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Attachments: AUD - next in line for a kick in the groin
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AUD - next in line for a kick in the groin

  • #41
  • Oct 28, 2007 8:28pm Oct 28, 2007 8:28pm
Quoting Plutonite
the bulls aren't letting up on either Euro or GBP due to bad US fundies last wee.
imo GBPindex has indicated that it might not be the best trending currency in the spot markets right now. Is it a good candicate for a short? Imo, again...its too early to tell. Infact, i have entirely lost interest in GBP...period.
  • #42
  • Oct 28, 2007 8:34pm Oct 28, 2007 8:34pm
Quoting Plutonite
LOL @ responses. I shorted sans a signal, sadly, because we were nearing a previous top. Was expecting either an immediate turanround or the top to hold. The top didn't hold.

Which was why the Dow Theory suggested;

“Double tops” and “double bottoms” are of but little value in forecasting the price movement and have proved to be deceptive more often than not.

Its basically a technical formation with psychological effects (since we always see the news saying, "We're nearing 2 week hight etc etc"), and rarely carries much fundamental values with it.
  • #43
  • Oct 28, 2007 10:50pm Oct 28, 2007 10:50pm
talk about remembering the trend is your friend.
  • #44
  • Oct 28, 2007 11:06pm Oct 28, 2007 11:06pm
Currently, this thread is 3 page old and just like the "CAD reversal" thread, this could reach 150 pages and AUDUSD > 1.000 later, many will still be "kicking the groin"...
  • #45
  • Oct 29, 2007 3:17am Oct 29, 2007 3:17am
Quoting BurgerKing
Currently, this thread is 3 page old and just like the "CAD reversal" thread, this could reach 150 pages and AUDUSD > 1.000 later, many will still be "kicking the groin"...
You mean their own? By shorting it? ;p

That's how it felt like
Trust price. Know yourself.
  • #46
  • Nov 1, 2007 4:42pm Nov 1, 2007 4:42pm
I don't personally use candles in my trading but I know 'em when I see 'em and this is a rather ominous looking candle. Not only is is a Tweezer Top but it is also Bearish Engulfing. I think a proper candle trader would wait for the low of the big red candle to be broken.
Attached Image
  • #47
  • Nov 1, 2007 4:48pm Nov 1, 2007 4:48pm
Quoting philmcgrew
I don't personally use candles in my trading but I know 'em when I see 'em and this is a rather ominous looking candle. Not only is is a Tweezer Top but it is also Bearish Engulfing. I think a proper candle trader would wait for the low of the big red candle to be broken.


Although the candle isn't engulfing..the second high is lower...it should be either equal or higher than the first candle..but I suspect the market won't much care
Trust price. Know yourself.
  • #48
  • Nov 1, 2007 5:28pm Nov 1, 2007 5:28pm
Quoting philmcgrew
I don't personally use candles in my trading but I know 'em when I see 'em and this is a rather ominous looking candle. Not only is is a Tweezer Top but it is also Bearish Engulfing. I think a proper candle trader would wait for the low of the big red candle to be broken.
Just out of curiosity Phil, is that a TradeStation chart? Looks awfully familiar..
  • #49
  • Nov 1, 2007 5:34pm Nov 1, 2007 5:34pm
Quoting Trader KGB
Just out of curiosity Phil, is that a TradeStation chart? Looks awfully familiar..
Yes, it is TradeStation.
  • #50
  • Nov 1, 2007 6:18pm Nov 1, 2007 6:18pm
Quoting SeekingLight


Although the candle isn't engulfing..the second high is lower...it should be either equal or higher than the first candle..but I suspect the market won't much care
Today's candle is 1.7 pips lower than yesterday's. I don't think they have to be exactly the same.
  • #51
  • Nov 1, 2007 7:48pm Nov 1, 2007 7:48pm
Quoting SeekingLight
You mean their own? By shorting it? ;p

That's how it felt like
Bingo!

There is just much USD negativity.

FXCM predicts that AUDUSD is the next one to reach parity..
  • #52
  • Nov 1, 2007 7:52pm Nov 1, 2007 7:52pm
Quoting BurgerKing
Bingo!

There is just much USD negativity.

FXCM predicts that AUDUSD is the next one to reach parity..
This is a little far fetched. There are no more rate cuts in sight, the dirty work has been done, the dollar weekness is old news. Anyone betting on that sort of continued drop in dollar value is doing serious risky business IMHO. I'm not saying it will go straight down, but 6000 pips is one hell of a claim. Nobody can see that far. FXCM have all my respect and everything, but so do weather forecasters.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #53
  • Nov 1, 2007 8:03pm Nov 1, 2007 8:03pm
Quoting Plutonite
This is a little far fetched. There are no more rate cuts in sight, the dirty work has been done, the dollar weekness is old news. Anyone betting on that sort of continued drop in dollar value is doing serious risky business IMHO. I'm not saying it will go straight down, but 6000 pips is one hell of a claim. Nobody can see that far. FXCM have all my respect and everything, but so do weather forecasters.

6000? were less then 1k from it
  • #54
  • Nov 1, 2007 8:07pm Nov 1, 2007 8:07pm
Quoting BurgerKing
FXCM predicts that AUDUSD is the next one to reach parity..
It's official then. May as well close this thread. Those bozos are never wrong.
  • #55
  • Nov 1, 2007 8:19pm Nov 1, 2007 8:19pm
Quoting philmcgrew
I don't personally use candles in my trading but I know 'em when I see 'em and this is a rather ominous looking candle. Not only is is a Tweezer Top but it is also Bearish Engulfing. I think a proper candle trader would wait for the low of the big red candle to be broken.
Well from what i've learnt and seen so far (technically speaking), the validity of this momentum should not allow price retracement (for e next few days) to break past 50% (or thereabout) of this current engulfment.

But isn't it obvious that US reluctance to spend does hurt economies? Canada will see some export issues from here on, Japan's supply will continue building up and prices are deemed to fall.
  • #56
  • Nov 1, 2007 8:33pm Nov 1, 2007 8:33pm
Quoting jest1081
Well from what i've learnt and seen so far (technically speaking), the validity of this momentum should not allow price retracement (for e next few days) to break past 50% (or thereabout) of this current engulfment.

But isn't it obvious that US reluctance to spend does hurt economies? Canada will see some export issues from here on, Japan's supply will continue building up and prices are deemed to fall.
Dude, how you derrived all that from two sticks next to each other I'll never know. I have several candlestick books in my collection and I don't recall anything like this, technical or fundamental.
  • #57
  • Nov 1, 2007 8:47pm Nov 1, 2007 8:47pm
Quoting mbqb11
6000? were less then 1k from it
Sorry, looked at wrong chart. 1000 pips is still not the kind of thing to joke about though. I tried to convince someone to let go of a 30 pip fixed target once and they almost killed me, so FXCM must have one hell of a glowing crystal ball
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #58
  • Nov 1, 2007 9:02pm Nov 1, 2007 9:02pm
Quoting Plutonite
Sorry, looked at wrong chart. 1000 pips is still not the kind of thing to joke about though.
True, but Aussie recently surged 600 pips in 8 trading sessions. 1000 more is not out of the picture. Loonie was at 1.058 as recently as mid-September and had another 1100 pips left in it.
  • #59
  • Nov 1, 2007 9:10pm Nov 1, 2007 9:10pm
Quoting philmcgrew
Dude, how you derrived all that from two sticks next to each other I'll never know. I have several candlestick books in my collection and I don't recall anything like this, technical or fundamental.
i expected that to come from you phil. heheh, yeah i had a reference...but not much data to back it up, its all just technical beliefs imo, i should've said, "according to Bill Panetta"...
  • #60
  • Nov 1, 2007 9:39pm Nov 1, 2007 9:39pm
Quoting jest1081
i expected that to come from you phil. heheh, yeah i had a reference...but not much data to back it up, its all just technical beliefs imo, i should've said, "according to Bill Panetta"...
Hasn't the 50% rule already been broken? Not only did the red candle break 50%, it engulfed the entire previous day.
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