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EURUSD 6E Euro
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EURUSD 6E Euro

  #1441 (permalink)
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from german business newspapers today:

zyprus is also bankrupt, will need a bailout.

the spanish prime minister denies any need for eu help.
the german chanceller pushes spain to accept protection from the eu rescue funds.

spain rejecting a bailout at this time because it would send a negative signal to the markets pushing yields even higher (today 6.7 percent). portugal and ireland had to move under eu protection when yields reached 6.7 percent.
the spanish pm wants the eu to inject money into the spanish banks directly. this is not possible legally. any legal change will require long political processes.

in the last weeks many thirld world central banks sold off their euro reserves in order to protect their own currencies.


as expected the eur moved to the pivot point just below 1.24 then turned again. my signals point up but i do not trust it because of the news.

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  #1442 (permalink)
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Looking at this double top area with interest.

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Obviously there is a nice divergence in delta here. Would like to see the double top hold, which would also coincide with a naked VAH from 5/30.

Next area of resistance is a naked VAL from 5/29 at 2492. I feel pretty confident one or more of these areas will hold as resistance.

So for now I am maintaining my short. I modified the target to 2325 which still gives me a very nice R/R.

Mike

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  #1443 (permalink)
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this will go up.
i bought at 1.2407

see the resistance at 1.25

my stop will wait just before 1.25
a trailing stop will follow the move up at modest distance

at 1.25 i will sell and buy again at the next pivot

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  #1444 (permalink)
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Lower high here and it's dropping to the bottom of this wedge thingy...or not

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  #1445 (permalink)
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vegasfoster View Post
Lower high here and it's dropping to the bottom of this wedge thingy...or not

i go for1.25

some minor resistance from the previous high- broken. next minor resistance 1.2463 from the huge friday candle
then 1.25 real resistence

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  #1446 (permalink)
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Fred? Why did you do that? Why?

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  #1447 (permalink)
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vegasfoster View Post
Fred? Why did you do that? Why?

if you refer to resistence:
i do what all good traders do, just standard protocol

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  #1448 (permalink)
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fred1 View Post
if you refer to resistence:
i do what all good traders do, just standard protocol

I refer to you buying and stopping me out, just because you can.


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  #1449 (permalink)
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Big Mike View Post
So for now I am maintaining my short. I modified the target to 2325 which still gives me a very nice R/R.

Mike


I am curious why carry the drawdown? Why not close at breakeven and re-enter (if you still feel the trend is down) at a better price?

55 pips into the red. 3 contracts works out to about $2062 drawdown.

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  #1450 (permalink)
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over extended here...? possible parallel trend line head bump for all you shorts.

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