Comments on: EUR crosses: Looking bit oversold

By: zenfxtrader

zenfxtrader — Mon, 25 Feb 2013 22:11:42 +0000

Thanks Sean.

By: Sean Lee

Sean Lee — Mon, 25 Feb 2013 22:08:46 +0000

Hi Zen, UJ suppt definitely broken as it fell 100 pips through. EU Fibo suppt at 13070 not so clearly broken, prefer to see hourly lows below. We often get these spikes in stop-driven mkts so you are right to wait for confirmation if you trade from purely technical standpoint

By: zenfxtrader

zenfxtrader — Mon, 25 Feb 2013 21:44:55 +0000

Sean, although UJ support at 92 has given way, the pair might still close the day near or above this level. The text books say a close below is required to confirm the break. From your experience, would you still consider the support broken or holding?

By: Sean Lee

Sean Lee — Mon, 25 Feb 2013 21:41:51 +0000

Ok, I’d suggest if it rallies to 12240/50 then sell some and look to rebuy then near 12125? If EUR/JPY keeps collapsing then EUR/CHF will also fall, although to lesser degree. Longer term I think it will go higher but its the short-term moves which can kill us

By: cozmin

cozmin — Mon, 25 Feb 2013 21:17:32 +0000

no, Unfortunately i didn’t have, i didn’t think could be so worst also in Chf

By: Sean Lee

Sean Lee — Mon, 25 Feb 2013 21:13:31 +0000

Cozmin, I’m presuming that you had a stop in place below 12250 so I’d look to re-buy on dips to the trendline at 12125. Overall still really like it higher but as we can see in EUR/JPY, there will always be sharp swings

By: cozmin

cozmin — Mon, 25 Feb 2013 21:08:15 +0000

Shall we keep in place long Eur/Chf? the capital blows away…

By: Sean Lee

Sean Lee — Mon, 25 Feb 2013 20:59:37 +0000

Cheers Tony, looks like there might be absolute pandemonium on Nikkei today?? It’s been sooo overbought anyway. Plunge patrol perhaps to smooth vol

By: TonyD

TonyD — Mon, 25 Feb 2013 20:22:27 +0000

NIkkei futures down 300, US 10 Yr 1.89%, Sounds like a job for Helicopter Ben