Rough entries with loose stops would've worked a dream, but I didn't realise that until yesterday, and I still didn't do anything about it.

If I'd bothered to take the couple of entries I was presented at the beginning of the week, tight, loose, precise, rough etc wouldn't be an issue.

volatile markets may require ou to adjust your strategies abit, the range has been huge lately. thus the stops may need to rest further. no no im not preaching (just suggesting) esp after just taking a good beating from the market yest. hahaha!

im still playing out the long side. coz i cant let my option fail at 2500. will be looking for entries, since its friday, i hope she'll be nice to me. lol!

anyone else watching the wedge on the hourly?.. could see a direction..

Looks like a nice retrace happening!

time to short eurjpy

I don't know.. i'm thinking the daily is gonna hold.. if it doesn't... then the retrace..

I'm staying out of the e/u and g/u until next week. It's just to volatile and scatty at the moment.

I have a long on the u/j from the DP, and it's now a free trade. It's taking it's sweet time to climb the ladder, and that's just fine with me.

For you all who are trading the e/u and g/u, good luck, stay safe and keep those stops in place....the UK election, Greek bullshit, and NFP can make this PA really crazy.

On May 6 2010, we experienced extremely volatile market conditions across all financial markets.

We would like to give you a summary of what occurred to explain the reasons behind today’s market volatility.

First, institutions were very cautious due to tomorrow’s UK Elections, US Nonfarm Payrolls, and the Canadian unemployment rate announcement.

In addition to that we had several market moving events. These include:

7:45 ET – European Central Bank Interest Rate Decision

8:30 ET – Trichet speaks at ECB Monthly News Conference

14:46 – Dow dropped almost 1,000 points and the bulk of the drop happened in less than an hour. The reason behind this drop was reported to be that Citi Bank’s trading desk accidentally sold 16 billion US Dollars worth of e-minis, when they were supposed to sell 16 Million.

After the big drop, two Fed officials came out with back to back announcements to help stabilize the market.

15:04 – Report that Fed’s Hoenig states that tomorrow’s jobs report will be positive

15:06 - Report that Fed’s Evans sees 3.5% economic growth in the US this year

Over the recent months, there has been a strong correlation between the US stock markets and the Japanese Yen. When the Dow plunged today, so did the Japanese Yen crosses. We saw JPY crosses drop between 350 (USD/JPY) and 1248 (GBP/JPY) points. We saw comparable volatility in non Yen crosses as well.

As a result most major banks that provide liquidity to the currency market turned off their FX price feeds for up to 30 minutes. This led to rejected and hanging orders for many FX traders. During this time FXCM immediately routed orders to any remaining banks, however FXCM clients were still subject to the thin liquidity and poor execution being provided by the market.

Market volatility and liquidity has returned to close to normal levels. However, there are still some major market moving events coming up tomorrow so manage your market exposure accordingly.

While FXCM cannot make any overriding statement on adjustments to positions that were negatively affected by today’s events, if you would like us to look into one or more of your trades, please submit an audit form through this link Audit Form and our audit committee will follow up with you as soon as possible.

Now that I've put out the statement from FXCM...I'd like to add on to what they had said (from my own perspective).

The NYSE and NASDAQ had errors and order issues.

Electronic Trading to Blame for Plunge, NYSE Says (Update1) - Bloomberg.com

May 6 (Bloomberg) -- Computerized trades sent to electronic networks turned an orderly stock market decline into a rout today, according to Larry Leibowitz, the chief operating officer of NYSE Euronext.

While the first half of the Dow Jones Industrial Average’s 998.5-point plunge probably reflected normal trading, the selloff snowballed because of orders sent to venues with no investors willing to match them, Leibowitz said in an interview on Bloomberg Television.

Nasdaq to Cancel U.S. Trades That Moved More Than 60% (Update1) Nasdaq OMX Group Inc. said it will cancel stock trades on all exchanges that were more than 60 percent above or below prices at 2:40 p.m. New York time, just before U.S. equities plummeted.

I believe the first 1/2 of trading earlier today was over Greek fears. For instance, Here's something Japan just announced that they are doing right now:

Bank of Japan Pumps 2 Trillion Yen Into System on Greek Crisis The Bank of Japan said it will pump 2 trillion yen ($21.8 billion) into the financial system after the Greek debt crisis caused instability in financial markets in the U.S. and Europe.

I would be careful...stilll retracing

I am just keeping out tilll next week or things sort out

Friday, big short profits being closed tomorrow, don't be greedy get out and enjoy friday

5Min chart