The View Down River

If by chance we do pentrate the 1.1969 area by several ticks and then pullback to it and hold, that is a good sign and would be a nice place to enter long.

If the selling is too intense around this high, and we fail here I will cover.


Quote from downrivertrader:

I am long at 1.1955.

If we can get thur the 1.969 area then I will exit at 1.2001 or when spot hits the .1985 area.

Also see 1.2015 as a target.

I think a better entry is at 1.1929, but I do not think we will get there and the holiday trading may effect it also.
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3 ticks is 3 ticks, nice job.

Quote from spersky:

I should have clarified. I sold just at the top of a channel I locked in 3 pips and just got stoppepd out. net profit 3 pips :)

It was very short term trade.I was looking to get about 15 pips.

Regards
Steve
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This is interesting....


Sydney,
February 20: The EUR/USD is expected to remain sidelined today due to the US
holiday after a pretty whippy session on Friday. There is a story going around
that a "mis-trade" occurred on Friday afternoon with an entity looking to sell
Eurodollar futures and accidentally sold over a yard of EUR/USD on one of the
trading platforms. The "error" resulted in the EUR/USD sliding from 1.1930 to
1.1875 and straight back to 1.1930 when the error was realized and reversed.
The FX market has fully priced in the Fed hiking twice more to 5% and this has
left the USD vulnerable to any evidence that does not confirm that outlook. That
was the reason for stronger than usual "sell dollar" reaction to the weaker than
expected Univ of Mich survey on Friday. This week the key events will be the
FOMC Minutes on Tuesday, CPI on Wednesday and a number of Fed speakers Thursday
(Dallas Fed Pres Fischer) and Friday (Bernanke and St Louis Pres Poole). If
expectations of two more Fed hikes are dampened by any or all of the above
mentioned events, the EUR/USD should take out key resistance around 1.1950 and
make tracks towards 1.2020.
 
9:30 PM Price at 1.1984.

I see some pretty strong defense on the spot side around these levels. I am going to exit at 1.1997 - 1.2001 if I can get it or before if things start looking worse.

DRT


Quote from downrivertrader:

I am long at 1.1955.

If we can get thur the 1.969 area then I will exit at 1.2001 or when spot hits the .1985 area.

Also see 1.2015 as a target.

I think a better entry is at 1.1929, but I do not think we will get there and the holiday trading may effect it also.
More...
 
I can see how you formulated your trade. Interestingly, I shoulda made the same trade you did. Instead I just tightened my stop on my short. Your trade is definately against a wall right now, still nice profit.
 
I just sold at 1.987. I am tired and going to bed. I may get up and trade the London session since tommorrow is a holiday here.

I think there may be a lot of upside potential, but will take a look once some flow begins.

Not bad for Sunday night...we picked up 32 points on this trade.

Good night everyone.


Quote from downrivertrader:

9:30 PM Price at 1.1984.

I see some pretty strong defense on the spot side around these levels. I am going to exit at 1.1997 - 1.2001 if I can get it or before if things start looking worse.

DRT
More...
 
I have many "key focus levels" one of which is always Pvt points, but I do not rely on typical pvt point calcs for my trading decisions. Do you use these?

Quote from spersky:

DRT,

I have a question. Do you use Pivot points? Like the typical floor trader pivot point calcuations?

Regards
Steve
More...
 
Just after 5:00 AM and here are my thoughts. Price is at 1.1957. I am glad I exited and went to bed. Things never went up any further.

At first glance, it looks like price wants to move down. I see 2 good levels moving down if this does happen.


1.1923 to 1.1928
1.1907 to 1.1911 area

Looking up, we would need to move above 1.1970 for me to see upside.

I may try this, if price moves up to 1.1961 I may go short down into these lower levels mentioned above.

Let's see.
DRT
 
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