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Post Fed Minutes... I now have 1.1942 FX and 1.1925 as key levels. Any break above here and I am not so sure we will come back down. However, if contained I see 1.898 on FX and 1.1881 SPOT.

I underestimated the buying at the 1.1907 level. I remember saying how I was not going to be stubborn, but enter in this "zone" between 1.1890 and 1.907. Well, I was stubborn and I missed the run. This is part of my style. I try to find a sweet spot during the NY session and put on size and...

11:58 EST Price 1.926 I am still short. I did not cover at 1.1907. A break above 1.1928 that holds and I will cover, otherwise I do not think bottom has occurred. I am looking to enter in the 1.1892 area. If we go back and test 1.1907 again I may cover the short here, but I do not plan to...

Just a thought at this time. If we do head lower and get filled around the .1893 level and move up. We MUST get back thru the 1.907 level for any meaningful move to the topside. So be aware of this if you get filled long down below. I will try to update on this. If .1907 holds then use as a...

The 1.1907 level is a good buy. I am going to "hope" for one more surge lower.

9:30 AM EST Price 1.1919 I now have the ideal low entry point coming in around 1.1891 on EC. I am still short form 1.1934, but the options plays are making life difficult. DRT STill looking for the surge in JY back up to 119 - 119.06 concurrently if it works.

I have a feeling the 10:00 AM time could be a bit of a zinger. May produce zig zag motions on charts. Options expiry and some data so be cautious. DRT

Can one of you more knowledable guys help me with understanding the logic behind option expiries. I am aware in general that price action is drawn to these levels prior to expiry, but I really do not have a firm understanding of what is going on at a higher level For instance, this morning it...

It never ceases to amaze me the amount of money out there that it must take to manipulate price levels like this. This is a fairly intense battle.

I realize shorts look a little shakey right now and I would agree, but if you are inclined to go short......then watch the pullback to this 1.1928 level. If it fails, a short would be a good trade. Just use a tight stop to protect yourself. I will cover if their is 1.1928 area gives way to...

Looks like a strong defensive line at 1.1900 cash. Probably from the Pittsburg Options team. Be careful.

I was thinking it may be a good idea to remind everyone that I am trading EURO FX (ECH06) Not the EURUSD spot market. It can be a little confusing. http://www.cme.com/trading/prd/contract_spec_EC2465.html

2-21 6:05 AM Price at 1.1928 Good morning everyone. I just entered short at 1.1934 a few minutes ago. The picture is not totally clear for me this morning. I still think we have to probe downward. I am fairly focused on the 1.1928 area. If this gives way, I am looking for a move down to...

Some data coming, including Fed minutes tommorrow.

Methodology Development What is the purpose of the Forex market?

METHODOLOGY THOUGHTS Let's start some discussion on methodology. A couple folks have asked me about this. I will try to post on-going thoughts on this in blue so we can find them a little easier. My goal here is to help those that need a little guidance, not try to change what anyone...

Thanks Steve. Sounds like you modeled your methodology around some of Elder's teachings. I did read a couple of his books some time ago. I think I have the EL code for the force index somewhere. I do not use any indicators anymore in my trading. I used to rely heavily on them. Now I just try to...

Good post T-bone. Hope to get to know you here in cyberland also. I like the part about "pass on the wealth to heirs". Shows good character and integrity. DRT

Globex opens at 6:00 PM EST. I call this the Asian session, I guess technically I am not correct. Let's call it the "dinner time into American Idol, then decide if you want to go to bed or stay up and trade all night session". This may be a little clearer.

2-20 Asian Session Price is at 1.1944 Things sure look like they want to head downward a little. I am having a tough time with this until there is some movement. Down below, I still see a nice entry down below that is coming in around 1.1902-1.1910 area. I am going to "sit on my...