reversing short and going long EUR again 1.5180
Retracement support, and after decent indicator correction.
risk remains to a further pullback towards 1.5140. Maintaining cation as JPY crosses are exerting pressure EURJPY leading the EUR down move.

Q8FX, Thank you for that new perspective. I never looked at the SSI report that way before. That Rock gets heavy as it pushes toward the top (Eur/US) Today. It is really easy to let it just roll down the hill (Quick falls) until it hits a bottom where everyone wants to "Push" again (New support measure). I have always looked at it as an "Against the crowd" indicator.

I break out trade. The News and the worlds emotional stance is what pushs the prices around. I base my trades straight off the charts and the price action. I don't base my trades on what I think the market will do. I only trade the daily charts so I long term hold. I just want to be there (like the past couple of days) when one side wins (bears / bulls) and pushes the price 200 to 500 pips in one direction or the other.

I use Bloomberg.
Paid for by my employer, so yes I do have a job. The charts at Daily FX I do not use. Not because they are no good, but I just dont need them.
You dont KNOW when to go long. If I knew, I would not be sitting here. It comes down to experience, which you should not underestimate, fundamentals and technicals. Plus.....You might have a brilliant view, but if your timing is wrong and you run into a 100 pips loss first it might cause you to close your position. Depending on your account, ofcourse.

Looking at EUR USD now it just looks bid. We have seen a large move up and it has not really corrected yet. In my opinion we need another spike up first before we see a retracement. I just bought small at 1,5175. Looking to add at 1,5140. Good luck !

I am out at 1,5215. Maybe this 1,5270 was the spike and has retracement started. We'll see.
Cherioo.

so djindyfx , what are you planning to do with the currency now? wait until it goes down then buy?

it looks bid? meanind to buy?

Currently on dailyfx daily charts it shows that the eur usd will plummit in the next couple of weeks...can some one explains this to me, it seems really puzzling for the usd to gain...let me know what you think...

I know you didn't ask me, but I thought I'd interject to add dialogue to the forum. The EUR/USD is becoming due for big multi-week correction, but not in the short term. There may be some pullback to the 1.5100 area, but the pair will surge again to a new high, probably 1.5500 before a pullback to the low 1.4400s. So the EUR/USD is still bullish right now and only long positions should be placed in preparation for another new high.

The dollar has been getting beaten down and battered and left for dead for a long time now. Sentiment indices are at extreme bearish levels, and the mainstream is picking up on dollar weakness. These are all signs of an impending bottom. Also, equity markets are at the beginings of huge wave 3 of 3 declines so the exodus of risky assets and currencies and movement to safe havens will probably be the order of the day. That usually means US Treasury and dollar buying.

The dollar still has further to fall, but it is bottoming. Once the EUR/USD makes another new high around 1.5500 I'll be looking to establish short positions for a long and strong dollar rally across the board.

American-T

thank you american trader, that was helpful......so what would you do? place a long (buy) and leave for a couple days and make couple hundred pips?

also, what do you mean The dollar still has further to fall, but it is bottoming, elaborate please....i am a rookie, so i am still trying to understand trade talk, thanks again

EUROGROUP'S JUNCKER SAYS BECOMING INCREASINGLY CONCERNED, VIGILANT ON EURO

big mouth and an equal reversal. Stay Alert!
GL

Q8FXJUNKIE ...what do you mean? its going back down?

Trichet also said something about the dollar....
But dont read too much in it, Q8FXjunkie. I think they are stemming the pace of the decline, rather then stopping it. In the end a lower dollar helps the ECB.
Good luck.

Very true, initially a reaction kicks in. Then everyone moves on and business as usual.

Can you elaborate on why a lower dollar helps the ECB? Outside of the increased price of oil being offset.