EURUSD

London afternoon high is at 70, why did they bring the price just 3 pips above this level and then drop it below? Trigger weak stops before the big bear run?

seems target @ 335 !?

I wouldn't get hung up on that, when levels test you have to allow some tolerance, that is why a lot of mature traders lose on breakout strategies because they get in after 1/2 pips and are surprised when it reverses.... (and that is not the way to trade a breakout of course but that is another topic altogether)

we must have heard, different speeches

I am still targeting the 330x level but we will have to see how it reacts at the various test points created by today's action on the way to it.

Overall I am still biased long for the weekly correction scenario

good stuff, tx !

Re-enter short at 64, SL at 72.

Monday is usually quiet because no big news... Today we were up and down with end of the day going to a convergence at 1.3360. I have already seen some monday like this in short past.

The FED speech plus tomorrow some important data for the USD.

This is rational to wait, isn't it ?

Hes dont want to negotiate debt ceiling & make necessary cuts, thats what i got from his speech.

exactly the QE's aren't gonna stop.

You and I seem to agree on quite a few things, but I'm with Gator on this one. We must have been listening to a different speech.

If i misunderstood something please let me know I have no problems admitting im wrong if thats the case.

The day ranged. I read it wrong and went long. Should have just waited for the confirmation since EJ didn't really help.
I'm still of the opinion that If she pulls to 330 then we'll see a topping out at 407ish. Any lower and we'll see higher.

The overall message that I heard was twofold –

 

1. “Do no harm.” Pass the debt ceiling increase to insure that America’s bills are paid. The debt ceiling issue is NOT an authorization for additional spending. It is to cover the costs of those programs that Congress has ALREADY passed. Many folks are confused on this point and I think he went out of his way to explain the issue very clearly. To not authorize a debt ceiling increase would cause severe stress to the US economy.
2. He will not allow the debt ceiling issue to be held hostage as a bargaining chip with regard to further discussions related to deficit reductions. I really hope he is sincere on this and sticks to his guns. We as a nation cannot afford to bounce from one debt ceiling issue to another on a regular basis. It’s gotten to the point of absurdity that we have to go through this BS exercise constantly, expending so much energy, so much politicking, so much drama just to keep this country running. It’s time it ended. Last year, Mitch McConnell (a republican) even proposed that the president be given unilateral authority as the final arbiter with respect to maintaining the debt ceiling, just to get it out of the hands of Congress and and all the melodrama that involves.

I’m probably not answering your question, but I really didn’t hear any calls for increased spending. If anything he laid out exactly how much of a spending cut was needed to achieve the 4 trilllion dollar goal for the current budget proposal to be successful and how he planned on coming up with that figure. I’m pretty sure the President is fully aware that there is no way that additional spending is prudent at this time. It all comes down to the question of how to achieve the 4 trillion dollar goal. Republicans want to do it by across the board entitlement cuts and no additional revenue. He wants limited entitlement cuts coupled with increased revenue. That is the battle and where the lines are being drawn.

Sheesh - This forum is acting up. Don't know what the heck happened here with my original post.

2 different animals. the ceiling is just paying the bills of the spending congress already agreed to pay (owed money). the same congress who now, dont want to pay it, are the ones who spent the money. the cuts talk are for the future spending. either way, it messed up my trade atm.

is face book buying Dell? or Micheal Dell?

gatorinla, turhovach

I completely understand the debt ceiling issue and that we have to pay our bills, my problem lies in the fact that hes not looking to negotiate this issue moving forward which is going to lead to increased spending moving forward on for the most part unless programs this year. Maybe im just a hard headed Republican that doesn't believe a word that comes out of the presidents mouth anymore. The size of the US government has gotten way to large and the reason we are being held hostage to all these nonsensical political events is just that. Im not going to go into my political views here I dont think this is place for it. I am however going to reread the transcripts of the speech and see if I can make a little more sense of it and read between the lines.

Seems everything is on hold pending Mr. Bernanke's speech at the University of Michigan. So what is everyone expecting? That he will reiterate in no uncertain terms the Fed's recent statement of adhering to the 6.5% unemployment goal coupled with an $85B per month bond buying program? What if he doesn't explicitly comment on those items? Then what? EURO goes down?

He's talking to a bunch of students. I seriously doubt he's going to go into any great detail about the Fed's future actions. And I sure as heck don't think he's going to make a promise that the Fed will be printing "forever" which is what a lot of folks seem to be hoping for.

Meanwhile, rigor mortis seems to have settled into the market. Damn, this is boring. Guess nothing to do but wait 'till 4:00 PM. Sigh...

Not much QE which is what everyone is looking for considering his audience is a bunch of college kids

Help wanted

I want to include a term in my resume denoting my trading skill that combines Charting and Fundamentals.

Suggested name for this skill will be very much appreciated.

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1. Charmentalist

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2. Fartist