Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
break eur.
I agree, SethArb, the cable is unbelieveable. It has started to take some of the EURUSD heat now.
I was playing at www.tradergames.com - and was pretty confident that I could out-trade some of the players I saw trading there, after doing some parallel games on simulation. But this one guy just hit that cable and didn't look back - even though I did some nice scalp trades in EURJPY. I finally hoped for a reversal, since I didn't get on his GBPUSD-wagon when he became a threat, so I was just plonkering until I had to take care of my son - and stop the game from my side. Maybe I could have traded up some more with EURJPY, but it would have been very tough. Just goes to show what a solid portion of luck can do, shame I didn't defend well enough to hang onto the same bullet.
Today, the EURUSD was pretty solid and shows further potential to the upside into the NFP. EURJPY was really jumpy and probably proved a lot of nice opportunities - even on spot with 6 pip spread as I was playing.
I was playing at www.tradergames.com - and was pretty confident that I could out-trade some of the players I saw trading there, after doing some parallel games on simulation. But this one guy just hit that cable and didn't look back - even though I did some nice scalp trades in EURJPY. I finally hoped for a reversal, since I didn't get on his GBPUSD-wagon when he became a threat, so I was just plonkering until I had to take care of my son - and stop the game from my side. Maybe I could have traded up some more with EURJPY, but it would have been very tough. Just goes to show what a solid portion of luck can do, shame I didn't defend well enough to hang onto the same bullet.
Today, the EURUSD was pretty solid and shows further potential to the upside into the NFP. EURJPY was really jumpy and probably proved a lot of nice opportunities - even on spot with 6 pip spread as I was playing.
I'm guessing you're new to this. No, it's not a software error. It's just a spike. It happens all the time. It could hint to a reversal, or it's just a sign of stops being taken out. When data comes out, there are sometimes spikes that are much bigger than that. Currencies can move 100s of pips in a matter of minutes. It's probably not a good idea to be looking at a 5 second chart.
There are reported further stops above 1.3370 right now and support on 1.335 and 1.3300 according to Thomson. Next option barrier at 1.3400.
USDJPY apparently dicy at 102.00 with extreme possiblilty of intervention there.
Seeing that Trichet is now talking of how strong the US economy and the USD really is instead of saying that the EURUSD should not rise further, perhaps will be something that can set the tone after some further weakness. We will see a reversal, retracement of sorts when we hit some more extreme consequences ... mini-crisis are always nice.
Quote from Gringinho:
There are reported further stops above 1.3370 right now and support on 1.335 and 1.3300 according to Thomson. Next option barrier at 1.3400.
USDJPY apparently dicy at 102.00 with extreme possiblilty of intervention there.
Seeing that Trichet is now talking of how strong the US economy and the USD really is instead of saying that the EURUSD should not rise further, perhaps will be something that can set the tone after some further weakness. We will see a reversal, retracement of sorts when we hit some more extreme consequences ... mini-crisis are always nice.
Euro won't reverse until 1.3930 is seen. In June 03, euro made its way to 1.1930 before a major retracement. It fell to 1.0750 and then continued its uptrend to 1.2930 before it retraced to 1.1750 back in April. From retracement to new high, it`s moving in 2180 pip incriments. 1.3930 should be hit sometime in Jan/Feb 2005, before a major pullback to about 1.2750. If 1.2750 is broken, it could be a major reversal and the end of the USD 4-5 year cycle. Just keep buying dips for now.