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

Good Morning,

Just went long on the pullback. My thought is that, after days pushing up agains 1.30, the market has some pressure built up for a large move (up) this morning. My stops just below 1.3020.
 
Quote from chinook:

This is one last short--Famous last words. Hey, I'm running a charity to make rich traders richer :p
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I'm not sure you're going to get +30 ticks on that, since your stops are probably too tight ? What's the target and are you "all mechanical" already with a trailing from your entry ?
Then it seems like it's aimless, just a pot-shot scalp if so. You have been scalping a lot lately ... :)

It's dangerous to be stubborn when the rest of the WHOLE world says you're wrong.

edit: mid 1.3040s - and you see what I'm talking about ?
There are some bad big boys wanting to pop this cherry ...
 
Quote from Gringinho:

I'm not sure you're going to get +30 ticks on that, since your stops are probably too tight ? What's the target and are you "all mechanical" already with a trailing from your entry ?
Then it seems like it's aimless, just a pot-shot scalp if so. You have been scalping a lot lately ... :)

It's dangerous to be stubborn when the rest of the WHOLE world says you're wrong.
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I got stopped out one more time.

I know. I've been very stubborn especially since Sunday night. I'm trading outside of my usual plan. Very dangerous situation. I took quite a few trades against my usual adaptive MA. This 1.30 stuff completely made me biased.
 
I think there are a few 1-3050-ish guys feverishly hedging their positions further now. That avalanche should have scared anyone right now.

The news later could give it a strong whip-pretext. But we're still on course a little above here.

edit: on the book now - everyone are afraid they're baiting now around low 1.2040s. Someone with a purpose needs to show some strength to call the hounds. Otherwise we will see those erratic moves again with range-boundness below 1.3050.
 
Quote from TradingWise:

Do technical levels from before the EUR existed matter?
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Some will say yes and some will say no. Personally I don't think so. I think that Europe before the introduction of the single currency was different enough that you can't really compare the two. Also technicals rely in part on people remembering old levels and no one is going to remember a price level for the Euro that is derived from the price of what 12 individual currencies were valued at. I'm not even sure how many traders have the data and the capability to bring up a "Euro" chart from before the single currency existed.

Cheers,

TRADERguy
 
Quote from TRADERguy:

...
no one is going to remember a price level for the Euro that is derived from the price of what 12 individual currencies were valued at. I'm not even sure how many traders have the data and the capability to bring up a "Euro" chart from before the single currency existed.
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On www.dailyfx.com/FinanceChart.html you do a "timescale monthly" and you get chart dating back to january 1980.

1.45ish would be the top we can see on these charts - probably higher before 1980 and the early 1990s highs.
 
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