Lefty Wins!

The Grinder Trader was up late last night watching the Masters.  Great final round play by almost everyone.  Watching the play of Lefty Phil Mickelsen had me thinking about visions Arnold Palmer.  When Phil hit the shot from the trees over a creek it was the 2010 version of hitching up the trousers and going for the bold play.  I hit my own aggressive shot by going long EUR/USD for a quick 20 Pips just after the market opened up on Greek bailout news over the weekend.

I'm still undecided about where we go from here.  Check out the piece in Slope of Hope by the folks at Retracement Levels.  Portugal or Spain, take your pick they say...

http://slopeofhope.com/2010/04/eurusd-a-short-by-retracement-levels.html

Viva la Manga!

I’m back from a much-needed break in Spain on the Costa Calida.  After some golf, tennis, tapas and Rioja I am ready to ease back into the FX markets.  A better NFP report came out while I was away and the Greek contagion seems to have caused a bit of tug of war in the EURUSD world.  I took a few shorts in the pair during the past week based on seeming overbought conditions for a few PIPS.  I’ve read in a few blogs that some people are asking whether the downward trend in the pair begun in November 2009 is nearing an end.  Time will tell.

My visit to Spain gave me a chance to feel the pulse, for a week anyhow, of how the “crisis” is playing out there.  Anecdotal evidence (golfer gossip) abounded of golf resort and real estate developments heading to receivership or foreclosure.  La Manga Golf Resort, where I stayed, was busy but not swamped despite the Spring Break holiday for Europeans over Passover/Easter.   Tee times were available, reservations for dinner weren’t too challenging and we found great rates for the apartment/flight.

My fundamental/technical analysis based on this is… I’m not ready to call an end to the downward trend just yet.  Best to be wary in the coming week.