I’m not really hot on any new positions this morning but I did close out a few of yesterday’s short term campaigns. Although I was able to snag two good ones there’s one that played me for a sucker:
GBP/NZD – I dug deep and grabbed a few longs after seeing selling exhausting. It was the right move but the bastard wound stopping me out by a mere two pips before it took of like gangbusters. Just to show you that this happens to everyone – nobody gets a free pass from Ms. Market.
Fortunately I had the foresight to also grab a few longs on the AUD/NZD. Sweet move here as well and I just took profits.
My EUR/USD [...]
I think today’s session should serve as a stark reminder that the very last thing you should ever attempt is to apply even the slightest sliver of logic to market behavior, especially during volatile periods. I’m going to make this very easy for you rats, so listen up and listen carefully now. If in doubt or if you find yourself attempting to make a prediction as to where the tape may swing in response to big news events remind yourself of the following:
Now read the line above again a few times and then write it on a piece of paper and stick it to your wall or resident shark tank if you have one handy. I prefer the latter as it serves as a proper backdrop [...]
Last night’s dramatic gaps at the open across the board have been followed by systematic reversals. Before I went to bed my wife had actually joked that I should run to the ATM and clean it out. Well, when I got up this morning I wished that I had followed her advice:
Because that sweet EUR/USD exchange rate of 1.095 is no more. The entire gap has been filled and I can only assume that Greece suddenly doesn’t matter anymore or that a new batch of hopium has hit the streets in expectation of the July 5th referendum.
Being a proponent of game theory I personally believe that the Greeks will vote to stick with the Euro – both sides simply have too [...]
It seems that finally Greece has gone past the point of no return and events are quickly escalating. If you truly care about all the gory details then look no further than ZeroEdge which is literally bursting out of the seams with extra sarcastic coverage of the gloom & doom that is bound to descend on us starting Sunday night. Your guess of what happens next is good as mine but I’ve hired my own consultants and per Dr. Venkman the outlook is pretty grim:
So before you all resort to cannibalism (first dips on Skynard) let’s take some basic pre-cautions in anticipation of some massive volatility across Forex which will most likely affect bonds, equities, [...]