All the waves and trading opportunities have been to the downside of the Euro since shortly after the close of yesterday's US session... JP Morgan mentioned on Bloomberg during the Asian session that there looks to come substantial Forex intervention to shore up the growth in Asia - they see that as around 6% on total for the region, and 1.5% for Japan next year.
The downwards movement on the Euro right now, and the strengthening of the Yen ... well, Bank of England selling USD - offering unlimited to lending - and some more Lehman absorption (the frankly criminal losses incurred shortly before the collapse).
Well, both my long term trades just negative now... and the EURUSD has been negative for some days, while the EURJPY just dipped right now. However, my stops were set at -500pips - so they are quite wide and safe still.
Russia has been talking about their reserves too... and I see these latest forex moves, mostly as showing off, light muscling around... nothing fundamental - but the theme is limpish downwards for now. Buy some dips later today I guess... maybe the EURJPY already at this level.
Weaker German construction and manufacturing, consumer confidence etc has been in the works for long now - so that is just a non-issue, non-fundamental right now IMO. The largest impact has been the repatriation effects because of the uncertainty and instability ... so no outlook should fundamentally change by mere confirmation of numbers right now, I think.
I will get another in at the lower 134s on EURJPY for 135 target ... but wide stop, which is not really ... on second thought, I'll scratch that -- better do my trading awake than letting it go on autopilot when sleeping. I might get lucky - but... even if I set -100 or -150pips stops - those can be hit and whiplashed still. Although, for anyone sitting through this - the opportunity looks to be there ... scalping-wise.
09:09 CET stubborn, dumb, sleepy, whatever ... I got a pair in there (â¬1mn each) just around 134 (.04 and .07) with no stops and 135 targets... I can take the wait anyway, and it's not such a big deal - the pair won't move big downwards - I think. It's just the novelty of those construction numbers -- which is bogus in this setting I think. Therefore I took those two trades. They'll probably give me +90pips each - so why not...
EURUSD I'm not touching right now for any quick bouncing scalp... although it's low. I've got that longer term â¬2mn on that for a roughly +1000pips target - and it will just take it's sweet time... â¬-32k right now.
09:17 CET ... USDJPY bullying domination right now... interesting stuff. Some options at 101.40 apparently fro Thursday - but that seems a bit far off still (in time).
09:19 CET I even made it a triplet on EURJPY - no stops and just around 135 targets - I might convince myself to set one into 135.50 too... but I'll think on that.
Nah, they are all set to go off in the 134.90-135 area... for 2x 90pips and 1x 75 pips @ â¬1mn each.
Time to get some rest...
