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  • #3,821
  • Sep 29, 2008 1:32am Sep 29, 2008 1:32am
But I am also looking at 1.4400-20 with an old TL as a bounce to 45 before continuing down... Yes i know my lines are pink....my wife likes them. . . . get off my back.....


http://i35.tinypic.com/2ufzsdh.jpg
  • #3,822
  • Sep 29, 2008 1:49am Sep 29, 2008 1:49am
Hi,

Cable produced a familiar U formation around resistance again pushing things down. The same happened on Usd/Chf giving a quick 30 points on the 1 hour.
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  • #3,823
  • Sep 29, 2008 2:03am Sep 29, 2008 2:03am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting BillyRayValentine
50% retracement and historical resistance.

BRV,

Following on from your U/F sell area of 1.1050-60...

I've attached a chart with an inner-Fib drawn... the 61.8% retracement level of this Fib lines up, to the pip, with the 50.0% retracement level of your original Fib...

Would you consider this to hold any weight, or is this area strong enough for a bounce that you wouldn't consider it to make much difference?


Magnus
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  • #3,824
  • Sep 29, 2008 2:27am Sep 29, 2008 2:27am
Quoting Yuppie
BRV,

Following on from your U/F sell area of 1.1050-60...

I've attached a chart with an inner-Fib drawn... the 61.8% retracement level of this Fib lines up, to the pip, with the 50.0% retracement level of your original Fib...

Would you consider this to hold any weight, or is this area strong enough for a bounce that you wouldn't consider it to make much difference?


Magnus
Yes I would normally; in general there's a lot of momentum in general out there right now - I didnt get around to getting back into the site here until just now after my alerts went off. Just a hair from our default stop loss on this one. Right now it took it pretty strong....there's still 1.1135-1.1142 for another sell zone at this point. Also the diagonal trendline.

Regardless lots of resistance around here in general we'll see how the market reacts. Very oversold conditions right now. I think it'll be one of those that works out but not as planned. In my struggle here to find trades that hit I'm reminded of why I usually post more conservative entries.
  • #3,825
  • Sep 29, 2008 2:37am Sep 29, 2008 2:37am
Took to the 50% retracement almost perfectly....
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  • #3,826
  • Sep 29, 2008 2:43am Sep 29, 2008 2:43am
Hi everyone,

I like that 1.1135-1.1142 usd/chf sell zone for another reason as well in that it lines up better with the E/U trade since they are so closely correlated.

Just a thought.



Good trading!

BTW - Love the thread.
  • #3,827
  • Sep 29, 2008 2:48am Sep 29, 2008 2:48am
Quoting Nofx
Hi everyone,

I like that 1.1135-1.1142 sell zone for another reason as well in that it lines up better with the E/U trade since they are so closely correlated.

Just a thought.



Good trading!

BTW - Love the thread.
Yup and thanks - thinking the same thing - I put the chf trade in there in case the eur trade never hit mainly, so we'll see how it goes. Market looks like its pretty beat right now and aching for a shorter term reversal; judging by the way all the pairs just came off this is just one potential area - patience and one at a time is the name of the game as always.
  • #3,828
  • Sep 29, 2008 3:09am Sep 29, 2008 3:09am
BRV can you comment on USD/JPY ?
  • #3,829
  • Sep 29, 2008 3:09am Sep 29, 2008 3:09am
For anyone's that wondering about the big momentum push tonight - we've got Bradford and Bingley being seized by the UK governement and Fortis being bailed out - bad for GBP, bad for EUR - and the US is seeing minor resolution on the bailout issue, so tables have turned, atleast for tonight. This could lead to a deeper push, but holding on at this point. Everything very stretched for one session.
  • #3,830
  • Sep 29, 2008 4:44am Sep 29, 2008 4:44am
Quoting spekitox
I tell you why I'm still not 100 % convinced.
Spekitox, you were 100% spot on!

Well, now I know for sure how to trade buckets
One Chart is Worth Ten Thousand Words.
  • #3,831
  • Sep 29, 2008 5:07am Sep 29, 2008 5:07am
Quoting BillyRayValentine
If we get any news of the bailout this weekend we might see a big gap in price. There might be opportunities to go long or short on them in the direction of the gap when the market opens on Sunday, with a fade shortly thereafter - sort of like what happened here:

laters,
As BRV mentioned on Friday this could well be happening now on the Euro ... I just went long @1.4328
  • #3,832
  • Sep 29, 2008 5:11am Sep 29, 2008 5:11am
Quoting Willowgal
As BRV mentioned on Friday this could well be happening now on the Euro ... I just went long @1.4328
Yup - I went long on GBP at 1.7986 (bottom of last bucket on trend going up) - a little too early again tonight but so far so good.
  • #3,833
  • Sep 29, 2008 6:31am Sep 29, 2008 6:31am
I'm not sure about EU.. On GU the bucket is clearly there. Even if it falls further, it was good for a couple dozen pips.
By the way AUDUSD h1 around former resistance of 0.8140 and GBPCHF fighting with 1.9900.
forget about tomorrow, just steal away into the night
  • #3,834
  • Sep 29, 2008 6:36am Sep 29, 2008 6:36am
Quoting spekitox
I'm not sure about EU.. On GU the bucket is clearly there. Even if it falls further, it was good for a couple dozen pips.
By the way AUDUSD h1 around former resistance of 0.8140 and GBPCHF fighting with 1.9900.
Thanks for the heads up - about to get into the NY session here and awaiting the London fix, if we even get much of any today - regardless, everything sort of stopped in its tracks here - GU saw about a good 400 pip run last night on this news....pretty damned big for just 1 1/2 sessions.
  • #3,835
  • Sep 29, 2008 6:45am Sep 29, 2008 6:45am
BRV, what is NY fix, London fix? Searched the thread but still dunno.
Thankx
forget about tomorrow, just steal away into the night
  • #3,836
  • Sep 29, 2008 6:48am Sep 29, 2008 6:48am
Quoting spekitox
BRV, what is NY fix, London fix? Searched the thread but still dunno.
Thankx
Anytime you hear the word "fix" it means that price action in one session will reverse the price action in the previous session, basically. NY will "fix" (reverse) the movement of price in the London session.
  • #3,837
  • Sep 29, 2008 7:23am Sep 29, 2008 7:23am
Hi BRV, I was just wondering about your average trading schedule on the east cost.
When u get up, if early, if u stay up then or u just go back sleeping with some alarms on....etc etc.
When u stop, pause, quit.....
Just to learn to enjoy life better and not having the feeling to miss something from the markets
Regards and a BIG BIG thank u!!!
Max
  • #3,838
  • Sep 29, 2008 8:07am Sep 29, 2008 8:07am
Quoting BillyRayValentine
Took to the 50% retracement almost perfectly....
stopped at BE?
  • #3,839
  • Sep 29, 2008 8:20am Sep 29, 2008 8:20am
Quoting BillyRayValentine
Anytime you hear the word "fix" it means that price action in one session will reverse the price action in the previous session, basically. NY will "fix" (reverse) the movement of price in the London session.
A fix is a point in time when the reference price for the day is set. There are various fix hours during the day, in fx most notably per session, and due to the official status of the fix rates/prices some market participants (for example on behalf of clients wanting to buy/sell at the fix rate) time their transactions to the fix time - which is why you can see some crazy action around those times. Often good fading opportunities. And if you have info about planned transactions beforehand you can even catch a ride both ways.
  • #3,840
  • Sep 29, 2008 8:23am Sep 29, 2008 8:23am
Quoting Robin.Hood
A fix is a point in time when the reference price for the day is set. There are various fix hours during the day, in fx most notably per session, and due to the official status of the fix rates/prices some market participants (for example on behalf of clients wanting to buy/sell at the fix rate) time their transactions to the fix time - which is why you can see some crazy action around those times. Often good fading opportunities. And if you have info about planned transactions beforehand you can even catch a ride both ways.
There you go - I knew there was a better answer out there somewhere. Thanks RobinHood!
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