Nov 7 - Nov 12, 2010

I will be away for open of this weeks trading session. I feel that we have a great opportunity to go long with the Euro, being that it has come back to test the previous resistance turned support that took more than 3 - 4 attempts to cross.

EURUSD long at 1.3967 SL 1.3935 TP 1.4100

There is a chance that the descent/correction of the pair may be stopped around the 1.4000 -1.4050 area, so you may want to consider getting in in this area. If you choose to do so, your stop must be as mentioned above - 1.3935 no more no less. You need to give the market room up to here to see if it really wants to go further down, or it accepts the 1.4000 level as a base to move higher still.

By the way, I am long with the EURUSD pair at 1.4175 and I will be adding another position ONLY if ti crosses below 1.3980 and that too only half of my original order size.

Levaz

Levaz wrote:EURUSD long at 1.3967 SL 1.3935 TP 1.4100

That one got taken rather quickly. Sorry about that, I am still USD short as the Euro zone issues seem to crop up every time and then go away to focus on the bigger problems - the USD.

Officially though, let us wait for the outcome of tomorrows G20 meeting. It is much too risky to take any positions until then.

Levaz

Now that we have the G-20 wasted with no real results, we now wait to see the market direction. USD is still being printed like there is no tomorrow. Euro is being dumped on account of Irish and Greek spreads. We are going to wait till the dust settles.

I am sorry that my posts are erratic, folks, but it is difficult to trade in such volatile markets. And sometimes, it is best to stay out of the markets than trying to guess which way to go.

Levaz

Let us join the Euro bashing.

EURUSD short at 1.3700 SL 1.3775 TP 1.3550

Aggressive traders may want to short around the 1.3650 area (much higher risk factor).
The Euro seems unable to shed the troubles of the Irish and Portuguese bond spreads, and that looks to be the theme for the week. The QE ver. 2.0 does not seem to bother the USD for now, but that just may soon change. Furthermore, there seems to be no real lines of support till 1.3550 area.

EURAUD seems to have found a bottom close to the previous lows, looks to sell between 1.3850 and 1.3950 if there are any sudden spikes. Stops to be placed firmly at 1.4000, so the closer to the SL that you can short, the better it gets.

Levaz