Wednesday, 9 November 2011

EURUSD...perfect reaction line trade

We were short from last nightat 1.3845 and on the Euro session opening were looking to add to the position but the first retracement is shown in the stochastic indicator window with the B-Line stoch flat under/on 20 and the ribbons upto the 90 level which is a satisfactory formation in the 30 min TF but the candle formation
(what i call 'sperm' candles with deep tails) put me off taking this additional trade. As i said yesterday 1.38 is a crazy price to pay for the EUR vs $ with or without Berlousconi and i am still looking for 1.35. The answer to the euro financail problem is political which is even more worrying for someone such as myslef who was born 18 yrs after the end of WW2 (1962) and has always seen the European union as a political union between Germany and France..... The Franco-German Embrace...'Hold me close ...hold me tight and then i can see into your eyes...Meine herren-werden wir die besten Freunde sein/Monsieurs nous allons ĂȘtre les meilleurs amis du monde'. What has this historical context got to do with today? Simply put the answer to these problems must be a Franco- German led political solution ratified by all 17 euro currency members. Perhaps something equivelent to the Marshall Plan but funded by Germany & France? However German opinion seems not at all keen on this approach.

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