Its going down, folks. Price action looks very familiar all day and ever since this drop started. No upward correction / momentum.
If 1.5000-15 goes we will see 1,4850 on Monday.


Now I dont have a disclaimer, but you can guess what it would look like:
This is just an advise. Trade at you own risk.

Bye.

ok, i´m out for the day.
I made some scalping for a mere 25 pips total. But green is better than red.

The bad thing is that I got stopped out in a long USDCHF just before it went ballistic. Tight trailing stop, lost a few pips, an then booom!!! there you go. That should have been an easy 100+ pips, and I needed them BADLY.

Maybe you´re right, but I´m afraid of a gap up on sunday. I´ll stay away, and we´ll see next week. I´m very low on my account, I don´t have room for more mistakes!

The drop today is slightly more than 2.786 fib of wave 1. I feel we are really due for some correction.

My strategy would be to short between 5168 - 5182, SL 5205.

Just because I recommend to sell in this prize zone, it doesn't mean I recommend to buy now.

Be patient, don't force a trade just for the sake of trading. Especially never go long in this market environment. Just sell rallies and we'll be able to avoid blood bath.

man
i think there is still buying pressure on euro that will lead it to 1.48 on monday.

Sorry to hear about all of the traders that lost money in the Euro free-fall!!!

About five minutes after the Trichet speech I entered a short position on the Euro and GBP. I ended the day with 150 pips, adding to my 350 pip gain for the week. I woke up this morning to see the EURO and GBP both dropped in Asia. Was very surprised!!! Nevertheless, I again opened two short positions in the Euro and Cable. Ended the day with 270 pip profit! I prefer to swing trade and scalping, so it doesn't matter which way the market is going, I just follow the momentum. http://www.learncurrencytrading.com/...cons/icon6.gif
Cool

Next week should be a volatile week! I suspect that weak retail data from the US will send the Euro back to up between 1.51 and 1.52.

Then Thursday will be the day of reckoning. If the Eurozone GDP figures come out weaker than expected (Confirming Trichet's words!), than I we can expect a short term downtread with increasing speculation mounting that the ECB will have to cut rates to reduce risks of a recession! The FED did exactly the same thing even though inflation has been rising. I'd say will be looking at 1.45 by the end of September, if not lower!

I don't see how position traders can take the pain of event swings. I honestly think is a coin-toss with speculating which way the market will go after major news is released. I find it very entertaining to guess which way the markets are going to go after major news released. Of course I have no open positions before these events. Regardless if my analysis is correct or not, I'm happy to jump onto the gravy train after direction is established.

Have a good weekend all, and GL next week.

NEW YORK (CNNMoney.com) -- Make no mistake: The worst probably is not over for financial firms. Not by a long shot.

Many bank stocks have bounced sharply from their panic-induced lows of mid-July on hopes that the bleak second-quarter results represented the bottom.

But the bigger-than-expected losses reported by Freddie Mac (FRE, Fortune 500) and Fannie Mae (FNM, Fortune 500) this week, accompanied by dismal forecasts for the housing market, are strong indicators that there are likely more credit-related woes to come.

"The banks are still at the mercy of writedowns. I don't think the worst is over for financials yet," said Liz Ann Sonders, chief investment strategist with Charles Schwab & Co.

hell, heres the link, read it for yourself
http://http://money.cnn.com/2008/08/...ion=2008080811


I LOVE ALL THE GOOD NEWS ABOUT THE DOLLAR. oh wait, its more negative sentiment about the dollar. i must be mistaking it for good news because every time i read something like this the dollar strengthens.

Cmellon,

I am sure you have seen Jamies new count with end of wave IV at 1,46675 (38,2% fibo of 1,25- 1,60) after that wave 5 would start and that would bring us back to at least near 1,60? So how is this gonna fit in the overall picture with the to be expected interest rate shifts and the call of the death of that rally ?

Have a good weekend !

Anyone think we'll see a break to 1.50 before weekend?

I got stuck with a short at 1.5007 right when it boomeranged -- I was hoping to be part of the border-crossing. Now I am very nervous that there won't be at least one attempt to cross the border and not sure what to do.

Is there really a big gap filled over the weekend? And a gap fill long? That would kill me, so I need to exit today, I guess.

And advice? I would greatly appreciate it!

Thanks.

Read this as one of nine reasons the USD is doing what it's doing.

9) The Batman movie is a smash everywhere, causing a huge capital flight to the U.S.!

oh really man.u must be kiding dont u.if not then wat r other 9 reasons

Well it sure looks like they're makin a run for it!!! Right now!!

i see you got lucky

man no euro is 1.5010 u close ur short in 2 to 4 pip loss just.
ohhh man it just went 5006.close it

8) All gold medals from the Olympics will be sold after the games, causing the gold price to drop. This has its effect on the dollar.