April the First, traditional day for pranks and jokes, hasn’t been that funny for some. World leaders, gathering in London for the G20 summit, were greeted by protests and riots. An angry crowd clashed with riot police in central London on Wednesday, breaking into the heavily guarded Royal Bank of Scotland and smashing its windows. They also tried to storm the Bank of England and pelted police with eggs and other objects of that nature. Protesters focused the Royal Bank of Scotland because it was bailed out by the British government after a series of disastrous deals brought it to the brink of bankruptcy. Today’s protests were named “Financial Fool’s day”, which I think is a right on, given both timing and circumstances.
It is estimated that crowds numbered about 4000, most of them anarchists, anti-capitalists and environmentalists. I’m sure you could find all of anti-??? groups being represented there. Let’s not forget people few soccer hooligans practicing for next weekend, some unemployed without any anti-??? affiliation and surely couple of guys who simply had nothing better to do. I’m sure this will be the picture throughout the meeting. Still, given general poor state of world’s economy, I must say these protests were mild. Ten years ago WTO meeting in Seattle was a witness to far worse riots, hopefully something that will not happen in London. From now on news from the summit should get more serious and to the point.
Trading was good today. EUR-GBP sell order was triggered and met its objective.
Entry was at 0.9227 and target at 0.9160. Everything happened fast, trade brought 67 pips. Now, another sell order is waiting as explained in a post Special Drawing Rights. I’m using 4H chart for that one, but depending on how the market behaves, hourly trades could be included. That post also covers EUR-PLN and a potential short trade. This happened and I’m already out of it with decent profit of 1250 pips. I’ll go over the details tomorrow, since the trade just closed and don’t have the chart ready.
Swiss Franc looks weak and getting weaker so I’m placing couple of buy orders here. One is at 0.9090, the other if there is a pullback to about 0.9010. The cross is CAD-CHF. I will also try to show something on EUR-CHF chart tomorrow. Seems like a busy agenda for next post, I’d better get rested.
Mike K.
You are out of EUR-PLN trade already? That was quick. I’ve been debating it when the price collapsed about 1600 pips. I missed it. Can’t wait to see your chart.
Next post, Renata.
Many conservative and libertarian Americans agree with the G20 protests.
While most of the London and European protesters are from the far left, many working Americans feel the same about Washington’s excessive bailouts for Wall Street and the banking establishment. Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall.
Find out how a growing repudiate the debt movement could stop Washington’s deficits, the exploding national debt and end the bailouts.
The Campaign to Cancel the Washington National Debt By 12/21/2012 Constitutional Amendment is starting now in the U.S.
See: http://www.facebook.com/group.php?gid=67594690498&ref=ts
Ron
Mike, EUR-GBP keeps moving down, if slowly. Has your other sell order been executed yet, on 4h chart?
You live is Seattle, right? Have you been there during the 1999 wto mess? Can’t imagine how interesting it was.
Andy, no. That order is at 0.9130. price has not reached that level.
Stan, it might disappoint you, but I took no active part in any of that. About 3 days before WTO meeting started I myself returned after 5 month of being in Russia, Korea and Thailand. I was a little disfunctional, just repacking and on my way to Europe. Had to go downtown to deliver some paperwork to my employer’s office before that, and police would not let me in. I watched the mess on TV for couple of days and than left town and didn’t come back till after new year. My personal experience is limited to cops blocking way to city center, some smell of gas in the air and that is about it.
Whoah, you get around. I miss Seattle.
I managed to hold on to gbp-chf (per your email) long enough to take some profits. Thank you very much.
Anticlimactic to learn you are not into riots. I would have imagined you to be right there in the thick of it all throwing stones at somebody. Anybody.
Prudence, not any more. Don’t travel this much these days. Where are you now? It snowed here!!! yesterday, the first of April. Imagine that.
Alex, that would have been maybe 20 tears ago. In 1999, if I had time for that, I would have parked myself in some bar downtown, by the window, and watched the mess unfold. These days I would run fast and far.
[...] with me, most people will not believe. Here is the chart of EUR-PLN trade that was mentioned in last post. And the details. If you recall I wanted to sell it upon emergance of bearish candle after Sunday. [...]