Euro Currency Futures 2006

This was fairly interesting....

Dollar Climbs on Follow-through Buying by Korman Tam


The dollar was sharply higher in New York trading, rising towards Friday's highs against the euro near 1.1955 and a one-month high versus the sterling at 1.7430. With a dearth of fresh economic news from the US, the gains may be attributed to follow through buying on a combination of last week's upbeat unemployment rate and Fed rate hike expectations. Interestingly, amid the dollar's sharp gains in the spot market, futures data paint a starkly different picture.

Dollar bearishness hits new landmark

Euro bullishness edged up 2.9% to 37,464 last week despite the currency's sell-off over the past 2 weeks. It was only the second highest bullish position since Nov 2004. But the breach below the 1.1950 level should reduce net longs by at least 5-10% in the following week.
 
Good trade Steve!!

You know....... Depending on how things play out this week. This could be a really big bounce in my opinion. I still think the downside is coming, but I can see some major upwind possibly.

I am thinking maybe 1.2571 first, then onto Parity. :p

Nice Trade. I should have taken the short trade down into my entry, but I was just not into staying up and watching last night.

DRT
 
I am still short the EC, although we might see a pull back in the near term, it's in a down trend and I just want to remain short. If it pulls back, I will likely add to the position.

Good trading to all!

Mike
 
Mike,

This is logical and probably the best view. I am just illogical. It's the only way I have learned to be profitable.

I see the 1.2131 ish level as a key test in the near term. If in fact we ever make it even close to this.

You will probably take all my money.

DRT


Quote from mschey:

I am still short the EC, although we might see a pull back in the near term, it's in a down trend and I just want to remain short. If it pulls back, I will likely add to the position.

Good trading to all!

Mike
More...
 
Not with the size I'm trading....I'm relatively new to futures and am still developing my game. I will add to the position around 1.2111 with a relatively tight stop.

It might be you who takes my money!:D
 
Quote from downrivertrader:

Mike,

This is logical and probably the best view. I am just illogical. It's the only way I have learned to be profitable.

I see the 1.2131 ish level as a key test in the near term. If in fact we ever make it even close to this.

You will probably take all my money.

DRT
More...

Are you planning on holding your long position all the way to 121.31 and if so , are you using a trailing stop?
 
First price needs to get above 1.2016 and hold. Things don't look real peachy right now.

I am focused in on 2131 ish but and that is my target. However, there are two good targets before that in my opinion would be good exits prior to this level if reached:

1.2053 area
1.2088 area

If price passes thru the 1.2088 area and holds. This would be a good place to get long on up to 1.2131 area.

And no I do not use trailing stops when trading. I generally do not set stops at all, it just seems that if we are going to be discussing trades that I should post a stop because I am not advising anyone not to use stops. Just not my style. I will get out when I need to and yes I may get burned a time or two but I do not believe in hardened stops when trading this market. To me, it would be like an artist painting one of those line drawings and he can not be a little creative when necessary.

Good luck. I am still long but we need some juice to get things moving up. One thing I would like to point out is that there has not been any real volume accompanying this move down so far.

Good luck to you.

DRT
 
One thing I always find interesting with the futures market.... there is an intense battle going on right now at the 1.2000 level for control. Spot traders can watch and see who wins here. If you did not watch Euro FX then maybe you are losing a valuable edge in trading.
 
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