Thursday February 17, 2005 - 11:52:37 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Fx-Thoughts for the day - Evening - 17-02-05....1125 GMT
We've had three straight days of losses, primarily because the market
seems to be turning away from our preferred direction. There has been
intra-day volatility as there always is when market equations seem to be
The mind is agitated and when coupled with a volatile market, is likely
to generate misleading thoughts and suggestions.
If we view trading as a long-term business we are compelled to stay out
of the market today, to protect the profits generated till last week
and prevent them from being whittled down to nothing. Trading is not only
about being in the market all the time, it is also about staying out.
You are using this service, we believe, not only for the trading
signals, but also for THOUGHTS on Forex. Currently our thought is that it
COULD be that the Dollar is headed down towards 1.32, 1.17 and 1.90
against the Euro, Swiss Franc and Pound respectively.
BUT, we are not yet sure, because 1.3093 is the 38.2% Fibo retracement
of the Euro fall from 1.3665 to 1.2734, and it is still holding as
Resistance. If it breaks convincingly, of course, we may look for 1.32.
On the Cable, there could be chances of huge sideways movements between
1.90 and 1.85. Or we could be wrong and a rise above 1.90 could target
1.9120 and 1.9170
Dollar-Yen continues to trade above 105.00 but looks mixed between
105.80 and 104.75, as mentioned in the morning. All in all, things look
uncertain to us and the instinct is to stay out.
So,pPlease do bear with us as we do just that today. Thank you for your
patience, we appreciate it a lot.
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