EUR/USD

Quote from Ivanovich:

I agree. And it'll provide an excellent opportunity to re-enter shorts.
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I agree with uexkuell and Ivanovich. It's important to remember that EURUSD fell from 1.3097 to 1.2235 in the space of 1 week (Mon 10 May to Mon 17 May), so a bounce to 1.2520 (Thu 6 May low) and 1.2740 (Fri 7 May close) would be reasonable.

If and when that happens I'll be adding to my existing short EURUSD position.
 
Quote from uexkuell:

Expect a rather strong shakeout to the upside (something like 1.26) before EUR may switch back to the free fall mode (below 1.22).
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... this is why I try to avoid short term predictions. :D

After going into the weekend moderately leveraged, I levered up significantly Sunday night; 14:1 with an entry of 1.2365, making the average on my position 1.26011.
This morning, I was concerned about exactly what you wrote (I hadn't been to this board until now) and decided to lighten up a bit when I got the chance. I ended up putting in a limit order to cover 1/9th of my position at 1.2325. I went to lunch and it executed. That's OK, I'll still sleep well tonight.

It appears that the latest selloff is due to statements out of Germany calling for a ban on naked short selling. (Along with a couple of other negative changes, such as a financial transaction tax).
While this may sound like a good idea, the sophisticated trader is unhappy with the suggestion, as can be seen in the sudden drop in the EUR.

This is further weakening the EUR. It'll be interesting to see how low the EUR will go before it finds some longer term support. I got a feeling that we'll be blowing through Monday's 1.2233 low in the very near future.

I'm VERY tempted to lever up hard again; this could cause a HUGE downdraft after the ban goes into effect at midnight tonight CET.

Again, I was in full agreement uexkell's assessment that it looked like the EUR was going higher and wanted to lighten up a bit. Covering where I did, I profited 40 pips from Sunday evening's shorting so I don't feel bad about it. The German announcement is a game changer and has put the EUR back on a course to parity.
 
I can't think of a single "good habit" that I have today, that didn't evolve out of a "bad habit" originally. One of the great "truths" in Mark Douglas' book , Trading in the Zone is, ANYTHING CAN HAPPEN. Oh, so true in the Euro. I sat and watched my system churn till 10:0? before it lit up (short)???? It was one of those days when I had to "buck up" and trust my system !

I broke my bad habit of bringing my "bias" into the trading day years ago. Here's how I did it. Every morning I wrote my bias on a full sheet of paper, then I crinkled it up into a ball and shoved it up my ass! Within six months to a year, the discomfort of having my "bias" up my rectum taught me to stop forming a "bias."

I seemed to be much more relaxed with my trading after that issue, "passed."

Good trading

<*)))><
 
Wow, we're in roller coaster mode. This last pop was just after 8AM EDT based on a statement from the ECB where they were talking about intervention. Let's see if this pop can last more than 12 hours.

The Swiss have been intervening to hold the CHF at 1.40 EUR. They must've bought EUR hand over fist over the last few days to hold that line.
 
Yea,

Booooooooorrrrrrringggggggg

At 11:0?am C/time I got my "first" signal .... nothing since 4:30 am. I was so bored, I shoved my stop up close and went to the kitchen to get a sandwich.

When I came back I was up 30 pts, Maybe there is hope.

Good trading

<*)))><
 
This is a

SSSSSSSSSSSSSSSSSSSSSS
QQQQQQQQQQQQQQQQQQQQ
UUUUUUUUUUUUUUUUUUUUUU
EEEEEEEEEEEEEEEEEEEEEEEEE
EEEEEEEEEEEEEEEEEEEEEEEEE
EEEEEEEEEEEEEEEEEEEEEEEEE
EEEEEEEEEEEEEEEEEEEEEEEEE
EEEEEEEEEEEEEEEEEEEEEEEEE
ZZZZZZZZZZZZZZZZZZZZZZ
ZZZZZZZZZZZZZZZZZZZZZZ
EEEEEEEEEEEEEEEEEEEEEEEEE

I want 2415


Good trading

<*)))><
 
Hey there, iflyjetzzz

I've learned not to (want) for long in the 6E.

I changed my mind,,,, I wanted 09

I changed my mind AGAIN,,,,, I wanted 99

Then my fav "get the hell out" indicator flashed..... I sold it in the mid 90's

I was very happy : )

Opinions? check back every 9 minutes!!! Seriously, I leave that to my computer.... it "thinks" faster than me... And I don't like biases rattling around in my head. Sorry

Good trading

<*)))><
 
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