I just posted a quick reply to you, god knows where it\'s gone, if this forum looked like a Mac histogram or moving averages........lol I might know what I\'m doing......lol
Anyway I was referring to the lack of direction right from the beginning of the year!
Direction has been slim in none for the new year, a large reversal in favour of the Euro almost gave a clear direction, consolidation soon set in alot further than expected, great if you were in for a sell from 1.3220 a few weeks back...lol I would gather 1.1800 would be the lowest point before consolidation back up to around 1.2000 - 1.2100 arena!
Either way we should keep in touch it would be good to bounce feedback off one another?
Well Jeff I\'m off for now, I need to get a couple of hours zzzzzz before the asian market decides to get active, well here\'s hoping, not many moves going on anywhere yesterday, in saying that there wasn\'t any major news to move the markets either, the lack of follow through in the Dollar and my tech data tells me consolidation is on the cards first before further gain in the dollar.
Don't know for sure, but seems like there's a large reversal in the fairly near future (eur/usd), which might end up 'upsetting' the balance, pure guess on my part, just want to be in the right place at the right time, if I can. Missed on the last 2 eur/usd reversals, was too far ahead of the curve, SO much to learn.
Jeff
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Life is not measured by the number of breaths you take, but by the moments that take your breath away.
It\'s never ending I\'ve been at for 15 years and there is still so much to uncover. I\'m an economics geek too, turns out that paid off in the end though. The market would need to break through 1.1800 for a continuation of the bearish view but more than likely there will be consolidation first, faliure to break through 1.1875 is a strong signal. Oil is also holding I believe, I haven\'t checked in the last four hours, lets see what Iran gets up to as well.
Keep in touch, even a ;not it all\" like me can still pick up a few good pointers from a beginner to intermediate trader
Jeff you could why don\'t you paper trade this for your next trade:
Buy Euro/USD @ 1.1900 or (I see it\'s just moved off it!) wait for a dip back to that area, or buy above 1.1930, once the price has moved off your entry point move your stop loss so you have zero capital or principal at risk. A reversal will only take your profit not your capital or principal.
I would typically only risk 30 pips as a stop loss when entering a trade. As the trade moves more in my favour I would adjust my stop loss to hold on to some of my profit.
I\'ll check back later and see where the market\'s at. As mentioned before, I entered the market earlier on at 1.1882 my stop loss is at 1.1889, a couple of dollars profit but no capital or principal loss.
A couple offhand thoughts - yes, Iran appears to be a wildcard. GUESSING that if something should happen there, would likely be usd-, jpy-.
Japanese repatriation? If/when it happens, usd-?
So, I'm thinking EUR or GBP might be fairly decent, medium term, but I like interest positive trades, so unless I see what I believe is a solid chance that eur is heading up, I'm thinking hold off for now, but watch. Can't see it headed too far down from 1.9, but I'm often wrong.
Enjoy your day,
Jeff
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Life is not measured by the number of breaths you take, but by the moments that take your breath away.
Intermarket analysis always aids one in giving a trader the heads up if you like. Iran will certainly throw a spanner in the works! It would have to be a fairly strong move above 1.1930 -35 and above 1.1950 again for a stronger move upwards in favour of the Euro, I will be cautious around the 1.1950 area should this be today\'s scenario.
Hope your day is well too. A reversal trade could be on the cards around the 1.1950 area? We\'ll see how the next session pans out.
PT
Hope your around later I\'d like to compare strategies.
Re: I can trade FX for you
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