EURUSD GOES LOWER … “PIGS CAN FLY” HARDEST HIT

 

“You’re not poor … you’re simply pre rich!”

Well, the Chuckleheads in Asia did exactly what they needed to do; start the session with a very tiny drop in EURUSD, rally to a new high, retrace for hours, and then near the Asian close ramp to another new high … thus practically insuring Europe would “monkey hammer” EURUSD into the ground. Some things never change, no matter which market they trade; my advice? “Go back and trade Bitcoin and leave FX alone; I think the reason Japan can never get GDP growth like the government wants, is cuz Mrs. Wantanabe & her “gal pals” lose more money trading than their husbands bring home”.

The setup here from Asia, is a “classic” go lower meme via the “Flying Wedge of Death” [FWD]; i.e., fade Asia on the high. During late Asia, round up the usual suspects cuz here it comes; “voices in the dark”, warning first about the Yen climbing “too fast”, in a not so subtle hint to “be careful traders”, and then making the rounds in early Europe, rumors floating around and hitting bank FX desks of a possible problem with Merkel’s coalition … you know, the one a few days ago that sent buy stops rumbling higher in a panic bid … the one that was a certain, 100% slam dunk, it’s in the bag, stick a fork in cuz it’s a done deal … yea, that one. “Gee, who could have ever predicted this”?

The lows seen today really were of a strange variety; again, we are seeing lows that give traders a chance to be long … and of course, that makes me very suspicious. The third low today below 1.22000, stayed within a few PIPS for approximately 5 minutes. “I’m just tellin’ you, highs and/or lows aren’t put in and give everybody a chance to get on board … only lately, there have been a number of them … way higher than normal … George Costanza to the white courtesy phone! … bizarro world on display”. And that low and subsequent time spent down there prevented me from getting long; I realize it’s probably close to the low, but why on day 1 of retracement can’t the 1.22 level hold? … we shouldn’t be down here, and I’m wondering if more sell stops are on the way down to the 1.21800’s area.

As it was, today’s trading saw 2 trades for the PAMM, and it’s up 0.2% on the day. Short post today, cuz I got some personal things to take care of this afternoon that can’t be put off, but with today’s action lower, I’d like to see a retest of the 1.22000 area in Asia and/or in early Europe for tomorrow before resuming the uptrend, if they don’t rally it late today … if we break today’s low, I don’t think it can go very far before the bids return, barring any unforeseen news that changes the dynamic. In any event, we’ll see … I’m outta here … Onward & Upward!!

PAMM spreadsheet directly below.

   

 

Have a great day everybody!

-vegas

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