Week opened up on a right note for me. Initial moves were as big as I expected, but things did pick up once Europe opened for business. What is on everybody’s mind, are the details of this much vaunted bail out proposal. Since, so far, they are unavailable, dollar is slowly drifting lower. in some instances, not that slowly. Like the trade I was in – long EUR-USD.

Entry at 1.4550, exit at 1.4750, 200 pips. Very good trade. I did not expect it to happen so fast, since I used 4H charts, nonetheless it is great.
I’m moving away from dollar pairs, as there is going to be some wicked moves there. As more and more information emerges about the FED intervention, market is going to react to it. I’m not not even going to try predicting what if….. Logic would dictate, that USD is going to get weaker under the mountain of new debt, but logic is not the best predictor. I’ll let other people to fight it.
As for myself, I’m taking a stub at GBP-CHF.

I just bought it at 1.9980. Objective for this trade is about 2.0120.
There is going to be a lot of uncertainty over next few days and I think it will be reflected in all markets, Forex included. USD will likely be reacting sharply to news, and I don’t like trading news. Perhaps because I suck at it.

Mike K.