Chinook's EUR/USD (E/$)Mumblings

Quote from FX MENTOR:

Eur/Usd is starting to show some signs of running out of steam at the 1.2172 level. I might have a good possible shorting opp soon. I have to run out to the store so I will be back in about 20-30 minutes. Let's see what happens during that time?
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It looks like it'll pullback soon. But I don't think it'll be more than 20-30 pips. It might stop around 1.2140-50. I'm stopping myself from shorting since I still think upside has more potential.

Chinook
 
Quote from chinook:

It looks like it'll pullback soon. But I don't think it'll be more than 20-30 pips. It might stop around 1.2140-50. I'm stopping myself from shorting since I still think upside has more potential.

Chinook
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O.k. I'm back.:D and guess what the mkt is still in the 70's.:eek:
 
seems to be intact. the mkt is still holding in the 70's. However, that could be a resistance point as well or you could argue that it is support for the next leg up?
 
Well my chart for EUR/GBP isn't working...note to self--get a better chart package asap. If you look at a daily chart you will see that GBP has been weak for a while. Basically, the UK economy has topped out and it looks like UK rate increases are done. A few months ago their economy was on fire, a couple of weeks ago the consensus was for one more hike before the end of the year, and now that is starting to look questionable, maybe in December if it happens at all.
 
Quote from TRADERguy:

Well my chart for EUR/GBP isn't working...note to self--get a better chart package asap. If you look at a daily chart you will see that GBP has been weak for a while. Basically, the UK economy has topped out and it looks like UK rate increases are done. A few months ago their economy was on fire, a couple of weeks ago the consensus was for one more hike before the end of the year, and now that is starting to look questionable, maybe in December if it happens at all.
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I think that the Yen and the Pound are 2 of the most manipulated, controlled, and Gov't intervened mkts on the planet. :mad: Although I have made $$$ in both mkts in the past.:D However, today is a different story that is why I have switched to the Eur/Usd.:cool:
 
It was a generous day for me. The Greenie spike was longer than I was expecting. I jumped off the long train around 1.22 and waited for 25-30 pips pullback--I ended up missing half of the daily range. On the bright side :

1) I wasn't stubborn with my initial short EurUsd decision. The short position got stopped out with a small loss. Quick change of mind to the long side led to good profits right after Greenie started talking.

2) During the second half of the day, I was able stay on the sidelines keeping myself from shorting (revenge trading) since the pullback I was looking for never got realized.

I performed well today mentally showing good flexibility. However, I need to tweak my trailing stop so I can follow moves like this without too much internal conflicts. I tend to predict spikes like this to stall around round numbers 50s and 100s and usually it overshoots quite a bit more.

Chinook
 
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