EurAnalysis

Why your hand is shaking ... all over the keyboard.... that very serious ....better see Doc ... ?

Always, hello buddy. i have been doing some serious trading lately and i do not want my judgement clouded by visiting these sites, plus except for scalping today i have not traded for several days due to olympic work. Dr Zak i agree with what you say but it is better to make a small amount than lose a big amount. today i have been scalping due to being away and i made small amounts, but the way i think i say 1st trade i made enough for dinner and a few drinks, 2nd trademade enough to take the wife to dinner lol 3rd trade my daughter can visit movies with her friend. It all adds up. Once your edge is being fruitful you can then compound it up and believe me you will make lots, Just keep to your system and dont dream or make rash decisions and keep it simple. take care guys

Well I can assure you I don't have sleep apnoea and I can also assure you I am very far from being obese
I sleep very well at night and wake up fully refreshed and energetic. It is only once in a while that I have a nap and it is then that I feel exhausted afterwards... not every time, but often enough to say to myself... WTF???

thus doc spoke, he and his wife shouldnt sleep on the same bed,as everytime he snore,the event risk of having wifey elbow in his ribs very high therby waking him up repeatedly. add: he may aggravate situation everytime that risk event happen by saying WTF,WTF???

I would like to see a valid daily close below 1.2340 level as this would then validate the double top on the 1HR chart....

Also a nice failure swing shaping up too...

Come on baby!

Anybody else short @ the top today?

Thank you Mr. Market for making this day so boring that my calendar wants to choke me.

Almost the top... 1.2415

This Week

http://www.businessreviewcanada.ca/l...x335-72659.jpg
1.

500,000 Bees Stolen in Abbotsford, BC

The Abbotsford, BC Police Department (APD) announced today the theft of 500,000 bees in the 27600 block of 0 Avenue. In a story reminiscent of an Arrested Development quote or a Captain Planet episode, the Abbotsford Police reported that a local bee keeper checked on one of his hive locations on July 26th to discover that approximately 100 hive frames, along with 8,000 pounds of honey and bees, had been stolen...

Read More

Yep. I'm patiently waiting

I was @1.2415

already took profit

Another sign that it's time to sell the Euro?

Never mind Doc. I found an excellent cure. It's called Fillatiomicin. It worked like a charm. What would I do without Wifey?

http://www.actionforex.com/action-in...0120806171543/

Snippet:


Mid-Day Report: Euro Pared Gains after Initial Strength

Euro turned a bit softer after initial rally today but remains firm so far. Italian Prime Minister Monti warned over the weekend that "the tensions that have accompanied the euro zone in the past years are already showing signs of a psychological dissolution of Europe." Meanwhile, he also pointed out that the high yield that Italy is paying is subsidising the lower borrowing cost Germany is paying. And he noted that “without that risk, the yields on German government bonds would be somewhat higher.” German foreign minister Westerwelle, on the other hand, said today that Eurozone leaders are taking on a "very dangerous" tone and he urged not to "talk Europe down". Westerwelle didn't specify who he's responding to but Germany seems to be feeling some political pressure.

A clear example was that last week, regarding the decision to restart bond-buying program soon, ECB president Draghi said that was "unanimous with one reservation, with one position that reserved itself". Deputy also joked the decision was "unanimously today with one exception and it was not me". Obviously, both were talking about Bundesbank president Weidmann, who has been open and persistent on his opposition to ECB's bond purchase.

ECB Governing Council member Visco said that last week's ECB meeting was an "important step forward for the common currency and for spreads". He also expected a "more accommodating monetary policy in the next few months" should economy continues to slow down. Expectation of further easing, possibly including another rate cut, drove three-month Euribor lower to 0.374% and six-month Euribor lower to 0.658% today.

In Greece, Troika said in a statement over the weekend that "discussions on the implementation of the program were productive and there was an overall agreement on the need to strengthen policy efforts to achieve its objectives". Troika will "take a break" now and come back in early September for final reveal before deciding on release of the next tranche of bailout funds. Meanwhile, Greek Prime Minister Samaras will need to complete the EUR 11.5b austerity package before meeting Troika again.

In Spain, it was reported last Friday that prime minister might request for a full sovereign bailout. But more likely than know, he will wait for more clarify on ECB's moves before making a decision. Rajoy noted that "depending on the circumstances, we will make one decision or another... When somebody asks for something, they must know what they're asking for". one decision or another... When somebody asks for something, they must know what they're asking for". Meanwhile, Spanish Finance Minister de Guindos said over the weekend that "when we know the details, we'll have a more precise calendar". The Spanish government still has around a month to make the decision as the nest government bond auction will take place on September 6.

Latest CFTC report, as of July 31, showed traders further pare Euro short positions, which dropped by -9% to 139k contracts. Yen longs rose for the fourth consecutive to 7k to 33.2k contracts and that's a massive change from March's low of -67.6k net shorts. Aussie net longs also rose for the second consecutive weeks by over 10k to 37.2k contracts. One important development to note was that Canadian dollar position changed from -2.4k net shorts to 12.4k net longs and could have turned the falling tide that started back in May.

RBA will be the focus in the coming Asian session. The bank is expected to keep rates unchanged at 3.50%. RBA has cut rates deeply by 125 basis points and would likely stand pat to further gauge the impact.


Technical:

EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.2237; (P) 1.2314 (R1) 1.2463; More.....
EUR/USD retreats mildly after initial spike to 1.2443 but intraday bias remains on the upside for further rally. The break of 1..2404 resistance confirmed resumption of rebound from 1.2042 and such rise should extend to 1.2747 (50% retracement of 1.3486 to 1.2042 at 1.2764) key resistance level next. On the downside, break of 1.2133 minor support is needed to indicate completion of such rebound. Otherwise, we'll stay cautiously bullish even in case of retreat.

In the bigger picture, fall from 1.4939 is treated as a falling leg inside the consolidation pattern that started at 1.6039 (2008 high). Bullish convergence condition in daily MACD raises the possibility of reversal. But we'd prefer to see sustained break of 1.2747/2764 resistance zone to give us more confidence. In such case, stronger rise should be seen to 1.3486 resistance for confirmation. But before that, another decline could still be seen to 1.1875 and below.

http://www.actionforex.com/images/st...20120806b1.gif

i shorted it at 12418 but i got out of trade at 12406 and it was compounded so i gathered just over 30 pips if you know what i mean

http://www.zerohedge.com/news/guest-...ops+to+zero%29


Submitted by Simon Black from Sovereign Man
US Citizens Pay Attention To This

I was sitting across from an impossibly blonde account executive this afternoon when I heard three words I never thought I’d hear at a foreign bank.

“Are you Greek,” she asked me with a bit of a smile…
me: “Uh, no. I have a US passport, among others…”
she: “OK good, as long as you’re not Greek.”

I couldn’t believe what I was hearing. Let me explain.

As you may know, US citizens have long been the world’s banking pariah thanks to a piece of remarkably stupid legislation called the Foreign Account Tax Compliance Act (FATCA).

FATCA was passed a few years ago as part of a greater US government effort to create jobs. And boy was it successful– thousands of new jobs were created as a result of the legislation. Unfortunately, most of the new jobs are for tax collectors.

In short, FATCA requires EVERY BANK IN THE WORLD to sign an information-sharing agreement with the IRS. No matter what. Even the tiniest bank in Bhutan that has never seen a foreigner walk through its doors has to jump in bed with the IRS.

What’s more, if banks don’t comply (or even know about the law), the US government will severely penalize them with a 30% withholding tax on most funds routed through the US.

This stunning arrogance is a key reason why US citizens have been turned away from so many foreign banks over the past few years; banks simply didn’t want to deal with Uncle Sam. From Panama to Singapore to Switzerland, US citizens have been shut out of many banks.

But after years of this trend building, I’m starting to see signs of it breaking. FATCA initially sent shockwaves through the worldwide banking industry, and after years of lobbying their own governments, a compromise appears to have been reached.

The new model is that governments are inking information-sharing agreements directly with each other. In other words, foreign banks will send information to their governments, and the governments will share information with other governments.

This approach gets banks off the hook from having to deal with Uncle Sam, yet it still fulfills the original spirit of FATCA: destroy financial privacy. Mission Accomplished.

The good news is that a lot more foreign banks are receptive to having US customers. Which brings me back to my experience today in Norway.
The banker didn’t care that I have a US passport. US customers are OK once again, it’s now Greek customers who are the banking pariah du jour.
You may recall from our previous discussions that the Greek government has taken the liberty of confiscating funds directly from people’s bank accounts at will. If they decide (in their sole discretion) that you might be a tax cheat, they take your money. No questions asked.

Naturally, many Greeks are now desperately trying to move their funds abroad. Unfortunately for them, some banks just don’t want to be caught in the middle of this feud.

The result? Many banks are starting to turn away Greek customers or mandate large initial deposit requirements in excess of 500,000 euros.
It’s a classic example of what happens when people wait too long. Some folks took action early and are sleeping well. Others saw the writing on the wall and did nothing. They waited until the tax authorities were en route to even begin thinking about ways to protect their savings.
History shows that bankrupt governments routinely resort to plundering their citizens’ wealth to keep the party going.

Bottom line, if your government is insolvent, your savings are at risk. And opening a foreign bank account is one of the most important things you can do for your savings. Greeks are starting to figure this out the hard way.

ur a naughty boy

It looks the double top could be a barrier for a day or two.
This can create a bargain for bulls to go shopping and buy more...
I still feel Euro is slightly bullish and only breaking support line (the GREEN LINE on my chart)
could be the strong proof the down trend is back on track...

No worries for me. I fully intend to take partial profits at green line anyway. If it goes up from there then it's reload time.