Greece got 75% Private Participation in Debt Rollover Plan versus the 90% Expected
According to Reuters, Greece was expecting 90% private sector owners of Greek debt to participate in their debt offering but only got 75%. The plot thickens as these headlines are released after the European market close.
Trader, Gregory McLeod moderates the DailyFX Forum.
That's a very liney chart you have: do you know how to read it? That looks like some Gann planetary chart. I like it though (I'm not bashing on you!). What's your analysis for the next week?
Merkel is now grasping at straws, relying upon Germany for Euro growth and stability; nonsense really. Eurozone will get crippled in the run up to Christmas; you watch and see (I'm speculating!!).
Take a look at the 4 hourly chart below, these are the trend lines which you need to be looking at.
I simplified this one for posting actually, normally have all the fib levels on it as well which can become a mess.
Try to have at least 6 different time periods on at a time but really focus on 1hr and 1m.
I look at everything in an EW way (on the 1m chart a lot as well, which if you can keep up, not that i always can, can be very profitable), and if something happens that i don't expect then i just step away until i can explain it - with more experience it gets easier to tell the subtleties and make less mistakes, you only have to miss 1 move to realise youre wrong on the larger scale.
Not an expert in trendlines by a long stretch but by reading strykers posts, and through experience, i'm improving. I find if i'm wrong on the EW by looking at the trendlines i can come up with another explanation more easily.
Agree if i'm trading on a longer basis then you can use the 4hr, but i'm not always. get all the lines in my post on a 1m chart and you can see what i mean, looking for to-the-pip entries for large moves, all the green stuff is from higher time frames, not the 1m chart: Attachment 97523
Next week is the Fed announcements which will likely strengthen the USD. The USD liquidity arrangement is very pro-risk for Europe, but the rate differential is still closing between the US and EU imo (and i know that Mary agrees with this) and this is what will drive USD strength next week. Having said this, looking LT - the Eurozone has done a lot of austerity already and i don't think this is given enough credit, the US hasn't done any. Also, the recovery that the US is seeing now may flow through to the EU in the coming months, meaning the easing may not come as quickly as it looks now. Draghi may have different point of view to Trichet though. There are large catalysts out there for EUR and i'm not forgetting that, but next week is still all about the Fed and the fact that they haven't leant directly to Euro banks to me says that they are averse to more QE and raising the money supply.
Last edited by Gregory McLeod; 09-16-2011 at 12:24 PM.
Reason: removal of YES link
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have a gooden from the Uk to Usa and around the world---I leave you all with this
Now I know why Geithner went to Europe
It’s the same reason Obama sent a “jobs” bill with a bunch of pet projects to Congress which he knew had no chance of passage, so he can blame them in the campaign.
Geithner went to Europe so when the European poop hits the fan, Obama can say “I told them how to avoid it, but they wouldn’t listen…”
It really makes you wonder why they hold these summits every three weeks. They get the market all revved up and deliver exactly nothing. In fact, all they did this time around was delay a decision on Greece until October. Budget rules were supposedly toughened but there is still plenty of wiggle room.
End result: Euro well off the highs of the week and the stock rally is starting to sputter. Focus now will turn to the Fed.
Last edited by cw1; 09-16-2011 at 03:54 PM.
Take your profits or the market will take it from you....
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