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  • #5,021
  • Jan 31, 2007 10:57am Jan 31, 2007 10:57am
Quoting khaled22
did you mean close short 9622 at 9580....
I'm virtually out now except for 1 little lot. didn't like the way it moved down before building strong resistance
Man who scratches ass should not bite fingernails
  • #5,022
  • Jan 31, 2007 10:58am Jan 31, 2007 10:58am
Fairly typical pre FOMC action. It's highly unlikely there will be anything unexpected from the Fed so we can expect the usual whipsawing. My guess is a big move down then a retrace back up after the Fed statement.
  • #5,023
  • Jan 31, 2007 10:59am Jan 31, 2007 10:59am
Quoting khaled22
did you mean close short 9622 at 9580....
but yes, if you want to aim low, i would aim first there, feels much better though to get out at b/e or +1 or 2 pips and watch this on the sidelines
Man who scratches ass should not bite fingernails
  • #5,024
  • Jan 31, 2007 11:01am Jan 31, 2007 11:01am
Quoting Leugimp
I think by looking at it you would know which is the 38.2 etc, etc - but yes you are right - certain fibs may be more important, but for him, its how he likes to view it so who are we to say that. Maybee instead of seeing it as the 38.2 retracement, he likes to see it as 68.2% of the move up. Same thing.
OK, I did not know that is the way he likes. But not to beat a dead horse - there is a correct way and then there are all the others ways to do it. If he were to look at it as 61.8% of up move, then he wouldn't be looking for how much it has retraced and that after all is what you are looking at when price is going down. I think I've made my point so I won't bore you guys further.
  • #5,025
  • Jan 31, 2007 11:02am Jan 31, 2007 11:02am
i'm fully out at a b/e avg - what a miserable move
Man who scratches ass should not bite fingernails
  • #5,026
  • Jan 31, 2007 11:05am Jan 31, 2007 11:05am
Unreal...

http://i7.tinypic.com/44gm335.jpg
"Even a 100 pip profit begins with the first pip."
  • #5,027
  • Jan 31, 2007 11:09am Jan 31, 2007 11:09am
Stage is set:

GBP 9600
EUR 3000
JPY 121

The FOMC will kick off
  • #5,028
  • Jan 31, 2007 11:10am Jan 31, 2007 11:10am
Quoting monarch
That was the December open price.

The January is the Candle that is active right now, it opened at 1.9580.
You better check your chart or data feed.

My data feed shows first tick 1/1/07 1.9649 which is included with 1/2/07 close but even the 1/3/07 open was 1.9733.

I am on EST time but the closest I see to 1.9580 is the 1/4/07 open of 1.9515

??
  • #5,029
  • Jan 31, 2007 11:10am Jan 31, 2007 11:10am
Quoting SunTrader
OK, I did not know that is the way he likes. But not to beat a dead horse - there is a correct way and then there are all the others ways to do it. If he were to look at it as 61.8% of up move, then he wouldn't be looking for how much it has retraced and that after all is what you are looking at when price is going down. I think I've made my point so I won't bore you guys further.
Not to beat a dead horse either, but maybee he looks at it as "price has retraced to 61.8% of the move up" meaning the 38.2 retracement. There isn't one correct way of looking at it, there are many ways of looking at it that are "correct". All that this is is one big puzzle so no need to be such a stiff about it, if looking at things different ways helps you to see things clearer than that is how you should look at it.

You of all people should know this being such a fib guru you would know that the traditional "correct" start and enpoints are not always the most accurate and that there are many other significant points other than highs and lows from which to measure them. This wasn't discovered by people that forced themselves to look at things the "correct" way but from people who trained themselves never to be trained.

I understand what you mean in terms of communication, though, but that is not the case here, the chart is up for you to see it so you know what he means. The fact that you had to use one extra braincell to figure it out is whats really bothering you, isn't it.
Man who scratches ass should not bite fingernails
  • #5,030
  • Jan 31, 2007 11:27am Jan 31, 2007 11:27am
all my targets for the downside have been hit except 1.9422 I am missing several topside targets 1.9717 19754 1.9809 and 1.9828 so lets see what transpires
  • #5,031
  • Jan 31, 2007 11:35am Jan 31, 2007 11:35am
Quoting SunTrader
You better check your chart or data feed.

My data feed shows first tick 1/1/07 1.9649 which is included with 1/2/07 close but even the 1/3/07 open was 1.9733.

I am on EST time but the closest I see to 1.9580 is the 1/4/07 open of 1.9515

??
Not to interfere with this discrepancy, but I have access to three charting/quote feeds. Two of them show the January open @ 9580 and one shows 9567. Why the difference I have no idea.
  • #5,032
  • Jan 31, 2007 11:40am Jan 31, 2007 11:40am
If price travels from a low to a high and starts back down, most traders will be looking for a point where retracement "might" end.

Thats is why a fib retracement tool is called a "fib retracement tool". You can use it to measure a move, but if and I repeat if someone is looking at where a market may retrace then they use the tool in the right way - 0.00% on high and 100% on low. Of course vice versa for an up retracement.

Anyone can use it how they may like, just that they are not being clear to others who use it as intended. Is there anything wrong with pointing that out to others who might not know any better.

I am done, finished, finito.
  • #5,033
  • Jan 31, 2007 11:42am Jan 31, 2007 11:42am
Quoting fxkenny
Not to interfere with this discrepancy, but I have access to three charting/quote feeds. Two of them show the January open @ 9580 and one shows 9567. Why the difference I have no idea.

Check what time your day starts, maybee this can help explain.
Man who scratches ass should not bite fingernails
  • #5,034
  • Jan 31, 2007 11:44am Jan 31, 2007 11:44am
What you think if rate fixed at 5.25, or changed to 5.00

best regards
  • #5,035
  • Jan 31, 2007 11:45am Jan 31, 2007 11:45am
Quoting Leugimp
Not to beat a dead horse either, but maybee he looks at it as "price has retraced to 61.8% of the move up" meaning the 38.2 retracement. There isn't one correct way of looking at it, there are many ways of looking at it that are "correct". All that this is is one big puzzle so no need to be such a stiff about it, if looking at things different ways helps you to see things clearer than that is how you should look at it.

You of all people should know this being such a fib guru you would know that the traditional "correct" start and enpoints are not always the most accurate and that there are many other significant points other than highs and lows from which to measure them. This wasn't discovered by people that forced themselves to look at things the "correct" way but from people who trained themselves never to be trained.

I understand what you mean in terms of communication, though, but that is not the case here, the chart is up for you to see it so you know what he means. The fact that you had to use one extra braincell to figure it out is whats really bothering you, isn't it.
Didn't mean for this to happen.

Most of the time, I don't plot the % numbers, just the colors because I know what they mean. I consider the levels as "zones". There's a short zone, a buy zone, exit zones and a danger zone. I just know what works for me.

You probably know more about this stuff than I.

http://i9.tinypic.com/2qnur9j.jpg
"Even a 100 pip profit begins with the first pip."
  • #5,036
  • Jan 31, 2007 11:47am Jan 31, 2007 11:47am
Quoting PipForce_X
Didn't mean for this to happen.

Most of the time, I don't plot the % numbers, just the colors because I know what they mean. I consider the levels as "zones". There's a short zone, a buy zone, exit zones and a danger zone. I just know what works for me.

You probably know more about this stuff than I.

http://i9.tinypic.com/2qnur9j.jpg
you go girl
Man who scratches ass should not bite fingernails
  • #5,037
  • Jan 31, 2007 11:50am Jan 31, 2007 11:50am
Quoting khaled22
What you think if rate fixed at 5.25, or changed to 5.00

best regards
I'm out, going to pick up the debris flying on the way, whatever the direction...


More on the [FOMC STATEMENT] Changes in the description of the economy have largely reflected data changes, raising the possibility that the intention is to offer a straightforward comment on the economy rather than a policy signal. The FOMC seems, so far, to assume that data "wiggles" do not represent deviations in the performance of the economy from the anticipated path. This is not a very exciting view, but the lack of big changes in the policy paragraph suggests it may be the right one. What should one expect from today's statement? Certainly, the policy paragraph will be essentially like Dec's, recognising that some infl risk remains. We expect that element will stay until core prices fall below 2% for a period. The paragraph describing core infl as elevated, but likely to moderate in time seems apt enough for now. More on its way.
  • #5,038
  • Jan 31, 2007 11:52am Jan 31, 2007 11:52am
Quoting fxkenny
Not to interfere with this discrepancy, but I have access to three charting/quote feeds. Two of them show the January open @ 9580 and one shows 9567. Why the difference I have no idea.
good thing this is'nt rocket science. what was that space launch where the jet propolsion lab had one team using metric and one team inches, missed it by that much
  • #5,039
  • Jan 31, 2007 11:56am Jan 31, 2007 11:56am
I cant figure this one out as far as what the fed will say, but anything other than leaving rates alon and using the same jargon as last few times would be pretty unexpected. What does that mean for the market, well it means the ball is back in the court of BOE and if january labor negotiations went as expected, the positive reversal on the weeklys would take precedence in my book and a move to 2.0130 in the minimu would be expected. It is one aspect that I dont feel is priced in as of yet so either we get there soon in a controlled fashion, or the market will eventually be shocked and all the fat guys with their buying orders will send them through for a speedy incline to that level.

If however the fed statement comes out hawkish, this may curb GBP buying until it is obvious that rates have nowhere left to go but down. This coupled with GBP inherent strength should keep us in a nice range for some time, probably the same range from 12/5/06 - 1/18/07.

Just an opinion.
Man who scratches ass should not bite fingernails
  • #5,040
  • Jan 31, 2007 11:57am Jan 31, 2007 11:57am
Quoting 59fender
good thing this is'nt rocket science. what was that space launch where the jet propolsion lab had one team using metric and one team feet and inches, missed it by that much
good point
Man who scratches ass should not bite fingernails
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