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  • #18,841
  • Aug 8, 2008 12:43pm Aug 8, 2008 12:43pm
Quoting jeam256
What do you expect next?

.4965 next week but I wouldn't sell right now.
  • #18,842
  • Aug 8, 2008 12:45pm Aug 8, 2008 12:45pm
Quoting mokonni
I expect a 100 point drop when Forex opens on Sunday
You know something about the off shore drilling bill don't you?

  • #18,843
  • Aug 8, 2008 12:50pm Aug 8, 2008 12:50pm
Quoting TradeCell
Fundamentals dont the lead the price, they lag badly just just any other indicator. The market is always looking forward into the future. Price is king as it tells you to what really is going on right now. Dont be trapped into thinking fundamentals are bad for US, means Euro will go up. It is not that simple. Why not observe what price is doing in the face of such unrelenting bad news? Is dollar strengthening or weakening? If dollar is strenthening despite all this bad news. You know that a long on Euro is a low probability trade. If you have a bias like perma Euro bull syndrome. Stay out for the time being.
This is a very good statement.

Fundamentals are only to be used and guessed at with a Leverage of 1:1

If you have insight and predict 2, 3 or many years along the way , maybe just maybe you will be right.

What happened this week was zero to do with fundamentals.

This was Price Action at work.

And anyway why bother reading some news which is already old by the time you read it.
  • #18,844
  • Aug 8, 2008 12:51pm Aug 8, 2008 12:51pm
Quoting acumen
You know something about the off shore drilling bill don't you?

LOL

the forex beast just starts to show it's true face. http://forexfactory.com/images/icons/icon4.gif

technicals don't work in the moment, the only way for me is to scalp some here and there.
  • #18,845
  • Aug 8, 2008 12:52pm Aug 8, 2008 12:52pm
Quoting mokonni
I expect a 100 point drop when Forex opens on Sunday
is that an expectation based on analysis or gut-feeling? please elaborate.
  • #18,846
  • Aug 8, 2008 12:54pm Aug 8, 2008 12:54pm
Major correction is in the cards. For those who managed there accounts and did not blow them out get ready. Sometimes a winning week is protecting your capitol and not taking big losses.

I was looking at longs most of the week on this pair. I know it will sound strange but came out positive on it this week. First sell was at 1.5400 it hit a bit above 1.5500 so had some profit. then got stopped out at break even at 1.5200 long.

Most important though Is we live to fight another day by managing our accounts. Next week everyone will be scared of what they should be doing, or still shorting this pair. I again will be looking how the 1.5000 area holds. then i will be getting long again for a retrace back to the 1.5550 area. I will manage my trades and won't have losses that are to big.

good luck to all I hope you all still have bullets left in the gun. Lets roll.
  • #18,847
  • Aug 8, 2008 12:54pm Aug 8, 2008 12:54pm
Quoting Two percent
And anyway why bother reading some news which is already old by the time you read it.
to fall asleep to, of course
news is great bedtime reading
  • #18,848
  • Aug 8, 2008 12:58pm Aug 8, 2008 12:58pm
Quoting steelhead
Major correction is in the cards. For those who managed there accounts and did not blow them out get ready. Sometimes a winning week is protecting your capitol and not taking big losses.

I was looking at longs most of the week on this pair. I know it will sound strange but came out positive on it this week. First sell was at 1.5400 it hit a bit above 1.5500 so had some profit. then got stopped out at break even at 1.5200 long.

Most important though Is we live to fight another day by managing our accounts. Next week everyone will be scared of what they should be doing, or still shorting this pair. I again will be looking how the 1.5000 area holds. then i will be getting long again for a retrace back to the 1.5550 area. I will manage my trades and won't have losses that are to big.

good luck to all I hope you all still have bullets left in the gun. Lets roll.
Steel, I've been monitoring this thread for a while. This is the best post I've seen you do. Thanks a lot for sharing. I've still got about 1 bullet left in the gun. I pray it's silver.

Have a good weekend, all.
Up or down, gimme a ticket
  • #18,849
  • Aug 8, 2008 12:59pm Aug 8, 2008 12:59pm
Quoting digitil
is that an expectation based on analysis or gut-feeling? please elaborate.
It's my gut feeling and i don't trade it !

You shouldn't take a position if you can't have your finger on the trigger.

Don't take additional risk and wait for things to settle.

Not being in the market is a position too.
  • #18,850
  • Aug 8, 2008 1:00pm Aug 8, 2008 1:00pm
It appears that this weeks move is the largest weekly move since the Euro
was created. 633 pips.
  • #18,851
  • Aug 8, 2008 1:07pm Aug 8, 2008 1:07pm
Quoting Russell
It appears that this weeks move is the largest weekly move since the Euro
was created. 633 pips.
More than I thought.
  • #18,852
  • Aug 8, 2008 1:07pm Aug 8, 2008 1:07pm
It makes me very sad to hear about all the folks who have blown out there accounts this week. this buisness will give and take like that. Right now though is when we will seperate the men from the boys. Or ladies lol. Alot of folks will quit after this kind of move. When in reality they should get right back up and keep going against the storm. You have to get and and let the storm know that no matter what you aint going no where so do your worst. Stare it right in the face and swing back. Don't ever back down from a challenge.


I think the professionals got folks right were they want them. Sometimes in a slow market with little volume they will do this its easy money. Now they got everyone and there mother thinking more shorts. I'm not saying it wont drop more , but I tell you this. these levels are not the time to be shorting. You could sell right into a hole.

I am so excited about the weeks to come. the storm will never get the best of me it might when some battles, but i will win the war.

Keep your chins up guys the sun will rise again.
  • #18,853
  • Aug 8, 2008 1:07pm Aug 8, 2008 1:07pm
Long at 1.5 TP 1.7 SL 1.4995
  • #18,854
  • Aug 8, 2008 1:11pm Aug 8, 2008 1:11pm
Quoting Clouds
Long at 1.5 TP 1.7 SL 1.4995
Am I reading that right, a five pip stop? At least your risk/reward is good.
  • #18,855
  • Aug 8, 2008 1:13pm Aug 8, 2008 1:13pm
Quoting Clouds
Long at 1.5 TP 1.7 SL 1.4995

How about...

Short at 1.5 TP 1.0 SL 1.7

About the same odds.
  • #18,856
  • Aug 8, 2008 1:17pm Aug 8, 2008 1:17pm
Quoting steelhead
It makes me very sad to hear about all the folks who have blown out there accounts this week. this buisness will give and take like that. Right now though is when we will seperate the men from the boys. Or ladies lol. Alot of folks will quit after this kind of move. When in reality they should get right back up and keep going against the storm. You have to get and and let the storm know that no matter what you aint going no where so do your worst. Stare it right in the face and swing back. Don't ever back down from a challenge.


I think the professionals got folks right were they want them. Sometimes in a slow market with little volume they will do this its easy money. Now they got everyone and there mother thinking more shorts. I'm not saying it wont drop more , but I tell you this. these levels are not the time to be shorting. You could sell right into a hole.

I am so excited about the weeks to come. the storm will never get the best of me it might when some battles, but i will win the war.

Keep your chins up guys the sun will rise again.
Nice post

btw don't want to sound rude - fresh money is always welcome in this game
  • #18,857
  • Aug 8, 2008 1:18pm Aug 8, 2008 1:18pm
Quoting steelhead
It makes me very sad to hear about all the folks who have blown out there accounts this week. this buisness will give and take like that. Right now though is when we will seperate the men from the boys. Or ladies lol. Alot of folks will quit after this kind of move. When in reality they should get right back up and keep going against the storm. You have to get and and let the storm know that no matter what you aint going no where so do your worst. Stare it right in the face and swing back. Don't ever back down from a challenge.


I think the professionals got folks right were they want them. Sometimes in a slow market with little volume they will do this its easy money. Now they got everyone and there mother thinking more shorts. I'm not saying it wont drop more , but I tell you this. these levels are not the time to be shorting. You could sell right into a hole.

I am so excited about the weeks to come. the storm will never get the best of me it might when some battles, but i will win the war.

Keep your chins up guys the sun will rise again.
Well, except for the angry man (can't remember his handle), I bet I lost more than anyone on this thread today. I do agree with you on the necessary attitude though, and I'm back on the horse. Closed with a couple of modest gains. Learned a lot, in what I hope was a very exceptional period of time.

Thanks for the words of encouragement.
Up or down, gimme a ticket
  • #18,858
  • Aug 8, 2008 1:20pm Aug 8, 2008 1:20pm
Quoting acumen
How about...

Short at 1.5 TP 1.0 SL 1.7

About the same odds.

LOLOL, Acumen you have a great sense of humor
  • #18,859
  • Aug 8, 2008 1:21pm Aug 8, 2008 1:21pm
Quoting acumen
How about...

Short at 1.5 TP 1.0 SL 1.7

About the same odds.

True, there's no map where this thing will go. It's gone mad.
  • #18,860
  • Aug 8, 2008 1:22pm Aug 8, 2008 1:22pm
Quoting mokonni
Nice post

btw don't want to sound rude - fresh money is always welcome in this game

Im not sure what you mean fresh money. I assume you are saying that you will be taking my money if im long? Maybe im wrong. I will say this though I have been at this game along time, and will be for a long time. I am a swing trader.

So again dont know what you mean but it sounds like you think you are taking my money. rest assured your not.
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