OK, this is getting ridiculous.. how is EURUSD now over 1.42?? (4/1/11)

Quote from tradingjournals:

eurusd at 1.4580. I am now considering playing on the long side, but have questions about the upside. How far do you think it would go up if it goes up?
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You need to seriously consider selling rallies until the low of the consolidation pattern is tested.

In a perfect world there would be a rally to the mid to high 4600's before the market tests the 4/26 low at .4495, but be sure that number is in play on this swing. I am on the sidelines fo now waiting to hort a rally to 4650, if it turns back there.
 
Quote from FJMcC:

All right, I will give you one in real time, Rectangle breakdown in GBP/USD for a potential 100 point winner.

Enter short @ 1.6426. Risk to 1.651, target at 1.6330.

Easy trade, good R/R, fits todays fundamentals/sentiment.

Try it small. good luck.
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If anyone has put this on or followed it, we are doing very well. Currently approximately ahead 50 ticks. Original stop level was never threatened. Depending on your philosophy about stops, it might be a good time to move this one to breakeven or take some partials. Judgement call.

Ive got my new stop at 1.6422 which is just above the high of a key breakdown bar.

See you around 1.6340.
 
Quote from tradingjournals:

I agree with your analysis. It is good you have the patience.

It is now at 1.4545. I think I am going to try my luck in here on the long side.
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Closed this one for single digit pips. :(
 
Quote from Martinghoul:

That's how it always happens, in my experience, when a trade is crowded by carry munkies.
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Also, not that it would cause such a huge move, but the multiple failed runs into 1.49 might suggest that someone was defending the 1.50 handle?

Any real traders or bank guys hear anything about that? And would care to share :) ?
 
There's always barriers at nice round numbers. Normally it's due to large positions that SAFE and other friendly Chinese punters have themselves or got the dealer community into. I don't remember hearing this being the case at the moment with the 1.50 strike, but, then again, I never particularly cared...
 
Quote from Martinghoul:

There's always barriers at nice round numbers. Normally it's due to large positions that SAFE and other friendly Chinese punters have themselves or got the dealer community into. I don't remember hearing this being the case at the moment with the 1.50 strike, but, then again, I never particularly cared...
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thanks martin. I't doesnt really matter to how i make a trade, but I have seen crazy daily swings when something like that goes down, and I got out in front of it.

Just trying to sound smarter than I really am, in true ET fashion. :)
 
Quote from FJMcC:
thanks martin. I't doesnt really matter to how i make a trade, but I have seen crazy daily swings when something like that goes down, and I got out in front of it.

Just trying to sound smarter than I really am, in true ET fashion. :)
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It's perfectly fine, dude... To me, this is a simple case of a washout in a very crowded trade and not much else.
 
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