EUR/USD update

Short-term charts are now flashing a warning. 5 and 15 min trendlines, which were so steep that you could ski on them, are now broken. Hourly trendline has been breached and backtest is now in progress. I would say that we need some pretty serious confirmations for these short-term moves down to continue, as there is still a strong uptrend on 4 hr chart in place. Heading into long weekend with low liquidity, this may not be the trade to take. Fundamentally, dollar is weak due to debt ceiling debate (post coming on this ludicrous issue), and Mr. Trichet plain out said Europe is the new China, earlier today. Frankly I think Mr. Trichet is sniffing some serious glue, as euro econodata has been coming in very weak lately. Peripherals are in stagnation, with unemployment there as high as 12-20%. And German and French numbers we saw earlier today are telling us consumers are keeping their wallets in their pockets. If Germany slows down - Das ist nicht gut! But Mr. Trichet is the man of the hour with his "strong vigilance" on his mind. Due to his rate hikes, euro is not dead, and we are going to let him leave on the white horse. His term is over on October 31 (I am going to really miss his press conferences) and Mr. Draghi is taking over. Speaking of Mr. Draghi, Italy is in deep "you know what" lately. Rating agencies are forgetting the Greek Gods and maybe heading for the Roman Empire next. So all of this aside and deeply considered in the back of our minds, lets come back to the technicals. 1.4500 is a key level next week. If euro manages to close above it on daily basis a few times (1st daily close occurred today), then 1.4700 is next. But if 1.4550 is the resistance and top of the daily triangle holds (one of these days I will have the charts here as well) then EUR/USD  is to go down to backtest 50 dma @ 1.4400 and perhaps do some serious stop hunt there. Oh those trailing stop traders will be pissed.

Gold - what happened?

Traders are scratching their head about gold's performance today. I for one am not surprised, as we identified what is happening with "precious". But nonetheless lets speculate why on the day, when the King Dollar is acting more like a toad, gold is down $8, and continuing to fall as I type. I found more questions than answers. Is euro still alive? Greece did not blow up. No Financial Armageddon II means no euro death and no need for "new reserve currency" gold. But we knew this days ago. How about equities are up? That negative correlation has not been too reliable lately. This brings us to a very interesting and possible third reason: Grains. USDA Crop Report, released this morning (2 min earlier than expected, can you say Investigation?), showed huge corn crop and stockpiles. This sent grains across the entire ag complex to lock limit down (no trading, as the price reaches lowest allowed fall below previous close). Experienced traders will tell you that grain prices always affect gold. Why? Grains are considered an inflation gauge, as they are in so many food products. Since grain prices are falling this morning - gold (the "inflation hedge") followed. I find this the best explanation why there is no love for precious today. But really - it is being hit from all fronts, which used to prop it up before...

Quarter End and Forex

Usually 2nd quarter end (not to be confused with QE2, separate post on this later) creates wacky moves in forex market due to money flows between major central and corporate banks. Traders are not amused but alert, especially if they have positions on. All dollar majors are involved for sure. With exception of GBP, CHF, and JPY, dollar is very weak across the board today. I think that higher US yields are propping the buck against swissy ("CHF" swiss franc) and yen (JPY), and the cable (funny name for "GBP" Great British Pound, aka Sterling) is weak due to massive strike by UK unions.
Other than that, traders are sitting back and relaxing at times like these. Havoc, confusion, and unexplainable sharp moves one way or the other are to be expected. After all, 4 trillion dollars are sloshing in the tub daily, some will spill over...

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SPX and NDX update

Both at respective 50 day sma now. SPX and NDX came back to the top of the former broken daily channel, with trendline just above. Yours truly is not happy about leaving 1.7% on the table, but one has to trade the plan (on this a separate post later).
Daily momentum studies are at the top, with Stochastic in overbought territory (@ 96 as I type). Only a fool would be buying here. Caution and lack of exuberance should be well-advised to those who are still long...

Update
100 dsma and upper daily bollinger band are here as well. A lot of resistance, folks...

Econodata Matters The Most

Chicago PMI is out and it is way better than expected. After Richmond FED Index earlier in the week on the better side as well, it is now up to ISM tomorrow to confirm the rebound in manufacturing. Japan industrial production came in higher earlier as well. If manufacturing around the world is going to rebound it will take all risk assets up with it for the time being.

On the other side the employment is lagging. US and German unemployment claims were disappointing today - no wonder why German retail sales number was atrocious overnight. We also got a very weak French consumer spending number. Corporations are finding more and more ways to keep the productivity high while holding the payrolls at current level. This is a blow to the governments around the world and a huge drag on economies, as consumer consumption is closely correlated with employment. We await NFP next Friday...

Risk Trade is Continuing

Steeply sloping uptrend channels and rising wedges are continuing on short-term charts in the beginning of Asian session on all risky assets. Rising wedge is a bearish chart formation. Unless you have a position on, you are not to get involved on the long side when this triangular formation is running out of room and nearing its apex. That said, market can remain irrational longer than you can remain solvent. So no need to be a hero here, wait for the breakdown. Aggressive traders are still in and are trailing their stops, and before too long, the "stop hunt" will turn into something more perhaps. In the best scenario it results in a minor pullback and continuation of the uptrend. In the worst - reversal and ugly liquidation in front of a long weekend. Tomorrow is a month/quarter/half-year end. "Window dressing" is the fancy phrase which will be flying across the media outlets. This means that fund managers are trying to make themselves look genius once again at the end of quarter, as they shed the laggards and put this quarter's winners into their portfolios. Investing public knows this game all too well by now. Mr. and Mrs. Jones are still in CDs since the scare of 2008. And why is anyone still wondering what happened to trading volume?? (separate post on volume coming soon)

Stock Index Futures update

Well, where there was one hanging man on 4 hr chart, there are two now. They are hanging them at will... Talking about indecision. I say plenty room and time to decide what to do once they move one way or another...

10-Yr T-Note Futures

For whatever the reason: YES Greek vote, better US housing data, higher equities, or even a fear of US debt default - ZNU1 is cratering, therefore yield TNX is higher (always opposite on price and yield for those who are new to this). So we look at technicals. We are at 50 day sma on both price and yield. 10-year T-Note is one of the most technical instruments of all, those bond traders in CME trading pit swear by this stuff. Yield is bumping against the 200 day sma as well, so we have 250 soldiers defending this level on TNX (50 / 200 dsma laminate). There is also resistance from 3/16 and 5/6 lows right here.
We have a crucial NFP (non-farm payrolls) next Friday. I think that it is going to keep bond traders on edge and not let them drive the yield too much higher, we are @ 3.1% - one month high as I type. Some are expecting a very ugly NFP. That said, everyone and their brother is now expecting a stronger 2nd half of the year.
Tomorrow we will get weekly unemployment claims and Chicago PMI, followed by closely-watched  ISM Mfg PMI on Friday. Be ready for some fireworks and indecision-based volatility, with liquidity drying up into the long weekend, and traders hitting the road and beaches early. Keep very small positions or none at all...

S&P Futures update

@ 1302 as I type, surprise surprise. I waited after 12:30 pm to update, because 4 hr candle closed then. And what do we have here?? A hanging man folks. No, nobody died. But "hanging man" is a Japanese candlestick chart pattern formation, which if found at the end of an uptrend, usually results in a bearish reversal. We wait for the next candle to close to form our opinion. Could be a fake as well. Lets see...

Please note that NDX futures NQU1 is even better, body is red and price opened below on the next candle...

Oil - part 3

Oh Canada! Many folks do not realize that 25% of our daily imported oil comes from Canada. It surpasses what we import from Saudi Arabia by 100%.  Obviously we are also their biggest trade partner. With that said, it is easy to understand why Canadian economy is tightly correlated with US. They depend on our recovery and growth. Oil being their biggest export it is clear why Loonie (funny name for Canadian Dollar) has been hit since SPR release announcement last week. To make things more interesting, Mr. Carney (Bank of Canada "BOC" governor) has decided, surprisingly, to be cautious and dovish in his remarks last week, and said that stimulus can not be withdrawn too quickly and is still needed with output gap. You think, Eh?? Oil is falling like a rock. WTI is down from $115 per barrel, and CAD had a 200 pip decline. Are we to be surprised? CAD and oil are very highly correlated. Where oil goes CAD will follow. Many traders were positioned for a BOC rate hike in 3rd qtr, I say not too sure now.

UPDATE 
EIA Inventory # is out: huge surprise - draw of 4.4 mil barrels!! CAD is rallying back with oil rebounding and Greek YES vote propping up risk. These risk on/off trades are short-term directional bets. I say watch our econo numbers and Canada's as well. Canada CPI came in hotter than expected this morning, and our housing numbers are improving all of a sudden. Lets watch and see what transpires in the next few weeks. Mr. Carney may find himself caught between a rock and a hard place. 

Oil - part 2

Technical picture (CLQ1). Oil is below 200 day sma. It looks like it is in ABC correction inside of wave 4 on bullish Elliott wave weekly structure, and it is now in leg C (of abc), with resistance levels at: bottom of leg A @ 95.50 , 21 day ema @ 95.75 , and a major one at laminate of 200 day sma and 50% Fibonacci retracement from 6/9 high @ 96.25 . Strong support comes in @ 87ish - top of wave 1. Oil is found some support on Monday @ 50 week sma (on continuous contract chart).

There is a falling wedge with top trendline at around 97.25 - just above 200 day ema. Falling wedges are reversal bullish patterns, and most of the time result in bottoms when top trendline is broken. Am I calling for one right now? NO. Do I think oil is going back up? YES. I am going to let it breakout and will buy the pullback. Nobody knows when the downtrend stops, we are traders - not gamblers. Do not be bottom picking, all you get is smelly fingers...

And quickly lets look at weekly inventories. API reported overnight a draw of 2.7 mil barrels. EIA estimate for last week (reported @ 10:30 am EDT today) is 1.5 mil barrels draw. API/EIA correlation is @ 71% over the last 52 weeks. Lets see what happens @ 10:30 am...

WARNING: Oil trading is the hardest of the trade profession. You will be trading against some of the best traders in the world. Their job is to take your money away. If you are a newbie - stay the heck away!!! Paper trade a lot before you start real money trading. Margins are huge - with very high risks involved. You better have a very well-established account and be a pro when you do this. I guarantee that this is where the accounts are blown the most...

Oil - part 1

I would like to discuss oil in 3-part post. My first post will concentrate on release of SPR last week. 2nd post will discuss the technical picture. And the third will discuss the oil derivative - CAD (Canadian Dollar).

So SPR is tapped for 60 mil barrels. Hurray, hurray! Folks, this is puny at best - 3 day US consumption. So what authorities did is spook the specs out for few days and added some confusion. Make no mistake about it - not gonna matter! Oil market is huge and 60 mil barrels is a small number to have any prolonged affect. If anything - authorities spooked stock markets around the world. Do they know something we don't? Is the slowdown worse than we think??

Do interventions like this work? NO. How about EUR/CHF (euro/swiss franc) intervention by SNB all the way down from 1.50?? Do you know how huge SNB losses are on that EUR/CHF long trade - disastrous in epic proportions, by what is considered as an astute and conservative central bank? North of $10 billion now and piling on as we speak. This just shows you that interventions do not work in huge and liquid markets. The only way oil will come down is if the world economy slows down more and oil demand wanes.

And quickly lets discuss the oil itself. A lot of it comes from OPEC (which deserves a post of its own, as I think its days are numbered), which is not going to bow to any pressure. Saudis can try to pump all they want, I seriously think they are close to full capacity already. I bet they pumped more as soon as Libya came off-line. But there is an issue with which oil is needed more. Libya has the most-demanded oil in terms of refining. I will not get into too many details here. Hard to replace their supply...

SPR release is foolish, irresponsible, and ill-timed. No war, no hurricane Katrina, no disaster. You get the idea...

SPX levels on the downside

Since they tell us the world will end tomorrow if NO is the outcome of the Greek vote, lets look at possible SPX downside targets. As many have already predicted, SPX will go to 1220-30 or so for the test of the support from Apr and Nov 2010 highs respectively. On the way there we have:

1. 200 day sma @ 1265 (not going to matter, been there already)
2. 1258 - 6/16 low (same, little support there 2nd time around)
3. 1249 - this year's low, price may stay there for a little, lets say 1-2 hours, no kidding...
4. 1240 - much better support @ 50 week sma

And now what happens below 1220? Your guess is as good as mine. But in the event hell breaks loose - trendline from July 2009 through July 2010 is a good target - currently @ 1170 (if we fall to it straight down from here). WOW. Not to be worried folks, will not happen in one day. Coincidence with July??? Market timing can not be done, many talking heads say... It so happens that 200 week sma is also there @ 1164, and the one I respect even more, 200 week ema is @ 1182. I would also like to point out that market likes these 10% below prior year's close bottoms. That would take SPX to 1130 - 10% below SPX 1257 last year's close, 1130 is also 6/21/10 and 8/9/10 resistance, now to be support. WOW again - 1130. Now, am I that bearish after being bullish the last couple of days? I am not (suppressing my opinion as I type), but since they tell us Armageddon is upon us, we can not really predict how bad things could become when real selling begins. I simply try to lay out the levels before the bloodletting begins. Remember that we take the stairs up and the elevator down...
So now that everyone is looking for 1300 and above, should we say greed is back and we are to be opportunistic? Not to be too fast here, we are to monitor the situation closely and use our best judgement. Just remember that market is set up to go up, we will be pissing against the wind. I do not have to tell you how ugly the outcome could be when you do that...

this is definitely not a suggestion for a specific trade, my opinion only folks

SPX update

Closed on high of the day. Fear is now gone. And long forgotten are the calls for 1220-30 by those who were selling at 1272. I am not sure how much upside is left. 1302 is going to be a strong resistance - only 5 points away. Reward to risk ratio is not good enough for me. I do not know if one sells here, but one is to be ready to do it on the break down. Short-term charts come handy on turn-arounds. Use them to your advantage...
And another thought, if SPX gets to 1220-30 I bet it goes through to punish bottom fishers there, as the level has now been well-advertised. Market moves in mysterious ways to punish most traders at most times.

not a trade suggestion, but a view of a single trader

Being Flat is a Position Too

As the market is running on all cylinders higher we are to assess the current structure of NQU1, ESU1, and EUR/USD and derive from it that they are now at the top of the well-established range. We are to be constructive in our thinking and to realize that a major vote (at least in eyes of many scared market players) will be taking place on Wed @  5 am EDT. With NQU1, ESU1, and EUR/USD trading at their respective 4hr top bollinger bands it know seems like the gains will be limited from here. Market always surprises those who are not ready. I am ready to sell into this and sit back to wait for another trade opportunity. Some brave souls may even short into this. I simply choose to be out and flat.
On the subject of being flat (meaning no position). Many beginning traders have a misconception that they always have to be in a trade. Absolutely not, I say. Flat is a position too, it is a neutral position. Traders are flat when they have just completed a trade (good or bad) and need to reflect on it, as well as assess the current situation. When you are flat you have dry powder loaded in the gun and ready to pull the trigger when opportunity presents itself (I hate violence by the way). Being flat is not a bad place to be when you are not sure if there is a trade or not. DO NOT FORCE A TRADE which is not there. It is a recipe for disaster.
So with NQU1 @ aforementioned 2281 it is time to relax and be flat. 1291 on ESU1 is not a bad place to take profits as well. And EUR/USD reached 1.44 as well. Am I missing some upside?? Perhaps... But @ 5 am tomorrow morning 300 people will be deciding the fate of the financial world (great exaggeration, but nonetheless a perceived fact). Believe me, they have no slightest idea if it will pass or not. Even if the vote passes, there is yet another vote next day. The unknown is going to create some turbulence, through which I simply choose to sit flat and observe. And how is a small trader thousands of miles away to know what to do based on that unknown anyway?? Let the chips fall where they may, wake up a few hours after that and decide all you want. Market will still be here, that I know for sure.
So I am flat as a pancake (no offence to IHOP lovers).

Gold - rumor, rumor!!

I will be the first to tell you - never trade on rumor.
This morning there is yet another rumor about gold. So rumor has it that EU Central banks are selling their gold holdings to fund Greek bailout. I find it a little amusing as gold is now up $6 into this headline.
True or not, I prefer to stay away from this annoying market manipulation by gold traders. Gold is one of the hardest financial vehicles to trade. If you are new at trading - STAY AWAY!!
For those who know how gold trades, it is merely retracing here after a $70 fall. We are sitting at fibo cluster resistance and that is simply it... Weekly S1 is @ 1481 (GCQ1), and I am thinking that 100dma @ 1474 (and rising) a magnet for now. That said, gold is still in uptrend and any short trades here to be quick, decisive, and with tight stops. After all, we may have Financial Armageddon II upon us at 5 am EDT on Wed...  :-)

please trade what you see, and not what I say

Inflation - the best thing to happen for ECB

I really think inflation is a savior for ECB right now. As weird as it sounds - inflation is not always bad for economy. Mr. Bernanke wishes we got some more here in US. Why?? Inflation is going to elevate depressed home prices, therefore making consumers feel richer, and in turn improve consumer spending - which accounts for 70% of our GDP.
But lets go back to ECB - the European Central Bank. What do you think euro would be trading at if it was not for repeated calls for "strong vigilance" from Mr. Trichet? How about in low 1.teens I bet. It is inflation that keeps the interest rate money flows into euro versus the deflation-stricken US dollar. Our rates are simply too low for money to hang around. This makes euro stronger and saves it from "collapse" calls by the highly opinionated fear mongers.
Those who called for euro dollar at parity a year ago had a rude awakening when inflation has elevated above ECB's target. Let's not forget that ECB has only one mandate - inflation to be kept at target.
This morning Mr. Trichet once again repeated his "strong vigilance" phrase. Euro is trading at 1.4394 as I type - up 272 pips from Sunday night. Somehow we knew...  :-)

Econodata

Without a doubt, econodata from all around the world has been weak. Manufacturing being the weakest, we are to emphasize on Richmond FED mfg's index this morning. After all it is mfg data that got the ball rolling on the downside a few months ago, the first of warning flashes we got. So this is the first time in the last few months that it came in higher than expected. As always with econo numbers, you have to get a few numbers going one way or the other in order to see a trend change. But this morning's number is a possible break of downtrend in mfg numbers. We are to monitor the developments and see if this is in fact a turnaround, or merely a pause before continuation of weakness...

/NQU1 update

Those who are not exactly ready to put themselves through a 5 am Greek vote overnight, and watching excruciating TV coverage of thugs on the Athens' streets until then, could use 2275 as another scaleout exit target. Nobody has ever gone broke taking profits...

I am not your trading advisor, trade what you see, and listen to nobody but yourself

Euro Update

EUR/USD is coming up on trendline resistance @ 1.4340
Stops may take it to 1.4380 - weekly R1
No need to be greedy, lucky ones who took the fearful positions away, should look into scaling out 1/3 here, with 2nd target being 1.4420 - 1.4450, and if trailing the last 3rd, the ultimate goal is 1.45 - 1.4550
Good luck and be on the lookout for Financial Armageddon II  :-)

this post is not a trade recommendation

NDX futures /NQU1

As the fearful buy back what was puked by them earlier, and the greedy chase higher what they missed - we are to lighten up (if luckily long) on our position of beloved /NQU1 (Nasdaq 100 Sep. futures) "speculative leader" at three levels: 1st right here @ 2259, 2nd @ 2281, and 3rd @ 2299. Do not be greedy!

please do not misconstrue this as an advice for a trade, do your own research, my view is for educational purpose only.

Market moves between fear and greed - creating bid and ask

We have always been taught that markets move between bid and ask. The balance of those who want to buy and sell is reached at the time of trade. Market maker (if one is present) acts as a middle man and facilitates the transaction. But what really moves the buyer and the seller in their desire to consummate the transaction? I would have to conclude that fear and greed is the reason. When SPX hit the "devil's" 666 in Spring of 2009 fear was flying in the air. I remember how everyone (including most respected chartists) were calling for SPX 400 and Dow 4500. That was the bottom marked by unmeasured fear. That was the moment when fear created the opportunity of a lifetime. Opposite is true for greed. In fall of 2007 some very popular talking heads were calling for Dow 14500 and SPX 1600 in not too distant future, and traders were buying on ask on the way there. We all know what happened just after that. I really think that even on daily basis the same is true. We are going through Financial Armageddon II scenario right now, and traders are fearful, and they are selling on the bids as we speak. What seems to be yet another case of "shoot first and ask questions later" is happening again. Equities of all scopes are being thrown out with the bath water indiscriminately, raising cash for those who are fearful and creating lifetime opportunities for those who are opportunistic but will soon be greedy. You will see that greed accelerate as we get above 1371 on SPX and calls for 1400-1450 will roll out almost instantaneously across all media outlets. Charts will be viewed in positive notion (just like they are being viewed negative now), and all fundamental proponents will raise the EPS and P/E on SPX to accommodate and justify their higher targets.
So what are we, the unemotional traders, to do? First we are to suppress all our emotions and opinions and arrive at our trade desks without predisposed bias in the morning (or whenever your trading day begins). We are to digest all inputs of our trading basis, criteria to be weighed, and decisions to be carried out in orderly way. STOPS to be placed according to our view and not because we just heard some talking head say we are heading for disaster.
After we are in the trade on the opposite side of the fearful, we are not to become greedy! Realistic targets are to be expected and exit orders are to be placed in advance. We are to get out before everyone is on the same side and going to the moon, thus catching entire market off-guard and in total chaos of uncontrolled fools, looking for overnight riches from punishing market for misbehaved.
Please stay calm, stay collected, and stand ready to act with a carefully designed plan.

SPX - when everyone wants one thing to happen...

The opposite will be the result. So I hear from all the chart and fundamental analysts, and all the traders and investors that S&P 500 is heading to 1220-1230 for a test of strong support. Over the weekend I read a very well structured explanation by a very good chart analyst/trader about how it will happen, and there is no doubt it will. After so many people wish for the same thing to happen - the opposite will be the result. Market does this all the time. When everyone is positioned the same way - nobody is left to continue the trade in that direction. We are sitting at 1273 on SPX as I type on June 27 @ 9:50 am.
So when traders realize that it is time to cover SPX can go back up to 1302 for the backtest of the right shoulder of inverted (now broken) head and shoulders pattern on daily chart.
Lets see what happens...

and as always, my view is not to be your trading guide, I am in noway responsible for your trades, and provide this post as educational material  

Gold - identity crisis?

Gold - the new reserve currency, the ultimate inflation/deflation hedge, the new paradigm in fiat currency world. Is it??? Here it sits at $1499 on the eve of financial Armageddon II, and well off the high of 1577 reached almost 2 months ago on May 2. So what is the deal here? Rumor has it that Paulson (who's gold fund accumulated enormous position) has been liquidating last week or so. And the current "opinion" is that he did this due to his loss in Sino-Forest (Chinese co.) which went bust. He took a very large loss on that bust and now had to sell something which made him a lot of money - gold. Another "opinion" is that IMF had to sell its gold position to fund the new Greek bailout. True or not, someone is selling and gold is falling. It is now well below 50 dma, heading to 100 dma @ 1470, and perhaps to its long-term trend support 150 dma @ 1440. Where is the glitter of precious when you need it? I am not  a doubter of the purpose for gold but rather of the "opinion" that it will shine under any conditions.
I think we have established the foul presumption and now need to monitor the developments in the next few weeks to see whether it is reacting to stronger dollar, weaker commodities, or most importantly - euro (fiat currency) not collapsing under enormous weight of bad news...

Greece - talking about a strong opinion...

So we are told, ENDLESSLY, that this week the financial Armageddon II is coming to town near you. Gurus from all the ends of the world are telling us it will be caused by sovereign debt default of Greece. Who are they kidding?? We are traders and we see that absolutely noway this will happen. I will put a few thoughts together here for ring leaders: Mr. Roubini, Mr. Soros, Mr. Faber, and Mr. Taleb to fall back onto when their circus leaves the town with no tickets sold.

Euro is trading at 1.4122 as I type this post on June 27, 2011 @ 1 am EDT.
If Greece will default euro is dead, so they say. Dead? We are trading 260 pips above 200 day moving average. Need I say more?? Yes I know, there is that very important vote in Greece parliament and there are already defections by two members of ruling party, CDS of all peripheral euro nations blew out again last week (to the highest ever), and so did the bond interest rate spread between peripherals and German bund, and rating agencies threatened to downgrade their view on yet another batch of banks (in Italy this time),  blah, blah, blah... To counter all of that is the fact that Germany France and now China are standing by with boatload of cash to absorb all of Greece's bonds and furthermore have talked the banks holding the debt to roll it forward and take a haircut. Who in the right state of mind would let a small default control the fate of the entire Europe? All of this fear mongering is a carefully designed theater, with actors who are nothing but traders in disguise. They are going to be on the winning side as the small guy pukes his euros out in disbelief that two defecting parliament members could collapse the entire world's financial system. PLEASE!!!!!

So here we are at 1.4122 on EUR/USD with all that priced in. Is the default by other peripherals priced in too? I guarantee that no sole on planet earth knows for sure. So therefore it is slowly descending and not falling apart. We are to monitor the developments and be ready to buy the heck out of it when no such scenario (euro death) transpires. We are to be ready willing and able to act on chart formation bottoming above 200 day moving average which will produce a rally of multiple hundred pips at least, sending the euro currency back to 50 dma @ 1.44 currently, and perhaps even higher to the top of the daily chart triangle @ 1.45 - 1.4550!

Please note that this post is for educational purposes only. I am in noway responsible for any of your trades and have merely suggested my own view on current market conditions. 

First Blog

Welcome to my blog!

I am a trader who always has a strong opinion. But when I trade, I do not let my opinion get in the way. I started this blog with a desire to share my view on financial markets, and to teach others to suppress their strong opinion at the time of trading.
My unbiased view on markets will help to develop trader's perspective on current conditions: chart setups, market correlations, macroeconomic and corporate news, and the most important - strong opinions imposed by others to make you lose.

TRADE WHAT YOU SEE!!