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Jacko's Forex House of Pleasure and Pain

  • #4,861
  • Aug 7, 2008 12:00pm Aug 7, 2008 12:00pm
It's dropped fairly sharply. In the past Jacko has said something to the effect of: "the sharper the drop the shorter it lasts". It's taken 5 hours to tumble 200 pips. I suspect that the drop is near over and that we'll bounce off 1.5300 fairly quickly.....at least that's what's happened the previous two times it's hit 1.5300 in this range......


And don't forget folks WE'RE STILL IN THE TREND CHANNEL ON THE DAILY TF.....
  • #4,862
  • Aug 7, 2008 1:00pm Aug 7, 2008 1:00pm
Quoting Blue@Heart
It's dropped fairly sharply. In the past Jacko has said something to the effect of: "the sharper the drop the shorter it lasts". It's taken 5 hours to tumble 200 pips. I suspect that the drop is near over and that we'll bounce off 1.5300 fairly quickly.....
I guess you can call this a climax sell-off?
Take a report.
  • #4,863
  • Aug 7, 2008 3:45pm Aug 7, 2008 3:45pm
Well today the EUR tested the 200 day MA. It came within 2 pips.

Could this be the bottom? I have taken a few shorts on the way down, but have been waiting for a bottom to initiate some long positons.

Attached Image (click to enlarge)
Click to Enlarge Name: ma.gif Size: 38 KB
  • #4,864
  • Aug 7, 2008 5:12pm Aug 7, 2008 5:12pm
Quoting jharvey407
Well today the EUR tested the 200 day MA. It came within 2 pips.

Could this be the bottom? I have taken a few shorts on the way down, but have been waiting for a bottom to initiate some long positons.

jharvey, which of the ma's are you useing? I have tried SMA, EMA, WMA and MMA and none of them match what you show. I use EMA and it showes 200 at 1.5191 far lower than the low of the day 1.5310. Don't know how you got that....Brokers maybe???

Carolyn
  • #4,865
  • Aug 7, 2008 5:32pm Aug 7, 2008 5:32pm
To an extent, the data sent by brokers does affect what is considered the open and close. This can affect how a software package draws MAs. Fun stuff.
The market reveals who we really are...
  • #4,866
  • Aug 7, 2008 6:02pm Aug 7, 2008 6:02pm
Quoting shadowninja
To an extent, the data sent by brokers does affect what is considered the open and close. This can affect how a software package draws MAs. Fun stuff.

I understand a few pips difference...but over a hunderd? How about the numbers used to calculate the MA's .....like DiNapoli?
  • #4,867
  • Aug 7, 2008 6:18pm Aug 7, 2008 6:18pm
Quoting Carolyn
I understand a few pips difference...but over a hunderd? How about the numbers used to calculate the MA's .....like DiNapoli?
Bad chart readings affect all calculations by indicators. I note that the chart you are referring too is from IBFX. They're demos have a lot of data skips, which can definitely affect all indicators. They're live isn't exactly accurate either. I had a trade in at Oanda and was watching it on my live IBFX metatrader. On IBFX the trade was going nowhere. After watching for a while I decided to get out. When I popped Oanda up, the price proceeded to hit my take profit at that moment and close the trade for a nice profit, and it was a lot more than the 10 pips shown by IBFX's chart. To get accurate indicator data, you have to have accurate chart data. That's hard to come by with some forex brokers. So yes it's perfectly possible to be off a hundred pips from broker to broker.
  • #4,868
  • Aug 7, 2008 6:33pm Aug 7, 2008 6:33pm
Quoting Carolyn
I understand a few pips difference...but over a hunderd? How about the numbers used to calculate the MA's .....like DiNapoli?
It might be possible. If one broker closes the hour 30 seconds after another, during the day time that can mean 50-100 pips. If you get several of these hour upon hour, the MA line will differ by quite a bit.
The market reveals who we really are...
  • #4,869
  • Aug 7, 2008 6:45pm Aug 7, 2008 6:45pm
Quoting Carolyn
jharvey, which of the ma's are you useing? I have tried SMA, EMA, WMA and MMA and none of them match what you show. I use EMA and it showes 200 at 1.5191 far lower than the low of the day 1.5310. Don't know how you got that....Brokers maybe???

Carolyn
Here is my daily with a simple 200 day ma of close. my chart does intersect with the ma by 4 pips much like jharveys. Maybe you have something amiss on your chart??? Are you looking at a daily or weekly chart?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 32 KB
  • #4,870
  • Aug 7, 2008 7:08pm Aug 7, 2008 7:08pm
I can't believe how much the EU has dropped over the last few days, it's definitely showing some support @5300 area. Hopefully it will bottom out there. How much lower can it go..
  • #4,871
  • Aug 7, 2008 7:10pm Aug 7, 2008 7:10pm
Quoting Carolyn
jharvey, which of the ma's are you useing? I have tried SMA, EMA, WMA and MMA and none of them match what you show. I use EMA and it showes 200 at 1.5191 far lower than the low of the day 1.5310. Don't know how you got that....Brokers maybe???

Carolyn
It is a daily chart from IBFX... live... GMT... Exponential MA on median (HL/2).

I hope that helps.

James
  • #4,872
  • Aug 7, 2008 7:11pm Aug 7, 2008 7:11pm
wow fast dive below 5300.... 5264.... i mean 5242
  • #4,873
  • Aug 7, 2008 7:27pm Aug 7, 2008 7:27pm
well, here goes my 100pip-loss from the nose dive of euro; waiting for AH now...
  • #4,874
  • Aug 7, 2008 7:32pm Aug 7, 2008 7:32pm
Looks like we have got it wrong 1.5200 1.30am et
Think i will pull out of this one
OIL on the down
DOLLAR on the up
  • #4,875
  • Aug 7, 2008 7:39pm Aug 7, 2008 7:39pm

    1. Does anyone know why this movement at this time of the day?

  • #4,876
  • Aug 7, 2008 7:44pm Aug 7, 2008 7:44pm
Quoting doberman

    1. Does anyone know why this movement at this time of the day?

I don't know yet... maybe we got Osama B L.
  • #4,877
  • Aug 7, 2008 7:48pm Aug 7, 2008 7:48pm
well, perhaps Japanese traders are over-reacting to what they saw happen to euro/$ ... rather unusual at Asian session for such a quick move downward...
maybe it's time for euro to fall apart?

Quoting doberman

    1. Does anyone know why this movement at this time of the day?

  • #4,878
  • Aug 7, 2008 7:53pm Aug 7, 2008 7:53pm
[quote=doberman;2153558]

    1. Does anyone know why this movement at this time of the day?

everyone was buying on a retrace and bam..sock it to ya

  • #4,879
  • Aug 7, 2008 8:00pm Aug 7, 2008 8:00pm
Just a thought This is the 08/08/08 the luck day of the century
Over trading?
  • #4,880
  • Aug 7, 2008 8:01pm Aug 7, 2008 8:01pm
"Euro Pummeled as ECB Turns Attention to Downside Economic Risks
Despite an initial surge higher, the Euro tanked following the release of the European Central Bank?s rate decision"
It's NOT GAMBLING when the odds are in your favor
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