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  • #12,981
  • Jul 3, 2008 8:38am Jul 3, 2008 8:38am
Quoting jupiter_peak
Today was a great demonstration with all those news.

This just rekindles my moto "Do not try to forecast the future. If we could, we would ALL be ZILLIONAIRES".

Today was a great demosntration of why not trade the news. Also a great demonstration of: know your CRITICAL lines and trade to and from them. Have them up and ready.

Sometimes I laugh my self out loud with so many threads here @ FF filled with so called "experts" trying to forecast the future... The truth is no one can!

This gives me more and more conviction that TA along with staying away from the news is my best bet.

Later...

Couldnt agree more , news is unreliable !!!
  • #12,982
  • Jul 3, 2008 8:39am Jul 3, 2008 8:39am
Atleast not like how I do it. Never follow. I don't think, I just react. Use your own methods and stick to it. Dont ever take my advice, or anyone elses. Use your own techniques and become proficient at it.
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"Diversification is an excuse for a lack of talent" ~FXC
  • #12,983
  • Jul 3, 2008 8:40am Jul 3, 2008 8:40am
Quoting jupiter_peak
He guys,

There's still one uptrend line that wasn't broken.

Bulls are still up.
True.... What to do...
  • #12,984
  • Jul 3, 2008 8:40am Jul 3, 2008 8:40am
hahaha true.. dont trade during the news.. just follow the trend
Money often costs too much...
  • #12,985
  • Jul 3, 2008 8:40am Jul 3, 2008 8:40am
Quoting Clouds
True.... What to do...
its a point of interest.
"Diversification is an excuse for a lack of talent" ~FXC
  • #12,986
  • Jul 3, 2008 8:41am Jul 3, 2008 8:41am
frankly.. most of my mistakes is because I hear other opinions more than what I believe.. >.<
Money often costs too much...
  • #12,987
  • Jul 3, 2008 8:42am Jul 3, 2008 8:42am
Quoting FXCapitalist
its a point of interest.
are we going up or down ?? why the USD go up with the bad news ???????????????????????????
  • #12,988
  • Jul 3, 2008 8:44am Jul 3, 2008 8:44am
I think its bearish for now... correction to 1.57 area.. then bull again
Money often costs too much...
  • #12,989
  • Jul 3, 2008 8:44am Jul 3, 2008 8:44am
Quoting mr.president
are we going up or down ?? why the USD go up with the bad news ???????????????????????????
It's not so much bad news for the US, it's worse news for Europe. That sucker's been so overbought... with Big Ben talking rate hikes and Trichet talking none, things will probably start reversing.

I find it facinating that interest rate differentials control long term trends more than any other news factor. The rest is just static.
  • #12,990
  • Jul 3, 2008 8:48am Jul 3, 2008 8:48am
Quoting jupiter_peak
He guys,

There's still one uptrend line that wasn't broken.

Bulls are still up.
ill chance it, im long
  • #12,991
  • Jul 3, 2008 8:48am Jul 3, 2008 8:48am
Quoting mr.president
are we going up or down ?? why the USD go up with the bad news ???????????????????????????
us traders = fish
banks (central or not) = sharks
market = ocean

truth = some fish swim along with sharks and other get eaten by them.

We are just small fish swimming in an ocean.

Therefore, no one really knows about the real volume being negotiated, what banks are doing right now... so on and so forth.

Therefore, no one CAN predict the future.

Simple.
  • #12,992
  • Jul 3, 2008 8:48am Jul 3, 2008 8:48am
Oh mama,, this was a nice Canada day gift.. a little too late but SWEET
  • #12,993
  • Jul 3, 2008 8:49am Jul 3, 2008 8:49am
When the action started I had 3 buys open, on the first price dip down I thought there was jockeying for a better price and opened another one, on the second dip down I thought "that is bad" because there was no real push up above the range. On the third price entry back into the range I closed all positions.

I was so happy to not be losing money, It didn't even occur to me to hit the sell button...

I wonder how many ganked mortgages the banks covered on that move. Like a farmer bringing in the harvest wouldn't you say? Plant the seeds of greed all week long and then BAMM!

Major congratulations to whoever was holding shorts or jumped on for the ride down, I know I wish I did, I'm still dizzy from when I was frantically closing my longs.
  • #12,994
  • Jul 3, 2008 8:49am Jul 3, 2008 8:49am
Quoting Clouds
True.... What to do...
this is my plan i 50ema close just waiting to be broken. the 4hr candle touched it but retraced. if thats broken then we can see further down close to 5600 or so. im just waiting for that to happen. jmo is all
  • #12,995
  • Jul 3, 2008 8:50am Jul 3, 2008 8:50am
Why the reverse move to the news?

My opinion is that the market already priced in the 25 bp increase and was starting to price in a further increase from ECB. When Trichet said he had no inclination to raise again the bulls lost momentum.

The U.S. news was a non factor because it came in close to expectations and was not as significant as Trichet's comments.

The market is trading the future value of the currency pair, maybe out as much as 6 months. You need to think ahead like they do.
  • #12,996
  • Jul 3, 2008 8:51am Jul 3, 2008 8:51am
Quoting Clouds
ill chance it, im long

I'll have my SL along with a reverse position ready to and from that trendline. "Bump and Run".

That's what I am doing.

Cheers.
  • #12,997
  • Jul 3, 2008 8:51am Jul 3, 2008 8:51am
Quoting hopeforpips
Why the reverse move to the news?

My opinion is that the market already priced in the 25 bp increase and was starting to price in a further increase from ECB. When Trichet said he had no inclination to raise again the bulls lost momentum.

The U.S. news was a non factor because it came in close to expectations and was not as significant as Trichet's comments.

The market is trading the future value of the currency pair, maybe out as much as 6 months. You need to think ahead like they do.
To kill newstraders and to provide a great buy back spot for the commercials and everyone else that trades the trend.
  • #12,998
  • Jul 3, 2008 8:57am Jul 3, 2008 8:57am
Quoting hopeforpips
Why the reverse move to the news?

My opinion is that the market already priced in the 25 bp increase and was starting to price in a further increase from ECB. When Trichet said he had no inclination to raise again the bulls lost momentum.

The U.S. news was a non factor because it came in close to expectations and was not as significant as Trichet's comments.

The market is trading the future value of the currency pair, maybe out as much as 6 months. You need to think ahead like they do.

You are commenting this thing after it happened
  • #12,999
  • Jul 3, 2008 9:08am Jul 3, 2008 9:08am
The dollar is like, "Bitch, please...ain't nothin' gonna hold me back." Haha

(I don't normally speak like that, but the dollar isn't stopping for any news, anyone, or anything at this point. 1.56XX soon?)
  • #13,000
  • Jul 3, 2008 9:11am Jul 3, 2008 9:11am
WHO LOST MONEY TODAY? whos position was long???

Thankx god i havnt trade at all and was waiting for complete scene
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