We are still in range of 1.2804 - 1.3170. Would like to see either one to break out most likely the upside.
- #58,745
- Oct 16, 2012 8:14pm Oct 16, 2012 8:14pm
- Joined Oct 2009 | Status: Whn Market Warms u..U keep it Kool | 6,578 Posts
- #58,746
- Oct 16, 2012 8:22pm Oct 16, 2012 8:22pm
Who is still moving the market? Lemmings?
And that hedge funds, AKA smart money is the group currently long:
Retailers don't drive the market, and most are short if you look at Oanda positioning and similar order books = short squeeze.
No reason it can't continue until a catalyst stops it; election, EU summit, Israeli strike on Iran, etc etc.
But the rule is, in the absence of bad news (and sometimes regardless of bad news), buy the dips and sell when reality rears it's head again.
"Don't Panic..."
- #58,747
- Oct 16, 2012 9:08pm Oct 16, 2012 9:08pm
- Joined Oct 2009 | Status: Whn Market Warms u..U keep it Kool | 6,578 Posts
- #58,748
- Oct 16, 2012 9:34pm Oct 16, 2012 9:34pm
I'd say probably a correction today 
just a guestimate since we've gone 200+ pips up since monday.
just a guestimate since we've gone 200+ pips up since monday.
"Don't Panic..."
- #58,751
- Oct 17, 2012 12:02am Oct 17, 2012 12:02am
- Joined Oct 2009 | Status: Whn Market Warms u..U keep it Kool | 6,578 Posts
Dear rekon67,
pls help me to modify my EA.
pls.
- #58,752
- Oct 17, 2012 12:37am Oct 17, 2012 12:37am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Wait, until PT comes with Killex.
http://www.greenlandgarden.com/image...als/Killex.jpg
Those who say it cannot be done should not interrupt those who are doing it
- #58,753
- Oct 17, 2012 1:39am Oct 17, 2012 1:39am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Good Morning fellow traders.
I hope the USD has a large supply of pain killers on hand after taking such a beating to the head yesterday and overnight in the Asian session. Late in NY session yesterday, Moody's confirmed Spain's current sovereign rating (no downgrade) but retained the option of a further downgrade to junk by leaving the outlook at negative. This was somewhat risk positive, but only because it was not negative. With a market which is so hungry for yield right now, even a neutral condition increases appetite for risk. The whole question as to whether or not Spain will apply for a bailout is even more suspect now. If their bonds are not rated junk and their bond yields keep falling, where is the incentive to apply for aid? It simply does not exist. Spain's deficit target of 6% is not even close to being met. Rather I would be surprised if they even manage to get it below 7%. Therefore an application for aid will certainly come with a condition for more austerity measures in order to meet deficit targets. So, I don't expect any bailout application unless Moody's actually downgrades them to junk.
The presidential debate between Obama and Romney last night was pretty much a draw in my opinion. Nothing in that debate managed to swing me either way. Obama put on a much better performance and seemed more confident and stood his ground very well under duress from Romney. All is all I see this as a very close race. As such, I don't see how the debate could have had much effect on the markets.
Considering the above, plus the fact that the EUR/USD is still within the 1.3170-1.2800 range, nothing has really changed and the market is just playing against the fringes of the range. If that is so, could 1.2800 be the next target? or will the market, in it's greed for speed, push risk assets up as they seek maximum yield while they still have the opportunity to do so? Perhaps London Open will hint towards answering that question.
As always, be well and trade safe.
Pete Jackson's Order Board:
EUR/USD: Bids 1.3080/00 sell stops just below ahead of bids 1.3050/60 sell stops again through 1.3050 ahead of broken trendline now support 1.3020/25. Offers 1.3115/25 (1.3125 o/n high) probable buy stops above ahead of offers 1.3130/50 and /tech res at 1.3170/75 (1.3173 Sept 23 high).
Today's Euro RFX Option Expiries @ 14:00 GMT:
EUR/USD: 1.3000, 1.3030, 1.3100, 1.3115
E/U H1:
E/U Weekly:
I hope the USD has a large supply of pain killers on hand after taking such a beating to the head yesterday and overnight in the Asian session. Late in NY session yesterday, Moody's confirmed Spain's current sovereign rating (no downgrade) but retained the option of a further downgrade to junk by leaving the outlook at negative. This was somewhat risk positive, but only because it was not negative. With a market which is so hungry for yield right now, even a neutral condition increases appetite for risk. The whole question as to whether or not Spain will apply for a bailout is even more suspect now. If their bonds are not rated junk and their bond yields keep falling, where is the incentive to apply for aid? It simply does not exist. Spain's deficit target of 6% is not even close to being met. Rather I would be surprised if they even manage to get it below 7%. Therefore an application for aid will certainly come with a condition for more austerity measures in order to meet deficit targets. So, I don't expect any bailout application unless Moody's actually downgrades them to junk.
The presidential debate between Obama and Romney last night was pretty much a draw in my opinion. Nothing in that debate managed to swing me either way. Obama put on a much better performance and seemed more confident and stood his ground very well under duress from Romney. All is all I see this as a very close race. As such, I don't see how the debate could have had much effect on the markets.
Considering the above, plus the fact that the EUR/USD is still within the 1.3170-1.2800 range, nothing has really changed and the market is just playing against the fringes of the range. If that is so, could 1.2800 be the next target? or will the market, in it's greed for speed, push risk assets up as they seek maximum yield while they still have the opportunity to do so? Perhaps London Open will hint towards answering that question.
As always, be well and trade safe.
Pete Jackson's Order Board:
EUR/USD: Bids 1.3080/00 sell stops just below ahead of bids 1.3050/60 sell stops again through 1.3050 ahead of broken trendline now support 1.3020/25. Offers 1.3115/25 (1.3125 o/n high) probable buy stops above ahead of offers 1.3130/50 and /tech res at 1.3170/75 (1.3173 Sept 23 high).
Today's Euro RFX Option Expiries @ 14:00 GMT:
EUR/USD: 1.3000, 1.3030, 1.3100, 1.3115
E/U H1:
E/U Weekly:
Those who say it cannot be done should not interrupt those who are doing it
- #58,754
- Oct 17, 2012 1:41am Oct 17, 2012 1:41am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
GM - so the rally continued with a strong move early in the Asian Session which went up to the 3120 resistance area, culminating in wide ranged, high volumed semi marubozo's on both the 5m & 15m charts and profit takers promptly stepped in .
Now, early in Frankies Hour there was a little push down towards the 3082 support area, so it was rude not to buy for a re-visit of the 3120 area..
Now, early in Frankies Hour there was a little push down towards the 3082 support area, so it was rude not to buy for a re-visit of the 3120 area..
Trading Levels with WRBs
- #58,755
- Oct 17, 2012 2:03am Oct 17, 2012 2:03am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
GM - so the rally continued with a strong move early in the Asian Session which went up to the 3120 resistance area, culminating in wide ranged, high volumed semi marubozo's on both the 5m & 15m charts and profit takers promptly stepped in .
Now, early in Frankies Hour there was a little push down towards the 3082 support area, so it was rude not to buy for a re-visit of the 3120 area..
Those who say it cannot be done should not interrupt those who are doing it
- #58,756
- Edited 2:30am Oct 17, 2012 2:07am | Edited 2:30am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #58,757
- Oct 17, 2012 2:30am Oct 17, 2012 2:30am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #58,758
- Oct 17, 2012 2:35am Oct 17, 2012 2:35am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #58,760
- Oct 17, 2012 2:44am Oct 17, 2012 2:44am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs