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Now back from my 4 day weekend at Coromandel. Beaches, boats, bush... good stuff for the soul. Only went to an internet cafe once ;+)
And glad I left one Euro short in place from 1.2006. While it was a lil bit risky doin that, I kinda felt that Murphy's law would see it go down while I was away esp if I didnt have any open heheh.
The Danes are looking for a USD/JPY correction at aroundabout this stage. I guess with 6 green candles and the last one looking very much exhaustive its quite a possibility.
With 1.1870 out of the way now tho, are we back into a trending market?
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The Danish Daily :
The EUR/USD pulled the legs
of many a market participant in the wake of the disappointing
employment report on Friday by rising to 119.94 before
dropping like a stone to 118.00. Logic this morning will be for
the EUR/USD to retrace some of the lost grounds in the first
round, but do remember that logic is mostly totally missing in
the currency market. An eventual rise to 118.50-70 is probably
what most traders are hoping for this morning as a level where
they could reinstate bought dollar positions. A continued slide
in the EUR/USD on the other hand is probably what they are
going to get, and hence they will be forced to reinstate bought
dollar positions at lower levels than originally wished for. One
of the main reasons for this is the fact that EUR/USD by
breaking 118.70 has broken the bottom of the previous triangle
formation opening up for a vehement slide of at least 3 big
figures(see FX-weekly "Mice or Men?" from Friday). And make
no mistake about it, the recent overall market lull has made
most traders unfamiliar with volatility, which they better get
used to again in the coming months. After the daily close below
118.70 on Friday I have lowered my stop to 121.50 on my
tactical position and with joy I am now having my eyes set on a
revisit with first 116 and further out 110. As far as USD/JPY is
concerned I reduced my bought position by 50% at 118 on
Friday. I am awaiting the next days before deciding when to
establish a new net sold position.
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Thanks Peat
Anyone know what caused those scary spikes
on NZD crosses around 7am???
arco
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Hi Arco
Which crosses?
My charts don't show a spike on NZD/ AUD, JPY
Cheers
Slam
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Hi Slam
Huge spikes on Oanda around 7 am.
AUD.NZD (130 pips) and NZD.USD (116 pips)
arco
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they werent on GFT (my trading platform) or on the global-view charts that I run here at work.
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Thanks Peat
I have just checked FX Power chart and no spike there either....
I've taken a picture of the NZD power chart and will e-mail Oanda.
Perhaps a software glitch.
arco
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I have had spikes and gaps at times on my charting platforms as well.
Strangely, if I change from say a 1 hour chart to a 2hour, they disappear.
So now I check with this.
Corrupt data[}:)]
Cheers
Slam
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Hi Slam
Yes, that can occur, already checked that but same on all timeframes.
I've emailed them so they will now be aware of the problem.
regards
arco
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some new spikes just now on the downside :D