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

Quote from trade-ya1:

I would be nervous about being short here. The biggest moves often start this way (seemingly for no reason). I might agree with you if the after-hours move wasn't as sharp. However, the fact that they could take it up so aggressively on nothing means that there is a real lack of EUR sellers. If the demand/supply equation were more balanced, they wouldn't be able to run this thing up so high. It traded up to 1.2249 which is about +60 ticks from the close. That is a REAL significant move especially with vol. as low as it's been in the EUR. To me, the fact that it could be driven up this much (and sustained for more than a few minutes), regardless of the reason, shows a real lack of supply of EUR for sale. Best, Neal.
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Probably, you are right in your assessment. To me it felt like most of the move was due to short Eur stops popping. Anyway, I 'm only risking 10 pips with low leverage.

Chinook
 
My short got nuked after this last spike at about 1am EST. Anyway total loss is 10 pips. Tomorrow should be a decent trading day.

Chinook
 
Yes, I was in at 1.2234 in the futures which was about 1.2240 in the spot. I got shaken out by 6 pips and then the market immediately turned down--Oh well, this is part of the game. But anyway looking at the price action, it looks like it might be able keep the upwards momentum tonight. Good luck with the longs.

I'm staying neutral now--I want to start the day with a clean slate and be ready for 8:30am EST madness. Time for my beauty sleep!

Good night,

Chinook
 
Thanks for sharing Chinook. I must say this is the most honest Traders thoughts revealed in ET. I do not have much to contribute as I am just soaking up the experience in here and learning. I do not know if I will ever be able to trade Forex.

Good night.


Michael B.
 
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