This applies to some, well, most currencies this week. Large swings with sharp turns are the norm these days. Feels like being in the storm on high sees and I’m sure traders are getting (sea) sick. More on it farther down this page. Some people might enjoy the ride, after all, roller coaster can be fun. Recall this brief from last post on Microsoft? Redmond giant claimed that it overpaid some laid off workers and asked them to repay the money. There was new development to this story. Microsoft must have realized how silly it looked to ask for a few hundred dollars back and reversed its position. Prepared statement read ” This was a mistake on our part. We should have handled this situation in a more thoughtful manner”. Turns out the number of affected ex-employees was only about 25, so Microsoft is not facing any immediate financial crisis due to its generosity. I guess this whole episode didn’t make the brass too happy. Senior VP of Human Resources personally called everybody involved and assured them that they can keep the money. Nice touch. So, those people experienced a pleasurable roller coaster ride.
Not so sure about GBP-CHF traders. These swings could make anybody sick, unless by some miracle one happened to be right on every turn. I don’t have much to complain about, no losses, only my buy order has not been filled. Yet. Currently price pushing 1.6550, which could be support area.
I decided to make a test trade here. Entry was at 1.6562 and objective is 1.6770-1.6800. Risk is 100-120 pips. Now all left to do is to wait for the swing up of the roller coaster. Previous buy order at 1.7058 still stands.
Another possible trade is in EUR-NZD.
Couple of sell orders, one at 2.5030 and another one at 2.4735. Target is about 250-300 pips. Hope this current choppy behavior comes to an end soon. I don’t mind at all when markets are in consolidation, which usually means big move coming. This time around, however, I can’t really read the charts and feel a little lost. Positively, this sensation will pass, at which time I will be completely lost. But seriously, these time frames are not too easy to interpret now. Really, things could go either way for a few days.
Pound pairs are on acid trip or something like that.Wish you best of luck with your current trade.
President is talking about more money being spent on just abput everything. Another 600 billion on healthcare. At the same time he calls for fiscal restrain. How much more do we have to get in debt before the dollar tanks? What do you think?
Spending seems to be reaching new levels of obscenity. I don’t know when the breaking point is going to be, but probably when other major economies get going, dollar will resume weaknes.Probably next year, maybe later in 2009.
wow… Mike…
I can’t imagine how do you manage to monitor some many pairs…
I have enough headache to trade just GBP/JPY
GJ, most of my trades are done on 1H or higher time frames. Then I don’t try to figure out every market turn, rather find patterns that are easy to identify by me. Focus keeps changing between currencies so I don’t follow everything live at the same time. But yes, I’m busy 10-12 hours a day.
[...] this post, with such clever title, I will discuss only my yesterday’s trades. “The roller coaster ride” covered GBP-CHF and EUR-NZD. Pound-Swissy has been acting jittery all week. That was [...]