moneyGreat, great news! English Premier League (EPL) started new season. It's called Barclays Premier League now, but for me it's simply EPL. And yes, it's the financial institution that is the main sponsor with naming rights. Seems they make money in Forex and other ventures and then spend it on sporting venue.
At any rate, new season is under way, lots of games to watch, like this morning entertaining Arsenal- Manchester City engagement. For those who care, Arsenal won 1:0. Months of fun ahead of us. One of these days I'll have to take one of the package tours that includes few games.
Still large moves in Yen crosses, although they look timid comparing the week before.
Spoke with a trader I now who only trades extremely short time frames. Using 5M charts is about the the longest time chart he uses. He claims to have time of his life now.
His focus is mainly EUR-JPY at this time, as liquidity is very good, large moves and he can trade it with only 2-2.5 pip spread. Guy is very reclusive, doesn't participate in any public trading discussions. He just trades.
We updated our website. It can be reached with this link
http://www.spectrumforex.com/weeklycomments/08262007.html
My own trading has been rather slow this week. I took very few trades, with mostly good results. Weakness in JPY was anticipated, so the trades I took were to the long side of yen crosses.
Outcomes were satisfactory, but in light of the week before it doesn't seem very inspiring. I think we are approaching levels where it will be decided which longer term direction markets will take. It's possible we will have 2-3 weeks of consolidation before trend emerges. Right now about 240 on GBP-JPY looks like the upper level of upside move. That is just an opinion and subject to change as the price develops and market behavior dictates.
My library has been neglected so it's time to go the the local bookstore and see what has been published over last, say, couple of months. Long time for me without a trip to Barnes and Noble.
Husar.
