OK, Someone 'splain this to me

The folks with the large bags of cash might be waiting on the sidelines and not placing big bets because of today’s Eurogroup meeting, the topic of the day is the Greek bailout. :17:

You mean the non-event that is the Greek bailout? :stuck_out_tongue:

I’m seriously waiting for one of the news reports after these stupid meetings to say “Well, same as every other meeting for last 2 months NOTHING HAPPENED”. But still my favorite was “unnamed source says Greece bailout has been finalized” Then 5 minutes later “Lagarde and Hollande say bailout still in progress, needs technical tweaking”… I mean seriously? These meetings are just a stupid joke at this point. And we all know Greece is going to do what it has to to get its bailout, and then go back on their word. It’s pretty much exactly what’s been happening for the past what? Two decades?

Big money has to slowly get there money in before letting the price soar. So the big question is do they have those bags of cash in place yet or not.

The whole year has been crap where volotility is concerned. It’s like the big players just decided to take the entire year off. Go back and look at some daily charts in 2010 and 2011. There are very few days where the price from open to close was less than 70 or 80 pips.

Any day where price stays within 40 pips from London open to NY close is just a disgrace in my eyes. There should be a law.

I entered long at 1.2960. No movement today, extended weekend trading?

Tomorrow Europe will decide to provide Greece the new required funds to pay off debts. A bit like the fiscal cliff in the US. I think they are waiting for this. Three options to consider: Yes, it is given in full; Yes, it is given in trenches; No, you don’t get it. In my opinion option 1 and 2 are most likely.

Calm before the storm

You can thank Dodd Frank for the lower leverage from 1:200 to 1:50. There’s obviously less money exchanged on the market than before because of the financial crisis, flash crash, and recession. There was a lecture by Paul Krugman about all the money in the system and how basically borrowing on margin is like borrowing from the bank and these instruments aren’t exactly insured by the FDIC.

I accept responsiblity. I’m currently holding a long position and that’s keeping all the big money from shorting the heck outta it.

haha, nice to know we now have a culprit.

Shame on you!! :smiley:

P.

That’s it boys… We found our monster. starts distributing pitchforks and torches Let’s do it up right now…

:smiley:

This post is why we don’t allow me to get bored at work.

euro/usd just moved 20 pips to 1.2980. Break out?

My money says it is. It’ll be an interesting 24 hours, I imagine.

The market seems to be having a positive reaction to the Eurogroup Press Conference, for now anyway. Hope we see a strong EUR & AUD follow through… and the yen dropping its pants again! :slight_smile:

I really do hope that this is the just the calm before the storm. I saw a chart someone recently put up showing volatility which went back to 2000. I remember looking at the thing and getting kinda down because the levels that we’re seeing right now were pretty much what was seem from 2002 all the way through 2007. Then things took off north and really jumped the shark in 2008.

My fear is that this humm-drumm market is going to be the new normal. That’s why I said I hope we jump off the fiscal cliff. Not only because I think we need to stop mounting up debt and kicking the can down the road in regards to the fact that we’re not going to get out of a real depression over here in America…but because I’d like to see big intraday price moves again.

Looks like it’s fallen all the way to 1.2920… My position was liquidated. I entered again at 1.2930 for a Limit of 1.3100.

Well…price moved today on the EU news…but I’m really amazed that it moved down. My stop wasn’t hit…but it was close.

My intraday system actually gave me five signals, all of which I took. Two winners, one losers, and two break evens. The sole loser was a long trade.

This is why you trade your intraday systems separately from your daily systems regardless of whether or not the signals conflict.

I think it’s just a correction and not a break in the trend, which is why I entered long again. And most likely it won’t hit 1.3100 immediately. I suppose another correction is in the works before moving to that number. I’m more of a swing/day trader, than just a day trader. I tried it and I realize I’m a lousy day trader and scalper.

My thinking is that large market participants are scaling down their exposure in USD and EUR respectively until a clear direction is established. Might be a good idea to look into exotics as some foreign markets won’t react as negatively with the impending fiscal cliff and the unknown future of the Euro. Food for thought.

Thanks for the heads up. I think Greece is getting their money, so that shouldn’t drag the market down, which is why today’s downturn should just be a correction and not a break in the trend. The fiscal cliff hasn’t arrived yet, probably the uncertainty will drive prices down a bit and sideways which it’s been doing (well that and the Euro sovereign debt crisis) for the past few months. As far as the 3-5 day horizon, Euro/USD is at 1.2938 right now, I entered around 1.2930 and MacD at 30m has crossed over. If it crosses zero, I think that would confirm the bullish crossover.