Wednesday February 1, 2006 - 11:50:39 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 01-Feb-2006....1140 GMT
Want the BEST advice for today? Just stay out of the market if you do not already holding a position. The signals are totally confused and this a brilliant time to LOSE money. We had thought there would be clarity today after Ben Bernanke's coronation yesterday, but it seems we have to wait for more time.
We are cancelling any pending orders we had and are commenting only on EUR-USD, where we hold a Long position.
Don't worry, the market will still exist even after 3-4 days and there will be opportunity to make money again. In the meanwhile, the best trade would be "No Trade" for that way we can save money instead of losing it.
Euro @ 1.2089/92....Stopped out of Long
As an example of the confusing signals, look at the confluence of major Moving Averages right now.
200-MA on the Daily is at 1.2147
20-MA on the Daily is at 1.2138
20-MA on the 4-hourly is at 1.2111
We had gone Long at 1.2125 during the day and have JUST got stopped out while writing.
Square now. No trades.
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