Knowledge is Power

I ask this question on u/j forum, so I'll ask the same here. With the combined experience on this thread, what usually happens to price after such a huge drop? Will it retrace and continue upward, or will it retrace and reverse? Just looking for high probability, not science...

Candlestick Forecast for 7 June 2008

Based on Daily Candlestick on 6 June (Friday)

1. USDCHF
-- Engulfing Bearish Line Confirmation: Sell signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Engulfing Bearish Line: Aggressive Sell Signal
-- Doji & Shooting Star: Possible Reversal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- White Doji star Reversal: possible top



2. USDJPY
- Engulfing Bearish Line: Aggressive Sell Signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Piercing Line contribution: Bullish continuation

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Incomplete Dark Cloud Continuation: indicating down trend-- White lower shadow
--- Confluence Sign: Bearish Signal in nature


3. EURUSD
- Bullish Trending candle body reversal: Bullish = possible strong reversal of the bearish trend

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- White Inside Out Up: Buy Signal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Black Spinning Top: Neutral
--- Stochastic Oscillator oversold




4. GBPUSD
- Bullish Harami confirmation: now can act on the signal = buy
- Bullish Trending candle body reversal: Bullish = possible strong reversal of the bearish trend

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Bullish Harami Line: Look for Reversal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Bearish Trending : Sell signal


5. GBPJPY
- Bearish Harami Line : wait for next signal for confirmation. Indecision, possibly reversal.
PREVIOUS 1st DAY CANDLESTICK SIGNAL
- Engulfing Bullish Candle: Buy signal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL

--- Long legged Black Doji Line: possible reversal
--- Incomplete Dark Cloud Cover: Bearish in nature but need confirmation. Might well to ignore it.

Fed attempts to bolster USD, ECB flummoxes

The new month got off to a rollicking start (yes, I’m being sarcastic) with Fed Chair Bernanke on Tuesday addressing USD weakness in prepared remarks to the International Monetary Conference. Bernanke explicitly noted that the Fed, “in collaboration with our colleagues at the Treasury,” was carefully monitoring currency markets, the important points being that Treasury was included and that the weak USD was on the Fed’s radar screen. Bernanke noted that USD weakness had an impact on inflation and inflation expectations and voiced a preference for a “strong and stable dollar.” His remarks caught the market off guard, but his message was ultimately deemed to be potentially significant by many market participants and a USD buying spree ensued. By early Thursday morning, the USD was on the verge of breaking higher, with the USD index breaking up over trendline resistance dating back to last August, and higher out of the Ichimoku cloud. But the moves were not to last.

On Thursday morning, just after better than expected weekly jobless claims saw the USD push to new highs below 1.5400 EUR/USD, ECB Pres. Trichet began his press conference with hawkish rhetoric warning that greater inflation risks prevailed. Before he finished, Trichet would drop the bombshell that the ECB was very likely to raise rates at the July ECB meeting, which markets had not been expecting. Over the next few hours EUR/USD soared from 1.54 to finish the day near 1.56 on massive short-covering from a thoroughly confused market. The icing on the cake came on Friday with weaker than expected May NFP employment data out of the US, adding USD selling pressure to EUR buying pressure. EUR/USD pressed higher to within reach of recent highs at 1.5800/20 by Friday afternoon. But the lasting impression in the Forex markets was one of a lack of policy coordination across the Atlantic on USD weakness/EUR strength and leaving the Fed exposed to credibility issues. The higher interest rate signal from the ECB, with its implications for EUR strength, suggests the ECB may now be more willing to tolerate a higher EUR than previously thought.

This is a dramatic time in currency markets, as markets were slowly coming around to the view that the USD had likely bottomed, and while unlikely to rally sharply, would at least stop weakening. Those expectations are now seriously damaged and the potential for a crisis of confidence in the USD is rising as a result. There are many variables at work, not the least of which is that an ECB rate hike is not a done deal yet, though comments from ECB officials Weber and Bini-Smaghi on Friday suggested it was. Trichet suggested any rate hike would be ‘small,’ leaving the impression that it would be a one-time hike rather than the start of a new tightening cycle. From the US side, we have numerous Fed speakers on tap next week, including NY Fed Pres. Geithner and Chairman Bernanke, along with Treasury Sec. Paulson, who will have an opportunity to echo and/or amplify their commitment to preventing further USD weakness. The big question, though, is whether Forex markets will buy into US efforts to support the USD again absent concrete action in the form of higher US interest rates or market intervention.

We are on the cusp of a renewed phase of USD weakness, exacerbated by spiking oil prices and weaker labor reports. There are reasons to believe that oil price gains might be based on short-term positioning moves, but the trend has been relentless. Traders need to reckon with fresh USD weakness if the recent double top at 1.5810/20 is broken on a closing basis. Perceptions of 1.60 as the maximum EUR/USD level have been severely weakened after the ECB’s rate shift, and the feeling is growing that the ECB might be prepared to allow for a higher EUR as another way to combat inflation, so strength beyond 1.60 may still be in the cards.


May NFP reveals the glass is half empty

Markets have been wavering over the extent of the US economic downturn, with many suggesting it will be shallow and brief (glass half full) and the rest concerned that it will be deeper and longer (glass half empty). Friday’s May employment report poked a hole in the bottom of the glass as it showed deteriorating labor markets coupled with an increase in job seekers, leading to the 0.5% increase in the unemployment rate. The headline number registered a NFP jobs loss of -49K, but the underlying details suggested greater weakness on the order of -132K. The service sector continued to shed cyclical jobs at an elevated rate, led by declines in temporary workers (a leading indicator for employment cycles) and retail trade, suggesting consumer spending is still contracting. The increase in job seekers can partly be attributed to students entering the labor force, but more likely it suggests strained households seeking another job to help make ends meet.

The sharp jump in the unemployment rate also makes it more difficult, at least politically, for the Fed to raise rates any time soon, removing another potential crutch for the USD. Only inflation remains as a realistic justification for higher rates, but then we’re heading down the path of stagflation and likely prolonging the US downturn. As far as the USD is concerned, there are not a lot of attractive options outside of verbal intervention and outright market intervention. Should the USD decline begin to unravel and become disorderly (2-3%/day), along with other financial markets collapsing, market intervention by the Fed & Treasury becomes more likely.

[From Forex.com, Emphasis in Bold added]

See attachment:

U.S. Dollar Index (Long-Term)

Bearish USD

U.S. Dollar Index (Short-Term)

Neutral USD

The U.S. Dollar Index was rising steadily, but it has hit resistance at 73.5 and has lost some of its bullish momentum. It could still turn around and break up and through resistance, but it is more likely to sit and consolidate between the 38.2% and the 23.6% retracement levels.

As at 6 June 08

Long Term and Daily

If anyone out there can answer this question, it would be greatly appreciated. I kinda want to know as soon as possible. Otherwise, I will just wait to ask my broker on Monday.

Does anyone know if there is a limit of trades in one day? I have a system I am working on that consist of many trades at $0.10 a Mini-lot. At times hundreds of trades are opened, with many opening.

Long Term (2 June) & Daily 6 June

That question is best answered by your broker.

I was wanting to know just in general. I will find out by my Broker regardless, thank you though.

My procedure on Sunday morning is to read dozens if not tens of dozens of new analysis from different sources. I then form my own consensus of the thinking out there as perception sometimes leads to the next change back to the real facts.

I am Copying and Pasting here from one of my better FREE sources of information.

Here it is as it relates to fundamentals.

June 07, 2008
Richard Suttmeier?s Fearless Market Prediction

Last week can only be described as “The Markets Wild Rides.” How else would you explain a new all time closing high for the Dow Transports on Thursday followed by down 242 points on Friday? Meanwhile the Dow Industrials could not get out of being oversold on its daily chart, and lost nearly 400 points on Friday. The Dow Industrials needs to close above its October 9, 2007 high at 14,164.54 to confirm the longer term Dow Theory Buy. This milestone is nearly 2000 points away, and since I project that the next 2000 points are down from 12,750, I do not expect this Dow Theory Buy Signal to occur in 2008. After all, how can the Dow go up when crude oil rebounded an unprecedented $17.50 from Thursday’s low of $121.61 to Friday’s high of $139.12? Believe it or not, my resistance for oil last week was posted in this report at $138.70. Nymex crude oil was trading below $17.50 per barrel in November 2001 when the FOMC cut the federal funds rate to 2.00%, and thus planted the seeds for the parabolic run-up for oil and just about every other commodity. Thank you, Alan Greenspan and Ben Bernanke. I also think its time to take the ADP jobs report to the dumpster and never publish it again!

This week’s data should continue the weakening trend
· Monday – Pending Home Sales Index should show another 1% decline in April, as Ben Bernanke gives a speech on Inflation.
· Tuesday – International Trade Balance for April should be a deficit of $60.5 billion.
· Wednesday – The Federal Reserve releases its Beige Book for its June 24 and 25 FOMC meeting. Remember that I believe the Beige Book to be the second most important economic read, It’s the gossip column from the Fed’s twelve districts. The most important read for me is the FDIC Quarterly Banking Profile. My Special Report covering FDIC data for the first quarter. Send me an e-mail to [email protected] to subscribe to a copy.
· Thursday – Initial Jobless Claims should continue to trend above 350,000. Retail Sales should show a decline in May. Import prices should rise 2% in May.
· Friday – CPI for May should show a rise of +0.5% with the core rate of +0.2%. Consumer sentiment should be below 60.0.

My fearless prediction for the week – Last week I predicted that Nymex crude oil would stay below its May 22nd all time high of $135.09. That prediction looked great until Friday afternoon. My prediction for this week is that the reading of the Beige Book will show that the second half economic recovery expected by most market strategists will be less likely.

http://news.yahoo.com/s/ap/20080607/...qy6TYTh9qs0NUE


Bruce

I have already posted on this thread the importance of this event as relates to AMBAC and MBIA. However I do not have the skills to explain it as the link I am about to post does.

Please KEEP IN MIND, it was WRITTEN or posted on June 6, 2008. We all know what happened on Friday and WHAT WILL HAPPEN tonight in North America and tomorrow.

Link:

http://www.financialsense.com/fsu/ed...2008/0606.html

Snippet:

The story no one is talking about

by Andy Sutton, My2CentsOnline.com | June 6, 2008

Print
Shortly after a 200+ point rally yesterday in the Dow Jones Industrial Average we had some big news. REALLY big news. Had this happened a few months ago when everyone was talking about the mere possibility, we’d likely have seen a 4 digit Dow because of it. It is likely that by the time this article reaches inboxes, websites, and blogs around the globe the story will have broken. However, as of market open, Financial Times is the only major site I’ve found carrying a headline. There are bits and pieces elsewhere, but they are largely buried in small backpage articles. I was lucky enough to see the blurb in the company news of AMBAC only because the stock is on one of my watch lists.
Yesterday, Standard and Poor’s downgraded monoline bond insurers AMBAC and MBIA from AAA to AA. While on the surface, this may seem rather insignificant, what we’re talking about here are essentially insurance companies for municipal and mortgage-backed bonds, among other things. These two downgrades have serious implications. But let’s first take a look at the anatomy of bond insurance.
Municipalities rarely have the lump sums of money on hand to pay for large infrastructure projects like roads, water and sewer facilities, bridges, and schools. So they sell bonds which allow them to collect the money needed to pay for the project then stretch the payments out into the future. These bonds are often sold publicly and may be held by a variety of investors. There are mutual funds, closed-end funds, and exchange traded funds that focus on municipal bonds as a large part of their portfolio. Most bonds are rated and insured. The rating attests to the creditworthiness of the bond issuer, in this example, the municipality. Bond insurance provides bondholders with an assurance that should the issuer default, the bondholder will get their money back. Bond insurance adds to the intrinsic value of the bond since default risk is either greatly reduced or eliminated.
A second type of bond which has become rather notorious of late is the structured finance bond. Mortgage-backed securities are a very common type of structured finance bond. In the case of the mortgage-backed security, the payments to bondholders come from monthly mortgage payments made by homeowners. See a possible problem here? Many of these bonds are also insured to lessen or eliminate default risk. The mortgage-backed securities are then rated based on statistical models which portray the likely default rate based on various economic scenarios. Ironically, many of these bonds were rated AAA; the highest rating given.


Bruce

http://www.financialsense.com/fsu/ed...2008/0606.html


Bruce

This Is My Main Posting Thread so here is a Copy and Paste from my last few posts elsewhere on Forex Factory !!!

Copy and Paste:

Warrenforex
Member Since Sep 2006
Posts: 622


http://www.forexfactory.com/images/icons/icon14.gif Start To Understand The Following !!!
Quote:
Originally Posted by baronfei http://www.forexfactory.com/images/buttons/viewpost.gif
I wanted to get to familiarize with a pair so well too... Where do you recommend I start?

I just finished posting this to another thread, USD/JPY but it applies to ALL Currencies. It is MIND BOGGLING how GREEDY Those Folks are.

Here is my Copy and Paste of my Post. Bottom Line ... GET THE EDGE ...

Know what WILL happen 100% GUARANTEED !!! Here It Is !!!

Warrenforex
Member Since Sep 2006
Posts: 621


http://www.forexfactory.com/images/icons/icon14.gif Just For The Record !!!
What I am about to post here through the following Link:

http://www.financialsense.com/editor...2008/0606.html

Snippet:

While attention has been focussed on the relatively tiny US „sub-prime“ home mortgage default crisis as the center of the current financial and credit crisis impacting the Anglo-Saxon banking world, a far larger problem is now coming into focus. Sub-prime or high-risk Collateralized Mortgage Obligations, CMOs as they are called, are only the tip of a colossal iceberg of dodgy credits which are beginning to go sour. The next crisis is already beginning in the $62 TRILLION market for Credit Default Swaps. You never heard of them? It’s time to take a look, then.
The next phase of the unravelling crisis in the US-centered “revolution in finance” is emerging in the market for arcane instruments known as Credit Default Swaps or CDS. Wall Street bankers always have to have a short name for these things.
As I pointed out in detail in my earlier exclusive series, the Financial Tsunami, Parts I-V, the Credit Default Swap was invented a few years ago by a young Cambridge University mathematics graduate, Blythe Masters, hired by J.P. Morgan Chase Bank in New York. The then-fresh university graduate convinced her bosses at Morgan Chase to develop a revolutionary new risk product, the CDS as it soon became known.
A Credit Default Swap is a credit derivative or agreement between two counterparties, in which one makes periodic payments to the other and gets promise of a payoff if a third party defaults. The first party gets credit protection, a kind of insurance, and is called the "buyer." The second party gives credit protection and is called the "seller". The third party, the one that might go bankrupt or default, is known as the "reference entity." CDS’s became staggeringly popular as credit risks exploded during the last seven years in the United States. Banks argued that with CDS they could spread risk around the globe.
Credit default swaps resemble an insurance policy, as they can be used by debt owners to hedge, or insure against a default on a debt. However, because there is no requirement to actually hold any asset or suffer a loss, credit default swaps can also be used for speculative purposes.
Warren Buffett once described derivatives bought speculatively as "financial weapons of mass destruction." In his Berkshire Hathaway annual report to shareholders he said "Unless derivatives contracts are collateralized or guaranteed, their ultimate value depends on the creditworthiness of the counterparties. In the meantime, though, before a contract is settled, the counterparties record profits and losses -often huge in amount- in their current earnings statements without so much as a penny changing hands. The range of derivatives contracts is limited only by the imagination of man (or sometimes, so it seems, madmen)." A typical CDO is for five years term.

Will GIVE ALL that read it an EDGE if you take the time to read and understand it as I do.

We all know about Sub Prime ... Now comes CDS ...

Bottom Line ! No Party out there including the FED knows how bad it will get. The FOOLS under Greenspan caused it...PERIOD Why ? No regulation !

The Bankers went WILD !!!

Now it is time to find out how wild. The next Quarter ending June 30, 2008 will begin to show how BAD it will be.

I am only one of the Messengers ! I did not cause the MESS and neither did you. Now as FX traders come get your turn at the feeding bowl !

Feed off the Banks Losses and the DEPRECIATING US Dollar !!!

All Comments and Feedback are more than Welcome !!!


Bruce
Last edited by Warren Forex, Today 10:31pm Reason: To Add Snippet:

Try Going to WWW.JSMINESET.COM at the end of each day. I just got this GEM from there.

Snippet:

Russia blames U.S. for global financial crisis
Sat Jun 7, 2008 1:42pm EDT
By Michael Stott
ST PETERSBURG, Russia (Reuters) - Russian President Dmitry Medvedev blamed "aggressive" United States policies on Saturday for the global financial crisis and said Moscow's growing economic muscle could be part of the solution.
"Failure by the biggest financial firms in the world to adequately take risk into account, coupled with the aggressive financial policies of the biggest economy in the world, have led not only to corporate losses," Medvedev told Russia's main annual event for international investors in St Petersburg.
"Most people on the planet have become poorer."
The Kremlin leader said investment by cash-rich Russian companies abroad, promotion of Moscow as a major financial centre and use of the ruble as a reserve currency were part of the answer.
These could help solve problems created by what he said was a gap between the United States' leading global economic role and "its true capabilities".
More…

http://www.bloomberg.com/apps/news?p...refer=currency


Bruce

Corporate Issuance By Currency, Proportion of Market Share
AUD GBP CAD EUR JPY CHF USD TOTAL US$ Mil
End "02 0.90% 3.9% 1.80% 32.2% 5.8% 1.67% 53.5% 1,930,460.0
End "03 1.05% 3.69% 2.07% 37.62% 5.49% 1.63% 48.5% 2,493,042.6
End "04 1.43% 5.24% 1.98% 41.50% 4.50% 1.35% 44.00% 2,595,139.0
End "05 1.64% 5.05% 1.90% 43.16% 4.77% 2.00% 41.47% 2,747,582.2
End "06 1.73% 5.70% 3.36% 40.64% 3.26% 1.87% 43.43% 3,355,128.2
End "07 1.04% 5.82% 3.54% 36.62% 4.65% 1.71% 46.62% 3,460,946.2
Q1 "08 1.00% 5.51% 3.36% 33.61% 5.07% 1.66% 49.79% 3,318,217.5
Apr "08 0.91% 5.86% 3.66% 32.31% 5.14% 1.78% 50.33% 3,182,020.9
May "08 0.89% 5.61% 3.45% 33.29% 5.06% 1.77% 49.92% 3,347,437.3
Jun "08 0.95% 5.52% 3.40% 33.56% 5.06% 1.67% 49.84% 3,341,139.1


USD holds the top spot in all currency issuance as of June 1, 2008. USD
issuance YTD is at 49.84% down from over 50% of issuance in April but still
above the issuance levels since 2002. EUR issuance is at 33.56% and still
holding near the lowest proportional issuance since 2002. AUD issuance is at
less than 1%, down from 1.73% at the end of 2006. CAD issuance is at 3.40%
easing off from the issuance highs in April of 3.66%. JPY issuance is at 5.06%
near the highest levels since 2003 which were seen last month. CHF issuance is
at 1.67% easing back from the highs of the year of 1.78%. GBP issuance is still
strong at fresh highs of 5.52%, reflecting the increased demand from sterling
seen from high yields and central bank reserve accumulation but down from highs
for the year.
-- Thomson.com

Sydney, June 10: The UK Times is reporting this morning that US President Bush in an exclusive interview with the UK Times while traveling on Air Force One commented: "We want the dollar to strengthen." The UK Times states that the Bush call is a signal of mounting alarm in Washington about the effect of the slumping greenback on the world"s largest economy.
The article notes that Bush did not suggest that the United States was preparing to back its rhetoric on the dollar with any formal intervention in the exchange markets, but his remarks clearly reflected the concern in Washington at the dollar"s decline, which accelerated last week amid news of a further weakening in the US economy. --Thomson.com

美国总统布什呼吁美元升值

美国总统布什呼吁美元在外汇市场升值，但他没有暗示美国准备正式干预外汇市场以捍卫美元。 　　综合外电6月10日报道，美国总统布什(George W. Bush)呼吁美元在外汇市场升值。目前越来越多的美国官员针对美元下跌对美国经济的影响发出了警告。
　　布什在接受《泰晤士报》专访时表达了对美元持续贬值的担忧，并表示他更愿意美元汇率升值。布什是在飞往斯洛文尼亚参加美国欧盟(European Union)峰会时在空军一号上接受《泰晤士报》访问的。
　　该报称，布什没有暗示美国准备正式干预外汇市场以捍卫美元。该报称，布什表示，相关的经济评估将推动美元升值。

Candlestick Forecast for 10 June 2008

Based on Daily Candlestick on 9 June (Monday) [Note: Sunday bar is ignored, save that the opening data is taken as Monday opening data]


1. USDCHF
- Engulfing Bearish Line Continuation: Bearish signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Engulfing Bearish Line Confirmation: Sell signal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Engulfing Bearish Line: Aggressive Sell Signal
--- Doji & Shooting Star: Possible Reversal



2. USDJPY
- Engulfing Bullish Line: Buy Signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Engulfing Bearish Line: Aggressive Sell Signal

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Piercing Line contribution: Bullish continuation

3. EURUSD
- Dark Cloud Cover: Aggressive Sell Signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
-- Bullish Trending candle body reversal: Bullish = possible strong reversal of the bearish trend

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- White Inside Out Up: Buy Signal



4. GBPUSD
-Engulfing Bullish Line: Buy Signal

PREVIOUS 1st DAY CANDLESTICK SIGNAL
--Bullish Harami confirmation: now can act on the signal = buy
-- Bullish Trending candle body reversal: Bullish = possible strong reversal of the bearish trend


PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Bullish Harami Line: Look for Reversal


5. GBPJPY
-Engulfing Bullish Candle: Buy signal
- Trending Bull Signal


PREVIOUS 1st DAY CANDLESTICK SIGNAL
- Bearish Harami Line : wait for next signal for confirmation. Indecision, possibly reversal.

PREVIOUS 2nd DAY CANDLESTICK SIGNAL
--- Engulfing Bullish Candle: Buy signal

Date: 2008/06/10Time: 08:06 (GMT +2)Ticker: JPYLast: 106.79Pivot: 1071st sup.106.012nd sup.105.673rd sup.105.41st res.1072nd res.107.943rd res.108.15Title: USD/JPY intraday: turning downSummary: Update on supports and resistances.Story: Pivot: 107.00.

Our Preference: SHORT positions @ 106.9 with 106.01 & 105.67 in sight.

Alternative scenario: The upside penetration of 107 will call for a rebound towards 107.94 & 108.15.

Comment: the 30-min RSI is posting a potential bearish divergence, the pair is below a bullish channel resistance.

Trend: ST Consolidation; MT Bearish

Key levels Comment

108.15** Fib projection
107.94** Fib projection
107*** Intraday pivot point
106.79 Last
106.01** Fib retracement (38.2%)
105.67** Fib retracement (50%)
105.4** Fib retracement (61.8%)
http://www.tradingcentral.com/chart/...0610080532.GIF

The last day I have been spending much time over at the USD/JPY thread.

I just posted the following there. As it is relevant to my philosophy of trading Forex, I will Copy and Paste it here on my Home Thread !!!

http://www.forexfactory.com/images/s...n/post_old.gif Today 5:05am
Warren Forex http://www.forexfactory.com/images/s...ser_online.gif
Warrenforex
Member Since Sep 2006
Posts: 661


http://www.forexfactory.com/images/icons/icon14.gif Well !!! Well !!! Well !!!
USD/JPY now trades at 106.49 Bid as it NEVER got OVER 106.855

The Dow Futures are now down 107

Let me explain things to anyone interested in really learning. That excludes folks that are writing books now. Stop that, Bruce.

Since the FED and the USA Government don't like the INFLATION they caused by printing TOO MUCH MONEY and by cutting to 2.0% to try to solve the problem of the meltdown in housing and in the banking section, that THEY caused by not regulating the GREEDY Banker Friends of theirs, now they are changing their tune as it is now clear to everyone, even the traders that only use charts to trade. Stop that, Bruce.

They NOW have a BIG problem. Actually raising rates which I doubt they will do cause that will send the Equities Markets down. PRETENDING to RAISE rates has the same effect. The ECB is not PRETENDING as they will RAISE rates BUT the FED cannot as I just explained.

By mathematics a RAISE by ECB and a HOLD by the FED results in the spread changing and then EUR/USD heads to 160.00 again. The Result is the same as a FED CUT !!!

Oil goes UP and The Dow goes down. The USD/JPY goes back to 100.00 and we have CHECKMATE.

Game Over !!! The FED loses as do unfortunately many good Americans or anyone else still wanting to hold US Dollars.

Guess What, I NEVER learned that from the Charts. Stop that, Bruce.

In case anyone does not understand the true purpose of this post LET me be very clear.

Trading FX is about being a WINNER and making money. If you have a method to do that even if it is tossing darts at a dart board...GREAT !!!

Unfortunately for me that does not work. Only using the charts for me does not work. My method of trading DOES WORK.

I came to this forum recently to assist those that want to learn how to win, not to debate or PROVE who is smarter.

I am not SMART enough to write a book or produce a chart.

However I am SMART enough to earn OVER 20% profit a month.

Everytime someone challenges me, I offer to send them my documented trading results. Rarely do they take me UP on my offer since they really have a different agenda.

Anyone claiming to be an EXPERT in their results shown be willing to show with certain privacy restrictions, their documented results.

I am not the BEST yet but one day I hope to be. Until then I am willing to learn from anyone that can help me. My EGO is dealt with by my COMMON SENSE.

Have A Great Trading Day and to those that do not agree with me that is fine. We are entitled to our own opinion. I am not afraid to admit I called it wrong if USD/JPY goes over 107.00 and who knows it might ?

If it does and the Fundamentals have NOT CHANGED, I will SHORT it.

Bruce
Last edited by Warren Forex, Today 5:11am Reason: To Correct Spelling Errors