Boooooringggggg...
Yeah today sucked in the market, but that's OK with me because I think we're just getting things squared away to make a more extended move.
There was no fundamental data which was the main reason all markets were quiet. Shhh... don't tell this to a tech trader, but I guess news and data does move markets...
Tomorrow:
Tomorrow is light on euro news, but we do have the Philly Fed Index, an important Initial Claims report, and an appearance from Fed Kohn who will testify in front of a do-nothing Senate committee...
Kohn is not specifically scheduled to speak on monetary policy but I would suspect he gets questioned on current economic conditions and conditions with the inflation issue, so keep a close eye out for that.
My forecast for the Philly Fed Index is that it will remain weak and to the downside. I'm not expecting any USD+ surprises here. An Initial Claims report that comes in at or below market expectations will only further serve to keep the dollar pressured against the euro.
We will hear from Chief Liar Hank Paulson... he's scheduled to lie about the economy and it's doubtful anybody will listen nor care what he has to say....
EUR/USD:
I'm still overall bearish on the euro and my game plan is to add euro shorts on every 150-200 pip rise. My newest euro short was taken at 1.5525 and I have a short at 1.5341 currently open. I don't even care about drawdowns on those shorts due to my overall bearish stance on the euro. If the 1.5525 goes into profit I may close and re-short higher, but for now it will remain a swing short.
The idea here is to build swing short positions as we move back up to the top of the range... and this technique and trade concept goes back to what I've been talking about with building buffer and building positions that will eventually feed me positive equity and usable margin...
Be smart and manage your margin properly... and be patient... wait for your trade, wait for your price, and use proper risk management.
Wednesday, June 18, 2008
Trade Team Update
at 4:48 PM
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