EU - where is it going next?

[oldtime]

Quote from ammo:

dollar could be heading here

no kidding, it's like musical chairs and it looks like usd is going to be the one with no place to sit when the music stops

puts Mr Bernanke in a hard spot

it's already shown us it can trade up there at 83 with no change in fundamentals other than what we currently have other than qe inifinity

I haven't been trading that eur/usd very long, but my first impression is it's kind of an amateur bet on the Eurozone. Which is kind of contradictory. If people get bullish on the Eurozone they bid up eur/usd, but in order for it to bail out Italy it needs to go down.

The thing is, usd already has all the machinery in place to drive down the dollar anytime it wants and has publicly stated they will do so at will.

 

[oldtime]

Quote from Humpy:

Yeah right - so go jump in the sea OT. Calm you down a bit.

well, now we are all just sitting here waiting for something to get hit, so maybe Steve won't mind if we bullshit a little bit. So what's the weather like out there this time of year, by the sea near the river? Out here the leaves have all changed colors and are falling off the trees, and the birds from up north appreciate stopping off at the feeder on their way down south.

So far, it's been a fortunate evening for me as long, but you know how that forex is, it can turn on a dime, and usually my dime.

I like Steve's plan and I'll tell you why. In spite of what they say, most of us are very disciplined about our losses. We hang tough and take them when they get hit.

But when it comes to profits we can be very loosey goosey. When I was young I would take a profit just because it would pay the electric bill.

Keep doing that long enough and it will catch up to you.

It's not that often that you find yourself in a no lose situation, and that's the time to be really focused and disciplined.

 

[ammo]

Quote from ammo:

it bounced out of this gap fill (1), it's completing this bell curve(2) and may return to 2635 area(3) as it completes, if it doesn't bounce,buyers that were there last time will be fewer when it returns to that spot, there it could continue down to 2578-52 area(4)

scenario didnt play out but using the same points eur is filling this cleave and its an area to short with a stop at at 2815-20..this is another rally on greek news

 

[oldtime]

Quote from Salmon:

Long euro ha ha ha......morons.

 

[Steve]

Quote from Salmon:

Long euro ha ha ha......morons.

It seems there are quite a few of 'morons' as Salmon put it

Stopped from my short, so only +135 pips from 1 lot

 

[oldtime]

Quote from Steve:

It seems there are quite a few of 'morons' as Salmon put it

Stopped from my short, so only +135 pips from 1 lot

oh well, nice trade anyway. Not so sure it had all that much to do with eur. They were really trashing the dollar Fri, complete with short coverering on the close.

 

[Instant Karma]

At this juncture, down early next week would be my best guess...

 

[oldtime]

Quote from Instant Karma:

At this juncture, down early next week would be my best guess...

well, we all have guesses. I'm kind of cynical and don't put much stock in any of them. But it was pretty obvious that move on the close after an American Thanksgiving holiday was short covering.

I don't think they are trading eur anymore. I think they are trading usd.

 

[Steve]

Quote from oldtime:

oh well, nice trade anyway. Not so sure it had all that much to do with eur. They were really trashing the dollar Fri, complete with short coverering on the close.

Thanks Oldtime.
I was expecting more profit (six times more), but we don't always get what we expect (especially in trading).

 

[Steve]

Quote from Instant Karma:

At this juncture, down early next week would be my best guess...

Similar opinion over here Instant Karma.
I was thinking about shorting, but wouldn't jump in as yet. That move on Friday was on low volume and it's difficult to see what's going on. Is is dollar weakness as Oldtime mentioned, or something else I don't know - at the moment I won't short it (I'll see what happens on Monday)