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  • #13,361
  • Jul 6, 2008 10:05pm Jul 6, 2008 10:05pm
Quoting Clouds
Technically speaking a drop to 134 is quite possible.
I can only hope you are right.
Technically speaking a drop to 1.4637 is quite possible for the E$.
I don't think we will see either anytime soon.

Quoting >Apocalypto<
not the Oil price....
Some of th Opec members have agreed to drop the price to the US and another country. by 55 cents I think.
Today 7:50am
Quoting Fx_Genius
Saudi cuts Aug light crude prices to Asia and U.S.

Sun Jul 6, 2008 12:25am EDT
DUBAI (Reuters) - Saudi Arabia cut its official selling prices for August for light crude oil to customers in the United States and Asia, state oil firm Saudi Aramco said late on Saturday.

The kingdom cut the price of Arab Light to U.S. customers by 55 cents a barrel to WTI minus $3.00 a barrel.

It cut the Arab Light price for customers in the Far East by 70 cents to the Oman/Dubai average plus $1.35 a barrel.
(Reporting by Ola Galal; Editing by Thomas Atkins)

Could make for an interesting open.
WTI ($143.75) -$3.00 = $140.75.
It's a move in the right direction.
Attached Images
  • #13,362
  • Jul 6, 2008 10:15pm Jul 6, 2008 10:15pm
Quoting Clouds
Technically speaking a drop to 134 is quite possible.

Like I usually say, anything is possible. Try not to predict the future, but trade from my lines. From what I see, only if that tringle is broken on the downside. Usually, triangles are continuation patterns.

This is the Daily channel and presently price is inside a triangle in H4.

Cheers.
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  • #13,363
  • Jul 6, 2008 10:31pm Jul 6, 2008 10:31pm
Some good support here?
Attached Image
  • #13,364
  • Jul 6, 2008 10:33pm Jul 6, 2008 10:33pm
Quoting Clouds
Some good support here?
Attachment

yes. Monthly central pivot at 1.5635 is holding it up right now.
  • #13,365
  • Jul 6, 2008 10:54pm Jul 6, 2008 10:54pm
Oh yeah, catching a falling knife is 'sometimes' very rewarding,, so far,,
  • #13,366
  • Jul 6, 2008 10:56pm Jul 6, 2008 10:56pm
I don't see this pair dropping tonite,, I see a divergence on the 1 hour.. let's see what happens...
  • #13,367
  • Jul 6, 2008 10:59pm Jul 6, 2008 10:59pm
Quoting Fx_Genius
I can only hope you are right.
Technically speaking a drop to 1.4637 is quite possible for the E$.
I don't think we will see either anytime soon.



Today 7:50am


WTI ($143.75) -$3.00 = $140.75.
It's a move in the right direction.
Thanks for reposting that Fx_Genius!

Apoca
  • #13,368
  • Jul 6, 2008 11:00pm Jul 6, 2008 11:00pm
I want to see it drop to 1.5535
"Diversification is an excuse for a lack of talent" ~FXC
  • #13,369
  • Jul 6, 2008 11:04pm Jul 6, 2008 11:04pm
Quoting FXCapitalist
I want to see it drop to 1.5535
it might look for more sellers around 5800 first
  • #13,370
  • Jul 6, 2008 11:04pm Jul 6, 2008 11:04pm
Quoting FXCapitalist
I want to see it drop to 1.5535
My bet is 1.5525 - that's where I'm gonna catch the train up
  • #13,371
  • Jul 6, 2008 11:05pm Jul 6, 2008 11:05pm
whatever happened to that diamond formation.
"Diversification is an excuse for a lack of talent" ~FXC
  • #13,372
  • Jul 6, 2008 11:08pm Jul 6, 2008 11:08pm
Quoting Clouds
it might look for more sellers around 5800 first
i dont see 1.5800 any while soon. remember the law of gravity. things fall faster than they climb. I'll be looking for 1.5535 before 1.5800 at 1.5535 I'll probably consider reversing. then again I'd like for the market to surprise me.
"Diversification is an excuse for a lack of talent" ~FXC
  • #13,373
  • Jul 6, 2008 11:10pm Jul 6, 2008 11:10pm
It took two tries (4 days) to break this level on the way up..
  • #13,374
  • Jul 6, 2008 11:16pm Jul 6, 2008 11:16pm
Quoting FXCapitalist
i dont see 1.5800 any while soon. remember the law of gravity. things fall faster than they climb. I'll be looking for 1.5535 before 1.5800 at 1.5535 I'll probably consider reversing. then again I'd like for the market to surprise me.
The law of currency gravity goes like this:

"Price takes the stairs up and the elevator down"

  • #13,375
  • Jul 6, 2008 11:18pm Jul 6, 2008 11:18pm
Quoting FXCapitalist
i dont see 1.5800 any while soon. remember the law of gravity. things fall faster than they climb. I'll be looking for 1.5535 before 1.5800 at 1.5535 I'll probably consider reversing. then again I'd like for the market to surprise me.
The market doesn't always go the way you see it. In my opinion this pivot point, along with the TL, is a big deal whether it goes to 4500/5300 or 5800/6200.
  • #13,376
  • Jul 6, 2008 11:18pm Jul 6, 2008 11:18pm
Quoting FXCapitalist
i dont see 1.5800 any while soon. remember the law of gravity. things fall faster than they climb. I'll be looking for 1.5535 before 1.5800 at 1.5535 I'll probably consider reversing. then again I'd like for the market to surprise me.
I was just curious but do you always use the same stop loss amount each trade or do you vary it?
  • #13,377
  • Jul 6, 2008 11:26pm Jul 6, 2008 11:26pm
Based on the selling in the asian and australian seesion, it's going to be interesting how the European and London sessions take to this. I am unsure right now.

not long to wait.
  • #13,378
  • Jul 6, 2008 11:30pm Jul 6, 2008 11:30pm
For me, first resistance is at the central pivot 1.5692, but I'm expecting a 38% fib retracement b4 heading south..
  • #13,379
  • Jul 6, 2008 11:56pm Jul 6, 2008 11:56pm
Quoting altrader
I was just curious but do you always use the same stop loss amount each trade or do you vary it?

i would say vary it according market conditions ie. volatility and time frame ie larger stoploss for longer timeframe. hope it helps
  • #13,380
  • Jul 7, 2008 12:03am Jul 7, 2008 12:03am
Quoting Newb>Trader
i would say vary it according market conditions ie. volatility and time frame ie larger stoploss for longer timeframe. hope it helps
Thank you, that does help me!
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