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Forex is picking up steam. FXCM posted its biggest revenues ever last year. I can only imagine the steady influx of retail traders as the brokerages become better regulated and more organized.
I think we're going to see some big moves this week leading up to non-farm on friday. Lots of pairs are at their critical mass looking to break out. Volatility is going to be the theme.
I don't really have any biases either way.
Is the nikkei really down 300? Tomorrow could get bloody.
Are we gonna see the E/U break the 1.25 barrier this week? I think if dow goes below 7000 it might happen. The Nikkei certainly is tanking early.
Man, I got scared and closed out before...The beast moves so fast you see you P/L and start getting freaked out. It's all good though. Can't win em all.
Fracking Oanda costing me $$ with these server problems.
Well, looks like it doesn't want to retrace that much...wondering if I should get bullish again.
Hah, me too...we sure do think alike. It's a 50% retrace from the drop and it's overbought...my kinda trade. Except this time I'm going with the G/J, it moves so much more than the U/J.
Nite dude, fun trading witcha...especially on multi-pippin moves.
If it makes it there that's one hell of a trade.
Yup, loving this trade. Needs to break this support at 97.40ish.
Jeesz man...you almost called it to a tee. Just got back from the gym and see I'm up more pips than when I left, although it is trying to make some higher highs/higher lows. I'm monitoring now. So far a 60 pip play. I kinda wish I had gone in on the G/J which is almost 150 pips down. You still in?
Yeah, I was thinking the same as a gameplan for tomorrow. US GDP comes out in the morning. Anything remotely good could jumpstart a rally to the 30s. I don't see that much more downside in the E/U pair. 1.25 ain't gonna break unless the Eastern European banks default, which I also dont see happening.
Yeah, the first test is at this 97.80 prior resistance, now support. The key is to be in early enough that you don't get stopped out on the retraces.
By the way, I don't get how the E/U is dropping while the U/J is dropping. Aren't they inversely correlated?
Yeah me neither...especially when they're losing trades. But when I'm up big, I don't mind setting my stop at a comfortable profit level and letting it run. I'm gonna watch this for another 15 minutes then hit the gym. It's really unwinding...love it when I'm right.
Sweet, I'm at like 30ish...must a jumped in a little later than you. I'm looking at 96.413 as a target. That might be where the first tunnel line ends up.
Nice...I'm thinking the 38.2% fib from the Feb 23 run up is my profit target. That'd be awesome if it gets there...we'll see.
Went short at 7:07 as soon as I posted that...sitting pretty now. Trying to find a profit target.
Some pretty good numbers from the japs. Maybe we'll see the yen recover some. I'm looking for some shorting opps here.
Eh, not much movement so far...might be waiting for the bigger news due out at 6:50.
Lots of Japanese news due out in 7 minutes. Could spark some action on the yen crosses. The news is expect to be bad and the yen is oversold, so maybe not much action. But this bull rally against the yen pairs has proved to be extremely strong. I'm watching U/J and G/J for some upside action.
Yeah, it won't get there tonight. No doubt about that. Already closed my long and entered short. Playing the field.
If it makes it up to 97.70 I'm shorting the hell outta it. That's a pretty significant level.
Wow, as I was writing "U/J just ran a little, may want to test 97" I also went long and BOOM there it goes.
Well, I would think that a bad speech w/ no specifics on the plan will be bad for the dollar. A good speech with specifics will further strengthen the dollar pairs. I'm watching E/U and U/J
Or maybe nothing will happen...
What's gonna run on Bama's speech? I know the talking points were already released, but will we see any action on the Congressional address?
I'm sure you guys know this, but this latest run in the E/U is fueled on the speculation that the gov. will take a larger stake in Citi. It is far from a done deal and could fall apart at any minute thereby creating a sweet short. the E/U will probably whiplash b/w 1.25 and 1.30 all week. Should create some nice plays.
Yeah that was odd. Like a 100 pip spike.
Yeah I'm playing CAD/JPY. Looked way overbought. Was up approx. 15 pips but sitting at b/e right now. Waiting for the correction...
Looked like it wanted to go there fore a second. 50-60 range is some really strong support.
E/U may break support here with the probability increasing that the eastern european debt is likely to be downgraded soon. We could be witnessing the beginning of the Euro collapse.
This rumor is really picking up some steam on the web...
Euro's almost down 100 pips pre-market. I wonder if it will finally break out of this range to the downside. It was speculated last week that it didn't break out because of a 10 million (euros) double no touch option that expired Friday. Basically if price didn't touch 1.27 or 1.33, then a the payout happened. Not sure how much I buy into that. But should be interesting to see if the Euro can sustain another assault on the 1.27 level.
Apparently, there is a 10M euro double no touch option w/ 1.27 and 1.33 as the limits that expires Friday. People are speculating that's why we are seeing these ranges. But it looks like the E/U is possibly trying to go for 1.27 again.
It really is. Amazing...At some point it will weaken big time. But for now, its more of the same -- flight to safety.
E/U breached a super important level. If it flies through these last two supports at 1.2738 and 1.2700, then look for some MAJOR downside fall.
Heads up on the US retail sales out at 8:30. May jumpstart some of the yen and usd pairs. We're sitting at pretty low levels so some good news (which is unlikely) may provide a 100 pip or so boost. But be prepared for bad news which will stoke the risk aversion fire.
Up like 30 pips on your heads up. Major thanks man. Trying to figure out how much steam this thing has.
Wow, excellent heads up. Just made a sweet profit on that massive green candle and the subsequent run that may now ensue. I'm guessing the #s were good. Haven't seen them yet. Seems to have sparked a mini bull run in other pairs.
Didn't miss too much. The market is cooling off a bit after yesterday's crazy volatility.