Greg's Journal

B/EURO@2545, support area.

Out, +18pips. Will wait...

Greg, good trading. I'm not sure I saw this earlier but what timeframe charts (trend/entry) do you typically trade with?

Thanks,

k

Will be watching EURO closely if it returns to 2625-40 area, for possible short. Setting alerts. EURO currently 2618. Now European open, but in no hurry to jump in. As always, wait for setup to appear, trade the obvious, take the easy pips, get out. So counsels the ancient and wise tortoise. May even wait for later in the morning, who knows?

Patiece is a virtue in all things

B/EURO@2619, Target 2630+. Look to hit target, or not, Trichet speech 1/2 hr. S/L below 200EMA @2600.

Tight BB on 15min chart. Riding the 5EMA/8SMA sideways. One small step for pip-kind. Suppose EURO could eventually hit my MP4 @ 2635. Mayhap even R2 @ 2654.

Stuff dreams are made of.

...Zzzzz

Closed EURO position @ 2625. +11pips on last lot, +8 on 2nd, +3 on lst. Thin pickins.

Looking for EURO to drop.

Why, Greg? You say you expect the EURO to go down. Why, why, why?

Ans: Tightening BB, 15min chart--something's going to happen, right? Mostly oversold stochs, price is @ triple top on 4hr, etc., etc., etc. Natch, I'm not in a selling mood until down bias has been confirmed, and I'm not saying how far price will drop. But certainly PP@2637, even 200EMA@2615, 15min. chart is poss, or more near term. Long haul?: Daily chart is up, currently at or near short term triple top area. Quite possibly trending up long term, so I don't expect EURO to fall through the floor.

Quotable:

The name of the book was The Big Board....It was about an Earthling man and woman who were kidnapped by extraterrestials. They were put on display in a zoo on a planet called Zircon-212.
These fictitious people in the zoo had a big board supposedly showing stock market quotations and commodity prices along one wall of their habitat, and a news ticker, and a telephone that was supposedly connected to a brokerage on Earth. The creatures on Zircon-212 told their captives that they had invested a million dollars for them back on Earth, and that it was up to the captives to manage it so that they would be fabulously wealthy when they were returned to Earth.
The telephone and the big board and the ticker were all fakes, of course. They were simply stimulants to make the Earthlings perform vividly for the crowds at the zoo--to make them jump up and down and cheer, or gloat, or sulk, or tear their hair, to be scared shitless or to feel as contented as babies in their mothers' arms.
The Earthlings did very well on paper. That was part of the rigging, of course. And religion got mixed up in it, too. The news ticker reminded them that the President of the United States had declared National Prayer Week, and that everybody should pray. The Earthlings had had a bad week on the market before that. They had lost a small fortune in olive oil futures. So they gave praying a whirl. It worked. Olive oil went up.

--Kurt Vonnegut Jr.
Slaughterhouse Five

S/EURO@2673, looking for target @ 200EMA/2617, 15min. chart, or below.

Tight s/l, entry.

EURO@2637, +33pips on the trade. 2nd lot kicked in @ 2650, +23pips

Out on both lots, EURO @ 2634. Nuff for now. Won't cry if price continues to drop, went for easy money.

Hi there Greg,

What do you use to confirm down bias ?

cheers
John

Hi John. At the time, EURO had been consolidating at 2675 area, dbl top, slow stochs were oversold. Looking all time-frames including daily, felt EURO was at top of possible range, correction likely.

Greg

Correction on pip total early morn: 1st lot 46 pips, 2nd lot 26pips, total= 72pips on trade, took easy money, went back to bed and slept like a babe.

Bought EURO @ 2771, s/l @ entry, initial target 2600. Price currently 2581.

Correction last: bought EURO @ 2571, cashed in @ 2590. +19pips. Nuff. No action, time of day consideration for me.

Waiting for EURO setup, long. Likely won't consider trade for at least another hour, maybe two. (1) Have set mobile alerts to track price action. (2) Probably will create a couple entry orders at different prices. Coming to end of trading week, will be interesting to see how EURO finishes, up or down.