EurAnalysis

Hi Kno,

I would dearly love to debate these issue but since you don't do that I am stuck listening to the sound of one hand clapping when I respond to the ideas in these snippets.

I am betting that the Euro leaders will muddle through although I do keep an eye out for the 4 horsemen. They are a defiant government, mass demonstrations against the EU (not just welfare cuts), collapse of the Euro's value and mobilization of the military.

As for the evacuation of capital from Greece... I imagine that most of their liquid assets are already gone and that they are going to have trouble moving the houses.

I am sure that any Greek exit from the Eurozone will be accompanied by "peace keeping" forces to ensure that the bad Greek government is not replaced by a worse Greek government.

Anyway, best luck for the new year.

To me the key chart pattern being played out is that of the expanding triangle on the 1 hour chart. Typically this pattern shows an extreme division of opinion in the market between the bulls and the bears and it ends very badly for one side.

I woke up in the middle of the night and rather than go back to bed I spend an hour or so reading. The articles that I posted were very relevant to the present just after Friday's downgrades.

One of my approaches to currency trading is to be as aware as possible and as time allows to unfolding events. The more different points of view that I read permits me to form my own consensus and still have an open mind to other points of view.

At unusual moments like this where it appears that the status quo really might change it is important to be more dilligent and understanding.

The way I usually start off my Sunday is to read the following report from the following information source. I will post the link and a snippet and following that make my own comments on how I see their comments and what I will look for in the coming hours. This is what I do in order to prepare for the Sunday opening in Wellington. Thank you again for your feedback.

http://www.actionforex.com/action-in...0120115157420/

Snippet:

Weekly Review and Outlook

Euro Extended Fall after Black Friday Downgrade, EUR/USD Heading to 1.25

Euro attempted a rebound last week following successful bond auctions in Spain but then selloff resumed after S&P downgraded nine Eurozone countries on a Black Friday. EUR/USD's recovery was limited well below 1.3 psychological level and is back heading towards 1.25. Meanwhile, EUR/AUD continued to make record low and broke 1.23. EUR/CHF is also weakened back below 1.21 as markets are aiming at testing SNB's determination to defend 1.2. Risk rally extended mildly further with DOW breached 12500 level but failed to sustain gains on European concerns. Thus, AUD/USD's rally attempt was limited below recent high and is still stuck in consolidation. Dollar index benefited from selloff in EUR/USD and closed the week strongly at 81.51.

Kno's comments:

That is the view for the moment and even though it is very clear I do not accept that is what will happen even though it well might. The reason for that is not to form a bias and keep an open mind to new developments of which there will be many. Here are some questions that I ask myself that allows me to search for answers.

(1) How will Asia react to the events of Friday ? USD/JPY trades at 76.86 now with EUR/JPY at 97.50. How will these two currencies be affected ?

(2) Gold behaved very good during the sell off of risk assets yet we know Gold is in a class by itself so watching how it behaved was important. I now want to watch it very carefully over the next 48 hours. It now trades at $1,639.30 US Spot.

There are many many meetings going on behind the scenes as the downgrades brought REALITY home and the Powers that be which includes the ECB, the IMF and of course the Puppet Master, THE FEDERAL RESERVE

We probably are in the end game and we have to be aware of the possibility of A BLACK SWAN EVENT.

Because of what happened during September 2008 and all the misinformation put out by the central bankers and the politicians more sophisticated people are aware of what happened and now are more aware of what they are doing. I find it very encouraging that mainsteam investors such as Bill Gross of Pimco and others are making their views known. This encourages others to speak out and because of our internet society and a major political event in the USA on the first Tuesday in November focus is now on all the issues.

Snippet:

In reaction to the downgrade, German chancellor Merkel said that's why the so called "fiscal compact" is needed and should be signed by all member stats quickly. Merkel urged to implement the fiscal compact "even quicker... and to do it resolutely". Meanwhile, Merkel also played down the significance of the downgrades and said that it's from "only one of three agencies", and the EFSF doesn't necessary to be AAA. French Finance Minister Baroin said the downgrade is "not a catastrophe" and France's still "an excellent rating".

Kno's comments:

That may well be the case however the issues are now in the open and the World is now focused on the unsolved issues and there is no more time left to kick the can down the road. The issue is not about the rating. It is about the bad debts and writedowns that finally have to be taken.

Snippet:

Earlier in the Week, Fitch said that there was no plan to downgrade France's AAA credit rating this year. However, it warned that Italy is facing a "significant chance" of downgrade by the end of January. David Riley, head of the sovereign-debt unit at Fitch, said that Italy is the "front line" of Europe's debt crisis and "the future of euro will be decided at the gates of Rome". Meanwhile, at the moment, Riley said there is no credible firewall. Currently Italy, Spain, Belgium, Ireland, Slovenia and Cyrus are on "ratings watch negative" and the eventual downgrade could be up to two notches. Fitch warned of a "cataclysmic" collapse of Euro, unless ECB scale up its bond purchase.

European majors and stock indices fell sharply today as Fitch warned of a "cataclysmic" collapse of Euro, unless ECB scale up its bond purchase. David Riley, head of the sovereign-debt unit at Fitch, said ECB has much scope to expand the balance strength and ECB could pledge to cap interest rates, keep bond yields below 7% or turn EFSF into a bank. Riley warned yesterday that Italy is the "front line" of Europe's debt crisis and "the future of euro will be decided at the gates of Rome". He further said that Euro could not survive if "Italy does not make it through.

Kno's Comments: Now we know what Fitch is looking at and so do we. We will focus this week and next on what is happening in Italy.

(3) Another question to be answered and it will have a big effect on all the Bondholders many of which are banks. What will happen in Greece on Tuesday concerning the breakdown of talks on Friday ? These issue will result in a DEFAULT in March 2012 if not resolved. That in itself will cause major damage to the banks and others including France and Italy.

Snippet:

Euro could not survive if "Italy does not make it through.

The situation in Greece was not optimistic neither. Greece talk with private sector over debt restructuring stalled on concern that Greece might fore through an onerous debt writedown. IIF said that the discussions were paused for "reflection on the benefits of a voluntary approach". It called on Greece to "re-engage constructively with the private sector" on a "mutually acceptable agreement on a voluntary debt exchange." Talk would possibly resume this week.

After two consecutive months of rate reduction, the ECB decided to leave the main refinancing rate at 1% at the January meeting. Policymakers would like gauge the impacts of previous rate cuts and liquidity provisions on the economy. Meanwhile, President Draghi indicated the 3-year LTRO has benefited banks and supported confidence. This is by no means an end of the easing cycle. Indeed, the ECB will likely lower interest rates further should economic conditions deteriorate. More in Both ECB and BOE Stayed on the Sideline.

Kno's Comments:

And now on to the FEDERAL RESERVE and Ben Bernake.

When Steve Leishman the commentator at CNBC came on air for an exclusive concerning the FED'S plans for QE3 which seemed to be off the table based on the last FOMC minutes and with signs of a recovery in the US economy I find it very alarming that now QE3 is back on the table in the middle of a political year and that along with the NEED to raise the debt ceiling back in the news we are heading into unchartered waters.

The next FED meeting of two days starts on January 24, 2012 and the decision comes out on Wednesday January 25, 2012.

The next TEN DAYS may give us clues what they are planning. I would not be surprised to see an unforseen event occur that will make things much worse and allow them. THE FED to state we have another ? "TOO BIG TO FAIL MOMENT" or we could call it TARP revisited.

And Finally We Have This which is KEY to MONEY FLOW and WHERE EUR/USD may well go...

Snippet:

Technical Highlights
Dollar index rose further to ash high as 81.78 last week, just inch below near term target of 100% projection of 72.69 to 79.84 from 74.72 at 81.86. Near term outlook remains bullish as long as 79.51 support holds and further rise should be seen to 61.8% retracement of 88.70 to 72.69 at 82.58 next. Current rise fro 72.69 should of a rising leg inside the long term pattern from 70.70 record low. Strong resistance is anticipated at upper falling trend line (now at 86.8) to limit upside.

Chart Is Below This On The Link...

Snippet:

DOW breached 12500 level briefly last wee but failed to sustain gain above there. Further rise is in favor as long as 12140.7 support holds. However, we'd likely to point out that upside moment is diminishing mildly with daily MACD crossed below signal line. Hence, we'd be cautious on near term reversal signal as it approaches 12876 high. Meanwhile, a break of 12140.7 support will now argue that whole rebound from 10404.49 is finished and will turn bias back to the downside for 11231.56 support for confirmation. Having said that, AUD/USD's rally attempt would be limited and the pair could reverse in near term for another leg inside the medium term consolidation from 1.1079.

Kno's closing comments:

As I have pointed out many many many times on this thread it is the MONEY FLOW between Asset Classes that MOVES THE CHARTS.

What happens with the Dow and the Us Dollar Index will move EUR/USD as it makes up 57.6% of the US Dollar Index.

Then we have Risk On and Risk Off to watch and many other things. The Charts are very important to look at to see where we have been. They WILL NOT be accurate by themselves telling us where EUR/USD is going.

The reason that I say this is only because it is the TRUTH.

I always watch the direction of the Dow as it sets the TONE for where the MOMENTUM is headed.

I know there are many others here with an OPEN MIND willing to learn new things and perhaps start to think along the lines that I point out here.

All I can do is my best and share my thoughts with others here in order to focus in my own thoughts which I have just done by taking the time to post here this morning. I wish everyone here a good day and Good Fortune in your Life and the trading week in front of us.

EGO piuts no money in our bank account. Knowledge, Experience, A Good Trade Plan, Good Money Management and Proper Risk Management along with DISCIPLINE and a REAL DESIRE to learn and improve with an OPEN MIND will lead to many more dollars for yourself and your family.

There is only one way in life and in forex currency trading.

"That Is The Right Way"

Take care and be well. I will be off to do other things now until later this afternoon and that also is good since there is more to life than trading forex.

Trading forex is a way of life for me however if you do not stop to smell the roses what is the point? Goodbye For now...

I got your message and I accept it fully. I did not know of your post as I was doing my indepth post with more of my thoughts rather than just posting links to articles.

On the Technical Side I really hope nobody here that uses technicals more than fundamentals and there are many do not take my comments about technicals in a personal way. The Technicals that my friend AaronWard just posted are invaluable. I love technicals and could not trade without them. They show the Market Pyschology at this EXACT MOMENT in time and they do work. The only caution that I keep making is NOT TO USE the Charts without understanding that NEW MONEY FLOW will move those charts every time and it might not be in the direction you think it is.

When you throw a rock into a pond and you see the first ripple which is the strongest you are looking at a 1 Minute chart. We all know that a 5 minute chart has less noise. I use the 5 minute and 15 minute chart for most of my trading. However Chart's like AaronWard's are essential to look at to be aware of the bigger picture.

I also wish you the best for this year and many ones to come. I respect intelligence and common sense and good people. You are most appreciated by myself and I try hard to listen to you and your views.

www.ew-forecast.com


Video: Eur/Usd vs. Eur/Jpy Forecast Example


Check the next video, which is just one small piece of analysis that we shared with our subscribers in this past week. In this video you will find out "how and when", "we or you can" become more confident into your analysis and forecasting in currency markets, which potentially can improve your success in trading.

We think that intra-market analysis and correlations, key market levels and patience are three very if not the most important facts. Check out video below for more details.

I have not looked at it as yet. I will now and I will make some comments after. Since it is of a technical nature perhaps our technicians here can offer some feedback.
.

Full Story

I clicked on full story and while the video's and information are free it is still a commercial service so I state for the record that I am not recommending the services.

I only listened to about one minute of it and that was it. Why ?

Until they can explain to me or anyone else can for that matter HOW COULD ANYONE KNOW IN ADVANCE about the Downgrades on Friday ?

Sure there are a few insiders that surely knew however it is clear the majority of forex traders did not know. Then one simple question I would love to have answered is how could the Elliot Waves PREDICT this in advance ?

P.S. I just listened to the whole 10:55 Video and while it was interesting to hear it was very hard for me to keep listening since it was to me nonsensical.

Wait a minute Kno... These are professionals selling a service. Elliot Wave is the Holy Grail to some.

Here is my take on my listening to the entire video with great patience.

I discovered years ago that there is a strong correlation between EUR/USD and EUR/JPY and on my FXCM UK trading platform the first three currencies that I always see is EUR/USD, EUR/JPY and USD/JPY.

Of course the Wave counts were the basic same for the two pairs. That is old news. I know PipTrapper asked me if I was serious just after 9:00 AM EST on Friday when I asked a question that I already knew the answer to. I was just curious how many here on our informative thread knew what was going on factually not through the charts which I recall FXMinset replied to my post with his chart showing EUR/USD dropping. If any of you had the facility of CNBC or Oanda FX Trade news you could have read what I read in a second and been aware of why EUR/USD was dropping.

Whenever there is a big or unexpected movement in EUR/USD or EUR/JPY or Gold for that matter something NEW is up. I always need to find out what that is from the fundamental side to see if I need to adjust my thinking.

I am again just sharing my real funds trading experience here so maybe some here can improve their results. If you are doing fine than great. I think Tyoon now has Oanda FX Trade news now.

At 2:31 PM EST DJ Market talk which I just read for free now says as follows in part... ANZ senior Trader Alex Sinton is of the opinion that EUR/USD and EUR/JPY thinks there might be support on the downside at 97.3465 and at 1.2580 and so it goes. Now I will return to Elliot Wave to see what they say.

I am off now until 5:00 PM EST and on and on we go...

Happy Sunday everyone. Hungover.

To summarize our philosophical discussion from Friday, this picture says it all.

..

Triangles

Thanks for that Aaron. Some further thoughts on it.

..

More traders notice gold's regularly counterintuitive behavior

http://www.gata.org/themes/gata/imag...ting_small.gifSubmitted by cpowell on 10:34AM ET Sunday, January 15, 2012. Section: Daily Dispatches
1:30p ET Sunday, January 15, 2012

Dear Friend of GATA and Gold:
Drawing on GATA board member Adrian Douglas' statistical study from August 2010 ("The Gold Market Isn't 'Fixed,' It's Rigged," http://www.gata.org/node/8918), Sam and Bob Kirtley of SK Options Trading in Wellington, New Zealand, yesterday mused at length once again about the likely success of a gold trading fund that exploited the peculiar behavior of the gold market -- rising when the sun sets on London and New York and falling when traders in those cities go back to work.
"The more gold rises overnight in essentially Asian markets," Douglas wrote a year and a half ago, "the more it is sold down into the PM fix. This was exactly the modus operandum of the London Gold Pool but now it is being done covertly."

The Kirtleys comment: "A hypothetical gold investment fund starting with $100 million in 2001, and using it to buy gold at the AM fix and sell it at the PM fix, would now be left with just $31 million, almost a 70 percent loss in just under 10 years. Over the same time period gold prices have risen over 590 percent. From this we can infer that in fact it was possible to make money shorting gold every day for the last decade or so. If a hedge fund or even an individual trader were to have sold gold at the AM fix and covered that short position at the PM fix, for each day of this terrific bull-market run in gold, that fund would have almost tripled its starting capital."

GATA's explanation for this is well known. If those who deny the possibility of gold market manipulation have an explanation for it apart from mere coincidence, we'd love to hear it.







http://www.gata.org/files/AdrianDoug...08-14-2010.doc

http://www.gata.org/node/8918

Snippet:

Adrian Douglas: Gold market isn't 'fixed'; it's rigged


Submitted by cpowell on Sat, 2010-08-14 14:06. Section: Documentation 10:11a Saturday, August 14, 2010

Dear Friend of GATA and Gold:
Following research done by GATA consultant Dmitri Speck, GATA board member Adrian Douglas has studied the morning and afternoon "fixing" of the gold price by the major London trading houses and concludes that it is just as much a price-suppression mechanism as the London Gold Pool of the 1960s admittedly was.

"The more gold rises overnight in essentially Asian markets," Douglas writes, "the more it is sold down into the PM fix. This was exactly the modus operandum of the London Gold Pool but now it is being done covertly."

Douglas, publisher of the Market Force Analysis letter, continues: "Such a consistent manipulative effort would necessarily involve entities with access to large amounts of gold; this implicates central banks, as they are the only entities with large hoards of gold, and furthermore they have a motive for suppressing the price of gold, which is to hide their mismanagement and debasement of their national currencies. Further, the five bullion banks that conduct the fix would have to be complicit because by definition they are responsible for determining the clearing price on the fix, so they must be aware of the impact on price of the selling activities of the entity or entities offering gold in such large quantities that it causes such price aberrations. As the central banks do not trade themselves, it is more than likely that some or all of the banks involved in the fix also act on behalf of central banks. What is irrefutable from this analysis is that the gold market is not 'fixed'; it is rigged."

Douglas' analysis is titled "Gold Market Is Not 'Fixed,' It's Rigged" and you can find it at GATA's Internet site here:
http://www.gata.org/files/AdrianDoug...08-14-2010.doc
And at the Market Force Analysis Internet site here:
https://marketforceanalysis.com/arti...le_081310.html

http://www.dailyfx.com/forex/fundame...1.16.2012.html

Snippet:

http://www.dailyfx.com/forex/fundame..._Collapse.html

When you boil it down, the US dollar’s current role in the global financial market is the safe haven and liquidity provider of last resort. To drive the greenback higher, a slide in risk appetite and deterioration in normal market function would represent the ideal fundamental conditions. That being the case, we may finally see a passive appeal for the benchmark turn into a genuine trend moving in the week ahead if the Euro Zone’s fresh sovereign debt troubles infect underlying risk appetite trends.


So far this year, we have yet to see a meaningful rebound in trading activity – bullish or bearish. Between the fading outlook for economic activity, yields and financial health and the hope that policy officials will foot the bill with stimulus; the masses seem to have kept to the sidelines rather than instigate a wholesale deleverage or add to bailout-dependent positions. However, it is only a matter of time before this particularly immense fundamental clash takes a definitive bearing. And, considering the woeful lack of consistent yield to be found in the market along with the steady economic and financial troubles rolling in; fear is by far the more pressing emotion.


What we lack to start the dollar and capital markets moving is a catalyst with enough influence to convince the masses to abandon their comfortable stasis. Friday’s fireworks may provide the necessary spark to pull speculative interests down to fundamental reality. Standard & Poor’s (the rating agency that cut the United States’ top AAA rating last year) delivered a series of critical downgrades to the Euro Zone after the market close on Friday. The highest profile cuts came from France and Austria which lost their AAA-status and were left with a negative outlook (which suggests there is a 50 percent chance of further downgrade over the coming two years). However, arguably more systemic were cuts to Italy, Spain and Portugal. Portugal debt is now ‘junk’ status and Spain’s cut further exposes the lack of transparency in the region’s exposure. Yet, as Standard & Poor’s and Fitch have both stated, Italy is the most highly exposed to further market deterioration and presents the greatest threat to intensifying the world’s worst financial crisis.


As the primary counterpart to the euro and the world’s most liquid currency, the dollar would benefit significantly from a mass exodus of capital away from the euro. However, to truly feed the greenback’s bullish ambitions a graduation from Euro-based fear to global crisis is needed.

That is more difficult to accomplish. Despite the dour outlook, we have seen equities, commodities and high yield currencies drift higher over the past six weeks.


Some may think the lack of an immediate reaction to the news through the end of Friday’s session was a sign that the event was priced in; but the capital markets were closed by the time the news crossed the wires (FX market’s closed shortly after) and we were heading into an extended weekend for the US. We have not seen the full effect of this event.

Kno's Comments: I would bet on that if I was a gambling man which I am not.

Watch the Asia open and the price of Oil and Gold. Then monitor Europe all the while keeping your eye on Greece. Have A Great Trading Week and lay off the Booze while trading currencies. On second thought maybe it will help to be more relaxed.

On my 15 minute Oanda chart the EUR/USD is at 1.2635 from my close at 1.2674 and EUR/JPY is at 97.44 having dropped to 97.21 and USD/JPY having been at 76.86 is now at 77.10 and it is bringing up EUR/JPY as you all can see. That should bring EUR/USD up however it has not as yet in thin markets. Watch the correlation for these three at all times.

Gold is not trading at the moment.

Let's get it going as it is boring reading my own posts.


Message Cancel Changes32 Traders Viewing This Thread (7 are members) knoholygrail, Marypips, sftyler, laharjaya, gusbrasil, Tyoonhttp://www.forexfactory.com/images/misc/10kt.gif, beyond

Hello Kno. Knackering weekend. How was your's?

Sorry I havn't replied to your MM post. I will have more time tomorrow to digest it after I have finished preparing my charts and thoughts.

Looks like your ready to hit the market tomorrow.

http://www.nysun.com/editorials/secr...the-fed/87654/

Snippet:

RISE UP AMERICA and Vote For Ron Paul...

In respect of the latest publication of the transcripts of the Federal Reserve, let us just say that we’re against it. The transcripts were disclosed the other day, five years after they were made. This seems to be the tradition at the Fed. It’s a tradition this newspaper opposes. What we support is the silence of the Fed. We objected when Chairman Bernanke announced he would start holding quarterly press conferences.

It’s bad enough he has to testify before Congress. It’s bad enough he made five minutes of remarks when he was sworn in. It’s bad enough we live in an age of fiat money. We already have the minutes of the Fed meetings. Why in the world do we need the actual transcripts of the governors issuing their scrip?

And what is the logic of the five-year delay? Why not make it three years? Or five decades? Or — our preference — five centuries? The truth is that the length of the delay is arbitrary. It’s not connected to anything of substance. Call it a “fiat delay.” The five years is just made up out of whole cloth. If it were important to have an exact transcript of what was said at these infernal meetings, there would be no logic to a delay. The logic would be to publish the transcripts, if they must be published, as soon as the ink is dry, or even while it’s still wet. Or to open the meetings altogether and allow the press to sit at the side of the room.

What’s apparent is that the cataract of words from the Fed is a feature of fiat money. The Federal Reserve needs to maintain the illusion that what the governors say is important enough to keep secret and meaningful enough that one should read the transcripts even five years after they were uttered. Ergo, the scrip — the irredeemable electronic paper ticket money, as the Foundation for the Advancement of Monetary Education calls it — the Fed is issuing must have some value. This illusion, however, has lately been shattered by the collapse of the United States dollar to below a 1,600th of an ounce of gold.

Given this collapse, do we really need to know that in the fall of 2006, the president of the San Francisco Fed, Janet Yellen, who we don’t doubt is a fine person, told her colleagues that the “deceleration in house prices continue[s] to surprise us” and that she’d spoken with a builder who’d toured some subdivisions near Boise where unoccupied houses were “being dressed up to look occupied — with curtains, things in the driveway, and so forth — so as not to discourage potential buyers.” Do we need to know that in the entire 106 pages of the transcript of the first meeting of 2006, the governors of the Fed failed even once to mention the word “gold.”

It’s worse than that. The staff of The New York Sun’s Department of Document Inspections came in over the weekend and ran the entire year’s worth of transcripts of the Federal Open Market Committee through a 2-core Intel-powered computer operating at 2.13 gigahertz, with a scanner with a full-color, gray-scale visual digital display readout. It discovered that in the hundreds of pages of discussion of monetary policy, covering the entire year of 2006, the governors of the Fed mentioned the word “gold” only three times and the word “silver” only once. It turns out that as far as the Federal Reserve goes, the entire periodic table might as well not exist.

And that’s not all. In an entire year of meetings, filling hundreds of pages of just-released transcripts, the members of the Federal Open Market Committee referred only once to the United States Constitution. The one reference to our founding parchment, which gives the Congress the power to coin money and regulate its value, was made by the president of the Federal Reserve Bank of Richmond, Jeffrey Lacker, who, in a discussion of future inflation, asserted that “as a matter of public accountability in a constitutional democracy, we owe it to the citizens of the United States to tell them this simple and yet very important implication of how we conduct monetary policy, if only to make the use of retirement-planning software easier.”

The transcript then contains this notation: “[Laughter].”

Kno's Comments: Could this happen In Canada ? Look what we just did to the Liberals and the Block Quebecois !!!

Democracy lives in Canada.

Vote For Ron Paul. Audit the Fed. Count the Gold in Fort Knox.

Now my FXCM UK platform shows 1.2635 and 97.43 and 77.09 and so it goes and in 7 minutes it is 5:00 PM EST and one hour away from GO on my FXCM UK platform.

If you are willing to take some time to open a Demo trading account with FXCM UK of $50,000 US, I can help you set up your practise trades while you still make the calls on entry. It could be an excellent way for you to learn especially because of your Technical skills.

After you digest my post and give me feedback we can discuss it further either here or by PM. I do not mind taking the time to teach you how my strategy works.

If it works for you and I really think it will based on my observations about you and your skills it could be a real eye opener for others here. There is one person here doing it however it is up to him to share that here.

Nice seeing your post and there is no rush. I should be around for a few more years.

http://0.gravatar.com/avatar/0938c6d...0&d=retro&r=PG
EUR/JPY: Conflicting reports on huge stops just below present levels

Written by Sean Lee
January 15, 2012 at 21:31 GMT


This will be an important pair to watch this morning. There is supposedly a big barrier at 97.00 with one reliable source reporting almost EUR10 billion in stop-loss sell orders just below there but two other equally reliable sources saying they have not seen any such stop-loss orders. Generally speaking, the big players will have similar order books, so this is a bit confusing.

I’d say this is a market where we need to be reactive if volatility picks up rather than relying on any particular news or views. The trend remains ueber-bearish so selling rallies is still the ideal strategy.

47 Traders Viewing This Thread (15 are members) knoholygrail, clau777, Zyggy, gusbrasil, raiz, Invisiblehttp://www.forexfactory.com/images/misc/10+kt.gif, Viny, MagSla, Renal, chess king, Chillypiperhttp://www.forexfactory.com/images/misc/10+kt.gif, remikes, sftyler, Nvh, Uae

Hi, Kno
I'm just learning for now, that's why i don't have nothing to post.
Thanks for sharing with us your knowledge.
PS: We live close, I'm in Mississauga Ontario
Gus

today view:

Markets To "Digest" S&P Downgrades Of France, Eight Others

The Paper gold market is rigged. .........

MY VIEW AFTER MARKET OPEN.... 2 critical point there

looks like it fail to test the lower line