Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
Hi Chinook,
How are you doing?
I'm back after the long holiday in South America and yes have been trying to get back into trading - although the Amazon I think cooked my brain - been a tough 3 weeks - hence the lack of posting as I try and get into the swing of things again (Note to all Traders that go on extended vacation - give yourself time to get back into mode!!!)
If Gringinho is up and about - sorry missed out on the restaurant you recommended - I was sick when arriving in Sao Paulo and stayed in bed for 2 days. I had to get healthy for the hike in Peru (Inca Trail) which was great and I would recommend to anyone!
I had the best seafood ever though in Rio - placed called 'Marius Seafood' by Copacabana beach - amazing!
Good luck with the trades. Looks like Trichet has spoiled the Bull party for a while and we should test sub 29 (Don't trust me at this point though - I'm shedding capital faster than my dog does his winter coat)
3 pips? That's not very much?
This is a quote from a guy on the OANDA Experienced Traders Forum - thought it was well written and thought out
OldHand Wrote:
"Sorry to throw cold water on the double top scenario but, I believe, a possible head and shoulders may be taking shape with 1.35+, more likely 1.38+ forming the head, at least. Make no mistake about it, the dollar bears control the market right now as Friday's action clearly demonstrated. No doubt we will see some type of minor correction maybe in the low 1.29s high 1.28s before the bears pounce upon the dollar longs again to soak up the new found cash. I also draw your attention to the USDCHF weekly chart where no such double bottom has formed and the Swissie has been out front running interference for the EURO on this latest rally. This hungry beast needs more money in the market and will wait patiently for high liquidity situations such as the trade figures announcement and the FOMC announcements this week. If the news is good, that is, trade balance levels off or drops and the FOMC announcement is very bullish, whatever you do, DON'T BY DOllARS...the real money players will use the same "drive by" shotgunning strategy on dollar longs as they have for the last three weeks. Beware of Thursday as it is a holiday in Canada and the U.S. and, if past experience is any guide, real money will use the low liquidity situation to take profits and lure dollar longs back into the market by dropping the price before the next feast begins.
Just my two Euros worth..."
OldHand Wrote:
"Sorry to throw cold water on the double top scenario but, I believe, a possible head and shoulders may be taking shape with 1.35+, more likely 1.38+ forming the head, at least. Make no mistake about it, the dollar bears control the market right now as Friday's action clearly demonstrated. No doubt we will see some type of minor correction maybe in the low 1.29s high 1.28s before the bears pounce upon the dollar longs again to soak up the new found cash. I also draw your attention to the USDCHF weekly chart where no such double bottom has formed and the Swissie has been out front running interference for the EURO on this latest rally. This hungry beast needs more money in the market and will wait patiently for high liquidity situations such as the trade figures announcement and the FOMC announcements this week. If the news is good, that is, trade balance levels off or drops and the FOMC announcement is very bullish, whatever you do, DON'T BY DOllARS...the real money players will use the same "drive by" shotgunning strategy on dollar longs as they have for the last three weeks. Beware of Thursday as it is a holiday in Canada and the U.S. and, if past experience is any guide, real money will use the low liquidity situation to take profits and lure dollar longs back into the market by dropping the price before the next feast begins.
Just my two Euros worth..."
