Just like last week, this opening was explosive. Big moves in all USD pairs as well as JPY crosses and anything in between. I didn’t participate, as mentioned yesterday, I was traveling. On top of that, my excursion took longer than anticipated, so I didn’t do any trading. Until just now that is. If you recall, I was planning a trade in EUR-AUD on a short side. Since the open, price moved in opposite direction. I think it is mostly done for the day and just few minutes ago I sold it at 1.7610.

This trade has an objective of 1.7425. I’m leaving it at that for now.
My other potential trade was in GBP-JPY. I had great stretch trading this pair last week.However, there was no trade there yesterday, as prices drifted mostly lower. I did place a specific trade here, though.

I missed earlier jump above 189.00. My current attempt is to buy 190.85, seeking 192.00. I’m going to a bit more attentive now, moving the entry if the price keeps moving down.
Certainly big news about Lehman and Merill. Even though something like this was expected, markets were very uncertain. I talked to some traders who told me that spreads remained wide for very long time, and also there was some liquidity shortage. This is what happens when really big boys go under. At least it should put things in perspective- there are no sacred cows. Deep pockets and some of the best talent around doesn’t guarntee success….

Mike K.