Looks like the Central Bank has gotton into the game as the Euro takes a big spike up. There ain’t no good news so what else would spike the Euro in this direction?
Johnny
I believe your right on the naked short selling but I believe the government officials in Germany are no smarter than Washington or London. They are all in a blame the other guy game that is back firing in their faces. They are wiping out whatever confidence the people had gained back in the markets and the economy. The Dumocrats are getting their butts kicked over here in the latest elections.
The price of Gold is already being viewed as over bought and the rubber band is already streached. Investors will now feel that it’s a risky investment and look for safer havens. Having too strong a dollar does hurt in some ways but helps in others. The question is who’s going to have any money to buy anything? The markets were in a very fragile state before the Greece problem and all this noise I’m afraid will send us back into a depression.
For the life of me I cannot understand what the hell they’re thinking. They are beating up on all the major banks without a clue to who’s going to finance the recovery. Their threatening everybody with higher taxes, bullcrap regulations and shouting on their soapboxes we need more government regulators.
The next thing you know we will see government regulators for regulating dogs peeing on trees. I’m not too worried about that one as my Dashhund can’t lift his leg without falling over anyway.LOL. They have already stated our cows are farting too much and something needs to be done to curtail this sort of thing.
Over twenty years ago on one of my visits to a dairy farmer friend of mine I noticed he bought a brand new John Deere 4-wheel drive quad wheel tractor with six foot high tires. I commented about the tractor and he said it was compliments of the government. He said they gave him a $50,000 check to cut his herd by 10 percent. He said if the dummies had done some research they would have found out he has to cut his herd by 10 percent every year anyway because of queer cows as well as new calfs without the right instuments. So he was laughing all the way to the bank as they weren’t cutting his production only his herd and they couldn’t tell the difference between the males and females that didn’t give milk anyway.
For many years I’d visit him and this guy kept getting his check every year. He went from a small operation to buying 1500 acres of prime farm land with all this spare money. He then got money for not building on the property and keeping it green. Now this property was twenty miles from the nearest town and these idiots didn’t realize that what a farmer does is plant things that grow and would never have any plans on building any sky scrapers on this property out in the middle of nowhere. His biggest income was not from milking the cows but from milking the government.
Nothing the governments do surprises me anymore but a look through history will tell you it has always been that way. Smart and honest people don’t get elected or don’t stick around very long.
Johnny
Somebody’s playin’ games for sure.
Dang thing’s bouncing like Dolly Parton running a jackhammer…
Very whippy.
Wouldn’t be surprised to see a short squeeze for a day or so.
2 good trades off Daily support and resistance today with the bollinger as a confirmation:
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Now that would be funny to see.
For R Carter, Does the “R” stand for Ron by any chance?
It stands for “Rich”, actually. 
Wouldnt doubt that, Im just wondering because I got an email about “Ron Carter’s Pro Trading Robot” Similar right? It gets better, I remember hearing that RC has 30 yrs experience, this Ron Carter guy has 28 yrs experience as a pit trader. Wondering if it’s the same guy lol.
I’m pretty sure RC’s first name is Robert.
You’re no fun… 
Nice to see that my trade that was stopped out by 6 pips rallied up to 1.2432 today. Oh the irony of the pain of the markets 
You still in dpip?
Ya, thats what I thought it was. just thought it was weird how another R Carter with a similar track record is a forex trader
a pit trader is selling a pro robot? Sounds ominous
Any of you seen the documentary [I]Floored [/I]by the way?
No, I bailed out during the London open, it was crazy, too much volatility, I couldn’t make sense of any of it. To bad, looks like the banks finally came to the rescue and it would have worked out. LOL I’ll wait for things to calm down and try again!
A shame, the MAs (20 and 50) on the 10min chart were heading up all day, with price consistently above the 20MA, so would have likely stuck with it but the US session was very bouncy - they have options expiration in the US this week, which can cause some whippiness.
Rescue…perhaps by the ECB though how long can that go on for? If we stay around this level for a day or 2 more, I would suspect we are into short squeeze territory because of the net shorts in the euro but then ther’ll come a point (probably not long from now) where we should all be in short again.
I wouldn’t trade the EURCHF but this is a very interesting article for those fundamentally minded or just interested in what the hell is going on in Europe at present.
Today’s Unprecedented Swiss Bank Intervention Driven By Massive Capital Flight From Germany To Switzerland; Result Was Euro Surge | zero hedge
In fact, subscribe to their blog if you want, there is a lot of equities stuff and it’s very on the “down on everything” attitude but you can ignore what you want or just get your RSS reader to filter for the FX stuff.
SanMiguel,
Thanks for the very interesting reading. I knew something had to be going on for the Euro to spike up like that. We can expect more of this to happen.
Johnny
Yeah, I should have stayed in the trade but PA during the 6:00 & 7:00 GMT candles spooked me. I kept remembering how fast EUR dropped on the “flash trading problem day”. And here’s one of the problems of trading FX and living in the US, I needed to get some shuteye so I couldn’t spend the whole night monitoring the screens. 
I’ll get it next time!
thanks!
What happened to the US dollar overnight?!
1.243 proving strong resistance in the EU.
There are some massive currency movements going on at the moment so trade at your peril.
Be patient but consider some shorts on pairs like the EURCAD and EURAUD in the next day or two depending on what happens.
[B]
Edit: Best to check on the 4hr or Daily charts for an indicator in the current climate what with bank intervention in the CHF, EUR, and others.[/B]
SanMiguel,
Investors are pulling their money out of everything including gold. Maybe they’re going to dig a hole in their backyard. Markets are taking a dive. The Aud and CAD are going to plummet as well with commodities down.
Johnny
What does derisking in currencies equate to though? Usually means the yen carry pairs go down. You would think people would fly back to the dollar as the “current world’s reserve currency” therefore making the $ stronger.
Derisking in equities is fair enough although I still see gold and oil (therefore CAD) going up from here, gold has hit support today and in theory should support the AUD as well. Canada may also increase their interest rates in June/July according to some research, which will strengthen the CAD and also bring in a possible carry trade for that currency (all a few months off of course).
I don’t know about you but this is a day trading environment for me at present, very difficult to swing trade.
[B]Edit: anyone in the Euro still, trail your stop up to around 1.24 and fingers crossed.[/B]