bought loony for scalp
yes we will. good work NFP... slamming that Euro!
interesting O. a little 2 conspiracy/verbose for me. bottom line, US may be in trouble, BUT so is Europe.
EU sank a month ago to 1.28 + change and rallied hard on the back of Japanese/Chinese bond buying and then hawkish comments from Trichet about raising interest rates. EU cannot raise rates now or in near future given current economic circumstances. will not happen. Sell the Euro.
no market news "is a complete joke". it is what is. trade it or step out of the way.
Good luck with that You do realise that the markets reaction to the NFP report is a complete fucking joke at best and a horrible stunt by funds at best?
Here are some facts for you:
US unemployment rate in reality is about 12.8% not 9% as shown today and given the horrible job numbers shown today im surprised how they even came up with a 0.4% drop in unemployment.. its a ridiculous joke.
US needs to generate 246000 new jobs each month to go back to the former pre-depression status of ~5% unemployment. That is totally unrealistic especially since the FOMC meetings have given clear statements on how the job market is hugely depressed and there is an unwillingness to create jobs.
US Treasury yields Soared to new highs, and while from a technical aspect low yields = higher dollar demand, once the yields go high enough ~4% or more it will trigger a huge demand in the dollar once again because of its cheap buying opportunities.
US Inflation is killing the economy right now but key interest rates remain the same.
I enjoy the occasional chatter about fundamentals with people who understand whats going on behind the scenes and trust me, the US situation is completely messed up. Whatever 200-300 pip moves you will see in either direction is not a direct cause of any fundamental data at best, its caused by funds and big banks setting up their positions and cashing in.
All in all im in the green for the week, i did lose out quite a bit on a euro long i had on from last night which i didnt cancel, and failed to exit on it during the NFP spike up which would have netted me 30 pips. But i didnt and i let the stop loss get hit instead. Lost 50 pips on that trade but thats fine. You cant win them all.
good work4 Hour chart i posted earlier shows a clear indication of a lot of buyers around this zone. A recovery up is very possible at this stage and actually highly likely. Unless someone decides to squeeze the market further down to 34xx and then make sure there is a continuation.
Weekly chart now has a pinbar, and i hate pinbars on weekly charts. Mainly because everyone and their mother see them if they pay attention and thats when funds tend to trick people. Reading priceaction is far more effective on smaller timeframe charts 1M 2M 5M etc.
USDCHF is showing signs of weakness right now after that push up, barely touched that supply zone in the chart and went straight back down. and i expect a furthr descent which should be reflected in the EURUSD.
Personally ill be looking at some very exciting EUR/CAD opportunitys next week.
GBP/USD has become erratic to trade and ill see if it stabilizes next week, if not and PA remains choppy ill probably drop it from my scalping list since the spread and price movement are not satisfactory enough to me right now.
Loony is also something ill be monitoring closely next week. Also CHF/JPY is becoming very attractive.
Thursday and friday of the 1st week of any month are usually retarded to trade because thursday is a preshock reaction, and Friday unleashes the rest. Priceaction becomes erratic on pure speculatory force, and supply and demand zones weaken excessively except for the major ones.
?Just some thoughts. Will post some analysis and charts tommorow with trading ideas for you to butcher and comment on
Need some sleep now.. still feel so fucked up from last night. Hope you all had a great week, enjoy your weekend
thanks to all for great chart.happy weekend guys.
