What Is FX: How Do You Like Me Now?
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
What is FX Daily Report
What Is FX: Butt Kicked
A Personal Invitation to trade with Bill Jenkins
February 29, 2012
11:00 PM EST
Good evening What Is FX traders; Happy Leap Day! Again! Those who went short today should really be laughing all the way to the bank tonight. What Is FX perspective that this LTRO would be detrimental for the euro played out in spades today. Just to recap, the offering uptake was nearly 30% large in demand than expected, and more than 50% larger in terms of the number of banks to participate.
Everything we noted today pointed to a stronger dollar and weaker euro. Even when Ben Bernanke got up to the mic at Capitol Hill (and he HATES the USD), everything he said, which was designed to encourage a dollar sell of only produced more dollar strength. Attempting to assure the markets that rates would be kept low for an extended period, did not encourage any euro buyers today.
What Is FX small short did not do very well today, as the excited poke above 1.3450 spooked me a bit. So I closed in the middle of the 5 minute candle. However, after I looked at the candle on the 15M chart, and saw a rather long selling wick, I shorted again at 1.3445 with a regular sized trade, and was happy to see the euro start plunging. I exited today at 1.3340 to pick up just over a hundred pips on the last day of the month, but of course I had to subtract out the small short that I closed prematurely. That was worth about 20 pips, so I netted 80 pips on the day.
What Is FX Daily Directions
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Happy Trading!
Bill
traderwillie8782@yahoo.com
facebook.com/TheFXTradingMasters
What Is FX February Results: +692.0 pips.
What Is FX Year-To-Date Results: +1,368.0 pips