It looks to me like the bigshots have a ton of money and nowhere to go for the night.

I think the EUR/USD will start trending up again. Oil looks like it met some support level at 123, and due to pretty calm US inflation data vs. pretty poor US growth data, I think the pair will test 1.60 again.

it really looks like the euro and the dollar are in the midst of a war and both are fighting to hold their ground. and casualties are coming in on both sides of the fence. folks that had longs from the test of 5700 and the short sides that were triggered by the drop below 5520. most of each have been long since stoppped out and the market is right back where it started. imo we havent had good news for the dollar, just not as bad as expected. yet here we are in limbo. going back to my charts i see 5585 as the line in the sand in this eur/usd war. i also see 5540 and 5520 as the ground the dollar is fighting for (supports) but 5615 and 5650 is what the euro wants (resistance). i have no clear path at this point as to which side to take. i am however becoming more of a double agent as this looks like the start of a range situation.

does anyone else see it differently? if so please do tell.

also, i am holding onto my short from 5575 looking for some bad news from italalian budget balance due in 40 minutes.

Unless something new comes up, I'd say you're on the money

It feels like a real long hard battle!
Great Analogy, Double agent all the way.

I think it is to early, if nothing happens geopolitically I think we will see a short term drop to 5461-5410. From there I see a rally to 1.60 and higher. The US economy has the cancer but most economists are still in denial.
If I look at the 4h chart I see some downward pressure (EUR weakness)

Fibonacci on five minute chart from 1.5514 (this morning) to 1.5589 a couple hours later shows a support at 1.5551. I opened my stop to try a little range trading. Still Long looking for 1.5615

Anyone else see the same?

i´m short @5572 if prices bounce again from 5550 zone I´ll TP

edit got stopped @5561

Good Job Rodri. A hundred bucks is a hundred bucks. Unless of course your trying to buy euros. It looksd like the 1.5551 support is good for a short bounce (for the moment at least). RSI and Stochastics (slow) are on the uptrend so since I'm a couple hundred up I'm going to let it ride. I've worked all night and traded most of the day so I'm headed for some well deserved rest. Maybe I'll have some more good news when I wake up.

Good luck

To those who have fallen; We salute you!

thanks, but overall the week went awfully wrong. lost about 30% of my mini account. i was building confidence until wednesday and yesterday when I took a huge hit. I overtraded yesterday, I took it slowly today.

it is not the same to trade the demo account and to trade with real money.

You're not alone!!

closed my short for a modest 22 pips. going long again, this should be a safe point with the support sitting where it is. i will leave this trade open over the weekend and see where we spike to on sunday.

Hopefully we spike

Oh, but that's what mini accounts are for, to learn the real deal. Just consider that money lost and everything you don't lose is a win.

It happened to me not so very long ago, got in with to many positions, the market moved against me and the 'win' situation was that I took my losses and stopped out before I got wiped out. So, you lost money but at least did something right.
Look, lets say it cost you a couple hundred, where can you get that kind of education for that kind of money? Nowehere! So, win win situation.
You learn, you move on and when you are ready you start trading the big bucks.
You first need to walk before you can run. As soon as you are profitable on your mini-account for a while you invest some more and open a regular account. At least you're in the game and learning a good skill. You could have wasted all your money somewhere on a hot beach trying to pick up chicks. Euh, oh no, that is not helping now is it? Anyway, you know what I mean. Best of luck!

you take what happened to me today for example. i lost 200 pips first thing this morning. i was sooo far over a margin call that when the bottom hit i was able to a) survive and b) take even more long positions. when the market banged against 5580 i was able to reverse my position and made money all the way back down to 5545. at the end of the day i was actually ahead 30 pips. now i am not saying that what i did was the best strategy but it worked out this time for me. had i gone for it all (over leveraged myself) i would have been stopped out and wouldnt have been able to make the moves it took to get back into green numbers. if i could give one, and only one, piece of advice to new traders, it would be "slow and steady wins" i know it is easy to think of the endless profits to be made in currency trading. i ran my account dry trying to hit every trade at the highs and lows with everylot available. now that i have learned a little more patience and money management in forex i could turn $100 into $1000 in no time. but it wouldnt be anywhere near even the smallest data release.

All that being said, keep your head up. you will either get it or you won't