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  • "He who try to pick bottom, usually end up w/ stinky finger"

    From News Archive

    I'm posting this as a timestamp for my stupidity. I am long the Euro from 1.2791. If this trade works I will write more to explain why I went long and called every trader that Im close with I know and told them to go long the EurUsd as well. If I am wrong, well then I have a stinky finger and so do my friends because of me. Matt

  • Comment #1
  • Edited 2:40am Oct 22, 2008 2:27am | Edited 2:40am
Ok, ok... negative votes... speak up people or I will not know why you voted it down...

I assume you want to know why...
1. Price gapped up 20 pips from bar close to bar open after hitting new low
- this means there was a very big order filled instantly at that level, enough to clear out all the liquidity for 20 points
2. EJ near 50% retracement from 1999 low to 2008 high
3. EU near double monthly HS
4. Like my girlfriend said unknowingly "All I hear about is USD strength, everyone is selling the Euro"
- My comment is everyone has SOLD the euro. Once everyone has sold there are only buyers left. That is the bottom of any market.
5. Posts like this: http://www.forexfactory.com/showpost.php?p=2295159&postcount=40539

I have to give credit to my trading buddy Jeff Cross at http://mercury-financial.com for the title of this posting... he said it first...
  • Comment #2
  • Oct 22, 2008 3:06am Oct 22, 2008 3:06am
you are very correct
John 3:16 - From THIS love no power on earth can me sever.
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  • Posted: Oct 22, 2008 2:15am
  • Submitted by:
     qtmspin
    Category: News Archive
    Comments: 2  /  Views: 2,320