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Tonight was one of the most stressful trading sessions I've had in a long time, I had connection issues. I'm pretty sure it was local, somewhere here on my end. My connection seemed "clunky" from the start but stayed connected (I think) until after I placed my orders. We have had a lot of rain down here as the tropical storm/hurricane pasted by. A few years ago I lost my phone service and a repairman came out. After checking things around my house he walked down the street to a connection box and motioned for me to come and take a look. When rains saturate low areas ants seek higher ground, in fact if they can't find higher ground they clump together and float on top of the water. When this floating mass bumps into something (like a telephone connection box) they take it over. When the repairman pulled the cover off that box it was a solid mass of ants, he said he sees that often after heavy rains. Of course I have no idea if that could be what happened to my cable connection this morning but I do know my Ninja Log shows 15 re-connections!!
After the EU open price fell and rotated around the VWAP in a ten point range for an hour. I put orders in and targeted the Sell Number and used the Pivot for a stop. I saved one bullet and let it ride under fifty in a hope of catching a pull back under the VWAP, I got it. During all this time my IB connection would go out, then my IQ, then the IB. Finally price moved up and started reaching for my targets, I closed the last position with a market order.
My wife told me she rented a beach house this weekend for a birthday party for her sister, so I'm done for the weekend, going to play with the kids for a few days. Just a heads up about the Holiday Trading Hours at the CME. Enjoy your weekends.
Change of plans, the girls had other plans. Since several of them had to go to school this morning, last night at the house turned into a (young) Girls Night Out!
Back to the Mighty Euro, now this is what I was talking about when I mentioned re positioning at the extremes prior to a major news event/release. This first chart shows the shifts of the value area (and POCs) of all the bars on the chart. Talk about extremes, during the overnight traders could have positioned themselves +/-30 points under the value area long, with expectations of "Ben" kicking the can for another couple of weeks. Now, (as I type this) the opportunity to short is offered to those traders that think "Ben" might actually throw the dollar bulls a bone this morning. As always many other factors come into play. Obviously, short squeeze tops my list, but will it come before the Ben speech or after? Is this a head fake of the squeeze that may never come, or is it the real thing? So, again my question is where will price be at 9:45 am est. ??? Only @Bharatiya played along the last time, (thanks Bharatiya) My S.W.A.G. (scientific wild ass guess) is price will be in the low 1.2590s or high 1.2580s
Jeez what a miserable week! I was completely out of sync with the market Mon - Thur. I could not have read the price action worse than if I had simply tossed a coin. So choppy, up 20 pips then look away for 10 mins and you are down 30pips.
I was lucky to recover my losses and end the week at breakeven. Feels like a win. Time to say hello to my friend Jack.
Through the teeth
and around the gums
watch out tummy
here it comes!