Boris and Kathy's FX Blog www.bktraderfx.com
10/11/2006
Random Bloggering:
The potential of the EUR/USD hitting a bottom is growing by the day. The currency has now sold off for seven consecutive days, which is the longest stretch of weakness since June when it also faced seven days of continuous losses. Aside from that time, there has only been one instance over the past seven years that the EUR/USD has sold off for more than seven days, which was back in August of 2003.
Today's Email Alerts:
Alert #2:
The Fed's tougher inflation tone has sent the dollar rallying. The FOMC minutes from the September Fed meeting indicated that even though the extent of the housing downturn is uncertain, they do believe that the recent pickup in retail sales should lead to quicker and stronger growth next year. Given the moderately more optimistic outlook and the tough leash they want to keep on inflation, the Fed is not likely to cut interest rates soon.
We banked 17 pips on the first lot of our Euro long trade and got stopped out on the second lot at breakeven. The short term turn trade turned, but just not as much as we would have liked to seen. Nevertheless, we kept this winner a winner and followed our #1 Rule of Never Letting a Winner Turn Into a Loser.
Alert #1:
Market finally broke through the 1.2550 level. Our initial T1 target was 1.2560 but we are going to take it here at market (currently 1.2552) for +17 points and will move to breakeven on rest. Our T2 target remains 1.2625
The potential of the EUR/USD hitting a bottom is growing by the day. The currency has now sold off for seven consecutive days, which is the longest stretch of weakness since June when it also faced seven days of continuous losses. Aside from that time, there has only been one instance over the past seven years that the EUR/USD has sold off for more than seven days, which was back in August of 2003.
Today's Email Alerts:
Alert #2:
The Fed's tougher inflation tone has sent the dollar rallying. The FOMC minutes from the September Fed meeting indicated that even though the extent of the housing downturn is uncertain, they do believe that the recent pickup in retail sales should lead to quicker and stronger growth next year. Given the moderately more optimistic outlook and the tough leash they want to keep on inflation, the Fed is not likely to cut interest rates soon.
We banked 17 pips on the first lot of our Euro long trade and got stopped out on the second lot at breakeven. The short term turn trade turned, but just not as much as we would have liked to seen. Nevertheless, we kept this winner a winner and followed our #1 Rule of Never Letting a Winner Turn Into a Loser.
Alert #1:
Market finally broke through the 1.2550 level. Our initial T1 target was 1.2560 but we are going to take it here at market (currently 1.2552) for +17 points and will move to breakeven on rest. Our T2 target remains 1.2625
posted by BKTrader # 10/11/2006 06:10:00 PM 
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