Every thing has been thrown out the window with the dirty water…including the baby and the Euro. Today after an exciting Asian session last night, when we saw the Euro drop 100 pips in less than 15 mins, we had consolidation. Today at the NY open we where @ 2627 and now with one hour left till the NY close we are @ 2605. Only a 20 pip difference between the open and close, a very flat day…however, I think we are just resting before another strong move down. I say this because while I don’t have much reason to believe that there is a huge amount of downward pressure, there isn’t ANY support in the way (a bit at 2550 – 2500 – it could get whippy here) until we reach some major resistance @ 2400 and 2300.
I am holding on to my short(s) right now and looking for more opportunities to get more short positions in as the market corrects a bit and releives some pressure. Currently I have 5 shorts in, 2 @ 2880, 1 @ 2800 1 @ 2700 and 1 @ 2600 for an average price of 2702. All have a 100 pip trailing stop which currently is sitting @ 2663.
I also have a short order @ 2550 (this is where we have had some small resistance, once it breaches this, we should see it travel down to 2500 and then bounce again.)
In other news, today was a record day, 185 visitors. Thanks all for stopping by, don’t forget to comment and visit my friends listed in the blog roll. They are who inspired me to start a blog, they know infinitely more about this than I do.