Thanks Mr Morten. Was waiting for your input to get a bit reassured since i was reluctant to put a buy in the 1.21. I am thinking we are heading downwards too. I think it would be crazy to put any buy signal or Sell signal in the 121 or 122 if only you are scalping for tid bits. I think 119 and 120 will be a psycological barrier so i am eager to see how this one turns out.
European Forex Pro weekly 17-21, May, 2010
- Thread starter Sive Morten
- Start date
Hope those who took my long call yesterday made some doe...(not bad 200 pips).Today some other type of news for you.
I just got wind today that EU will be going the SNB way. As you know the SNB pumped 17 million today to save their CHF which spiked it a 300 pips upwards.The SNB does do it on a regular basis of course since their currency was already in bad shape against the Euro.
About the Euro, same think is lurking around and there is reason to believe that this is what pushed the it up today close to 1.24. No one can confirm right now if it is a ruse from EU but shorting the EU right now might be risky since if the EU intervenes, the currency should settle in the 1.27 and upwards.If the intervention should take place it happens within the next few days or next week.
Just be very careful all i got to say.
I just got wind today that EU will be going the SNB way. As you know the SNB pumped 17 million today to save their CHF which spiked it a 300 pips upwards.The SNB does do it on a regular basis of course since their currency was already in bad shape against the Euro.
About the Euro, same think is lurking around and there is reason to believe that this is what pushed the it up today close to 1.24. No one can confirm right now if it is a ruse from EU but shorting the EU right now might be risky since if the EU intervenes, the currency should settle in the 1.27 and upwards.If the intervention should take place it happens within the next few days or next week.
Just be very careful all i got to say.
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wooh.. Just woke up, looks like EUR bash through the barricades lost about 50 pips there. But it is going down right now and almost at the level when i entered last night. I might try to go short again.. hmm...
auna is this the report ? Swiss Franc Declines Against Euro Amid Speculation of SNB Sales - BusinessWeek
In this report it's talking about pushing the Euro lower !
auna is this the report ? Swiss Franc Declines Against Euro Amid Speculation of SNB Sales - BusinessWeek
In this report it's talking about pushing the Euro lower !
SNB Want their chf v/s euro to be in the region of 1.43. That is why they splashed the cash today. It was expected since last week and that is why the EUr CHF was hovering just over 1.40. Now today it closed a bit under 1.43and it seems that the SNB used only 13 billion of its 17 billion kitty to fund this upwards spiral.They are serious about maintining it in the 1.43 and to see how they wish to enforce that , watch for this pair this week and the next. But The Eur will play its crucial role too. If it goes back to 1.20 and under, the SNB will have to let their currency follow and may be intervene .The Swiss Franc is not a really good pair since December after they plumeted from 1.51 to 1.46 .Ever since the currency has been struggling and its once hard demand has dropped but the SNB is interveneing because exports and the economy is hurting with the current prices. They don't even like the 1.43 but for now it will have to do.
Sive Morten
Special Consultant to the FPA
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EUR/USD Update Thu, 20 May
Good morning, everybody
Yesterday market has shown nice reversal move, and it very looks like Wash and Rinse of a previous lows ,that I've talked about milions of times. Market at daily, monthly and weekly oversold area, and market has reached weekly Pivot support 1. So, there is some context for enter long.
But there are some things that worry me. First, as I said earlier, market can't reverse fast. Usually reversal is a heavy thing, and Market can break your heart before it will go in another direction.
Second, I've worked hard on a US Treasuries futures during last 2-3 weeks and now there are signs that they may go further (yield can reduce). Usually, there is a positive correlation between USD and US Treasuries. it means that EUR/USD can go lower.
That's why I'll be extra carefull. But this is the issue for today. I'll be watching for 1.2250 area for possible Buy signal on a 1-hour chart. As I've said, market has shown solid and fast reversal move up, it had returned to area that higher then previous lows (1.2330). It possibly a W&R and I'll be watching for price action around 1.2250 for Buy signal.
If, market will show solid up move from there and trend will turn bullish, I will enter. Possible targets - 1.2522 area first, second - 1.2613 weekly Pivot point.
Good morning, everybody
Yesterday market has shown nice reversal move, and it very looks like Wash and Rinse of a previous lows ,that I've talked about milions of times. Market at daily, monthly and weekly oversold area, and market has reached weekly Pivot support 1. So, there is some context for enter long.
But there are some things that worry me. First, as I said earlier, market can't reverse fast. Usually reversal is a heavy thing, and Market can break your heart before it will go in another direction.
Second, I've worked hard on a US Treasuries futures during last 2-3 weeks and now there are signs that they may go further (yield can reduce). Usually, there is a positive correlation between USD and US Treasuries. it means that EUR/USD can go lower.
That's why I'll be extra carefull. But this is the issue for today. I'll be watching for 1.2250 area for possible Buy signal on a 1-hour chart. As I've said, market has shown solid and fast reversal move up, it had returned to area that higher then previous lows (1.2330). It possibly a W&R and I'll be watching for price action around 1.2250 for Buy signal.
If, market will show solid up move from there and trend will turn bullish, I will enter. Possible targets - 1.2522 area first, second - 1.2613 weekly Pivot point.
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Couldn't it be a perfect W&R of 1.2440 level (previous highs) whereas there are a lot of SL's. Also daily DEMA is about to turn here from bearish to bullish and a perfect time to fool the traders (I remember a previous trade of your just like that a few months ago at the turning point of DEMA with similar W&R's)
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Thanks Mr morten
I am not convinced it is going up or down for the moment.It seems to be dancing here and there between the 1.24 and 1.23 .I am keeping my eyes on the 1.2440-50 mark. If it goes beyond that i think we have solid reason to believe it is a genuine reversal till at least 1.25 or 1.26. It has been testing the 1.24.30 to 1.2440 Barrier for a while and i know there is no resistance pivot there.
If you wish to scalp...a risky short at 1.2410 or 124.15 with SL at 1.2450 could be good for a 10 to 30 pips.TP 1.23 90 ..if you are gutsy let it ride till 1.2360 with a TS of 20 of course.
I am not convinced it is going up or down for the moment.It seems to be dancing here and there between the 1.24 and 1.23 .I am keeping my eyes on the 1.2440-50 mark. If it goes beyond that i think we have solid reason to believe it is a genuine reversal till at least 1.25 or 1.26. It has been testing the 1.24.30 to 1.2440 Barrier for a while and i know there is no resistance pivot there.
If you wish to scalp...a risky short at 1.2410 or 124.15 with SL at 1.2450 could be good for a 10 to 30 pips.TP 1.23 90 ..if you are gutsy let it ride till 1.2360 with a TS of 20 of course.
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