My Summer Holiday in Italy (Pictures)

Greetings. I finally managed to sort all the pictures from my recent summer holiday in Italy. I’ve been to Italy several times and I really like the country. There are some fabulous places to visit, such as Tuscany – if you like the countryside and medieval towns. If you’ve never been to Italy before and plan to visit, I suggest you stay a few days in Tuscany to recharge your batteries. I’ve been there two times and I will definitely go back.

You can use the left/right keyboard arrows or the left-click to browse the pictures in the album.

In the album below you will find pictures from (in this order):

Siena – one of the top destination in Tuscany. As one can guess, there are literally hundreds of cafe bars, wine shops, pizza shops, ice-cream shops all over the streets of Siena. You basically can’t get hungry or thirsty while looking for a nice place to eat & drink. All of them are nice, you just can’t go wrong. :)

San Gimignano – my favorite town in Tuscany so far. It is a small medieval that rises on a hill near Siena (about 40 km), in the wonderful Tuscan countryside. It is also named “City of Towers”. Ice cream lovers have a good reason to visit San Gimignano: there is an ice cream shop which won the World Ice Cream Championship several times and it has been visited by numerous celebrities, as pictures on the walls suggest.

Polcenigo – a small town in Northern Italy, 95 km north of Venice. Gorgazzo Spring is a delightful place, the water is so clear that you can actually see the trouts in the few-meters deep water. There’s a small bistro near the spring, where you can drink a good italian espresso while admiring the gooses.

Lignano Sabbiadoro – another coastal town, not far from Caorle. There is a beautiful Zoo park in Lignano Sabbiadoro: Parco Zoo Punta Verde. It is quite large and it takes about 2 hours to visit it.

Conegliano – a nice town 30 kilometers north from Treviso. There’s a castle on a hill where you can admire the beautiful and enchanting landscape.

Caorle – a coastal town on the Adriatic Sea near Venice, my seaside destination town in the last 3 years.

Abbey of San Galgano (L’abbazia di San Galgano) – located about 30 km West of Siena, another place of attraction in Tuscany.  The ruins of the Cistercian Abbey of San Galgano are enveloped by a mystic atmosphere. There is a sword which has been plunged by San Galgano into the rock emerging on the top of the hill in 1180. It has been considered a fake for many years, but a research in 2001 conducted by the Siena University has indicated it has medieval origins. It is the Italian version of Excalibur. The sword is in a safe place – it is guarded by a ferocious beast, as you can see in two pictures near the end of the album :)

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Sunday Links 7/17/11

Interesting stuff from all around the web today:

Enjoy your Sunday

Algo Trading in The FX Market

InterbankFX has created an interesting Infographic about algorithmic trading in the FX market.

Equity and futures traders are already familiar to HFT algos and many of them can confirm how much they hate the speedy bots. As an old-fashioned guy who prefers to trade manually, I look at these statistics and they’re frightening from a retail participant’s perspective. Good luck to us all, especially fellow scalpers – you’ll need it the most…

Or we can all get a personal bot to harvest pips in microseconds :)

more on topic: ICAP signs banks to tackle FX algo trading (Reuters)

Click the image for full size infographic:

Algo Trading in FX (click to zoom)

Algo Trading in FX (click to zoom)

Source: InterbankFX, via Big Picture

Income around the World: Infographic

Here is a very interesting infographic that shows the distribution and effects of income levels around the world.  I wish they could do an infographic on people’s happiness, it may be slightly different.

Click on the image for National Geographic’s interactive graph

Infographic: income world map

Infographic: income world map (click for more info)

via Big Picture, Source: National Geographic

Bernanke’s QE3 On/Off Commentary Locking EURUSD in Range

Quote of the day:“Where all think alike, no one thinks very much.” – Walter Lippmann

Good morning. The dollar recovered some losses as Bernanke backtracked on comments made about further stimulus on Wednesday when he said that QE3 could be an option in near term. Yesterday he told Congress that the Fed is not ready yet for another round of bond-buying program. Metals and a basket of currencies retreated from recent highs: Gold almost reaching the $1600 handle, Silver not closing above 38.50 on daily charts (no breakout yet but a doji candle), EURUSD back below $1.42, eyeing 1.4050-1.4100 at time of writing. Intraday support regions have been pretty weak since the euro fell below 1.4200 and since it is Friday already, I don’t plan any position on EURUSD right now. Will keep an eye on it though, but there are some nicer setups in other pairs at this moment. The US CPI is the most important event in the economic calendar today.

Trading strategy: standing aside

Support: 1.4100/30, 1.4050 and 1.4000
Resistance: 1.4180/00, 1.4250/80, 1.4300 and 1.4480/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

Euro Vs Dollar daily chart 7-15-2011

Euro Vs Dollar daily chart 7-15-2011

And some setups I find quite interesting. They’re worth watching next week, too


Euro Vs Pound daily chart 7-15-2011

Euro Vs Pound daily chart 7-15-2011

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Thursday Links 7/14/11

Today’s interesting stuff from around the web

Dollar Bill Origami

Dollar Bill Origami

Dollar Hammered on Bernanke’s Testimony, QE3 On The Table

Quote of the day: “Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.” – John Maynard Keynes

Good morning. The sun is up and so is the euro and a basket of other currencies, including the shinning metals, against the mighty dollar which is, once again, terribly hit by its main “defender” Ben Bernanke. Perhaps there are people out there who still believe that the economy is in great shape, that QE3 is unlikely and they’ll probably refuse to admit that it is inevitable even 1 month after it will start. Just a quick hint here: if it walks like a duck, looks like a duck and quacks like a duck, guess what! it must be a duck! …bad weather ahead for the dollar. As for the euro, Fitch just downgraded Greece to CCC which is like a duck default, but EURUSD didn’t react to the news retreating from the highs. Although I didn’t bought it on yesterday’s rally, I’m happy that I closed my previous short at breakeven, while the pair was still quietly testing resistance.

Trading strategy: looking to buy on potential pullback to 1.4100, initial stop at 1.4050 (0.5% risk), target open

Support: 1.4200, 1.4150 and 1.4100/30
Resistance: 1.4250/80, 1.4300 and 1.4480/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish

EURUSD daily chart 7-14-2011

EURUSD daily chart 7-14-2011

Anyway, the Cable setup was indeed nice and managed to close the trade a bit earlier for almost 200-pip gain (nearly 2%), because I think that a retracement is likely after the 4 big figures recovery in the last two days. In case we see one, 1.6050 is the 1st level to keep an eye on, as support should limit losses before reaching next barrier at 1.5950.

GBPUSD daily chart 7-14-2011

GBPUSD daily chart 7-14-2011

Gold is again trading at record levels against dollar, EUR and GBP and Silver is currently testing resistance formed by the previous two corrections, following the huge decline (see chart below). This break above 38.50 is a decent buying setup on Silver – no doubt.

Silver daily chart 7-14-2011

Silver daily chart 7-14-2011

Gold daily chart 7-14-2011

Gold daily chart 7-14-2011

Have a great day!

Wednesday Links 7/13/11

The markets reacted violently to Bernanke’s testimony today, so here are some external articles to end the day with:


epic fail

epic fail

Nice GBPUSD Setup, Suggesting a Rebound

Here’s a daily chart of Cable:

GBPUSD daily chart 7-13-2011

GBPUSD daily chart 7-13-2011

As you can see in the daily chart above, we have a nice reversal candle formed yesterday, closing just a few points below former support at 1.5950. I think that a break above this level in the next sessions would be a good buying opportunity with an initial target around 1.61 where next resistance resides. Actually there are two potential entries I am considering: one being on break above 1.5950 and one on the intraday pullback towards 1.5870/00.

Will post an update in the next days


Dollar Under Pressure Ahead of Bernanke’s Testimony

Quote of the day: “A person always has two reasons for doing anything: a good reason and the real reason” – J.P. Morgan

EURUSD – 1.3996 @06:40GMT

Good morning, all. Euro’s decline has paused for now and former support region around 1.400 is forming resistance, which is being tested at time of writing. Well, it’s being tested since yesterday as price continues to consolidate orbiting around 1.4000 in a tight range. I closed my yesterday’s short at breakeven because I don’t like to wait while price is consolidating into resistance zone for almost 24 hours, as that usually suggests that we’re not dealing with a strong barrier, so I rather wait for the decline to resume, keeping an eye on the intraday support at 1.3950 where I’d be tempted to sell. Fed Bernanke is going to testify today on economy and debt crisis, this being the most important event in the economic calendar. I guess we all know that most of his speeches are dollar-negative, so the EUR might get a boost if it follows metals which are the first to benefit from Bernanke’s words – see Gold which is a few points below the all-time high today.

Trading strategy: standing aside; considering a potential short on potential break below 1.3950 with an initial stop at 1.4010

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