EURUSD

Quoting kodie2006

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Correct, there is "truly" no gap in foreign exchange markets -- It is just your broker catching up to the current bid ask

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Quoting kodie2006

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No, I am just posting relevant information to other's who are posting false information.

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Quoting Warren Forex

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It feels real good. Thank you...


Bruce

P.S. Please do not shoot the messenger !!!

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Quoting kodie2006

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eurusd currently down from Friday's close - 1.4678

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Quoting cobraforex

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Making my homework and studying the weekly chart this weekend, we can see that we didn’t reach a 38.2 retrace yet, that number will be in the area 1.4500 (strong support), the 61.8 fib will be 1.330 areas. I guess we should talk about a downtrend when this support (1.300) will be broken. Until now it’s just a technical correction. If you see the last big down move during the beginning to the end of 2005 we saw a 38.2 retrace that took 12 month, now we go faster and could arrive to 38.2 in only 2 weeks that might give us a signal to be prepared to 61.8 that is equivalent to 1.330.
That might be the reason of USD gains if there are good or bad news.
We are in a strong support actually in 1.4640 areas (see 12.2007) but as the retrace is that strong may be it will get broken soon, good USD news could cause that.
We are actually in oversold area (see Stoch and RSI) and we might see some retrace of 32.8 equivalents to 1.5170 areas but could be less due to the strong movement in just 1 week.
Once the bottom is touched, the recovery move could be similar strong that it went down because Europe isn’t in that bad shape as USA, I think, and a weaker Euro might help in long term to improve Euro zone exports and production.
I posted before that I had a really bad week in FX and that is due to the homework that I missed to do last week (didn’t have time at all), another lesson learned beside of not catching the falling knife, I supposed to know when to catch it.
Mrs. Cobra gave me also an advice: someone who almost died by swimming needs to go back swimming soon for not to have fear of the water. I wanted to stay out for a while but it’s necessary to know how to trade in abnormal situations and I will go in again, I think it’s important to have respect to unexpected movements, but no fear; we just need to be prepared ever.
Other thing, I thought it would be useful when we give a suggestion here in this thread would be good to declare the timeframe that we are talking about, for example a scalper like me (day trader) is thinking different that a long term investor, what’s your opinion about that?
These are only my thinking and I would be very happy to hear the opinion of the more experienced traders.


Trading under pressure
I would like to give also a little report what happened to me.
When the negative US news came out, the market reacted reversal (illogical) and hit my SL, I got in panic, which made me to forget about MM (money management, not Marilyn Monroe) and I tried to get back my loss under any circumstances. That was the reason to triple my loss.
I’m a business man since 30 years, I never had a boss and mostly I took the right decisions in my live but this time I failed completely (Nobody is perfect, I’m Nobody - just a joke).
I’m writing this for to show newbie’s how easy it is to loose money if you trading under pressure. It’s better to close the screens after a big loss and relax the rest of the day to get in again with a clear mind.
I really learned the lesson and I will be a better trader in the future, might be that was worth the money I lost.

I wish a very good next trading week to all of us

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Quoting kodie2006

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Foreign Exchange markets are open 7 days a week, 24 hours a day. You think currency exchanging just shuts down for the weekend? Haha....it's just that your broker is closed.

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Quoting Warren Forex

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You have been around here longer than I so I just point that out as a matter of fact and respect.

When I post some article either left or right it does not mean that I agree with it. I try to post articles both pro and con so I can see all points of view.

The data in the USA is manipulated PERIOD !!! That is not a conspirancy theory. It is proven fact. Read John Williams ! The USA is now in RECESSION regardless of the GDP numbers.

The facts are not left or right just facts. I am very unhappy to see the USA in big trouble. I love the America I once knew. I lived in New York for awhile.

The Neocons have done a real job on the USA economy. I only care about winning in Forex and making money. When I do not work I enjoy that side as well.

I am a REALIST nothing more and nothing less.

Have a Good Trading Week...

Respectfully Bruce

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Quoting kodie2006

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"But we have not had a negative gdp quarter yet"

Hmmm, have you not been following the real GDP numbers? Didn't you see that 4Q 2007 GDP was revised last month from +0.6% to -0.2%?

http://seekingalpha.com/article/8873...vised-downward

"As important as any of the second quarter data was, this release also included revisions going back as far as 2005 and revealed the first quarter of negative GDP growth since the 2001 recession at the end of 2007. Fourth quarter real economic growth was revised from an annualized rate of 0.6 percent to -0.2 percent, largely due to a big downward revision to personal consumption. Also, economic growth was revised downward for each of the last three years by approximately 0.2 percentage points each year."

Like I said and I will continue to say this -- the data released from the government is highly fabricated and CANNOT ever be trusted.

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Quoting z astronaut

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i don't know about you but I am starting to feel a change in the news flow since friday... could it be the week of the come back for the euro?

_ Bill gross saying on friday night that he does not believe in the dollar rally to last amid the housing slump

_ opec countries threating of an oil output cut over the week end

_ morgan stanley expecting the financial crisis in the us to last through 2010 and more us regional banks to file for bankrupcy in a paper just released this sunday

i would not be surprised if we would make a run for the 1.50 a psychological point that was erased too easily to be true

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Quoting SunTrader

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Opec countries are notorious for cheating the numbers.

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Quoting Warren Forex

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The LOW on my FXCM platform is now printed at 1.46407 just above the STRONG SUPPORT pointed out by cobraforex at 1.4640

Now let us see what happens !!!


Bruce

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Quoting SunTrader

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Meanwhile NYMEX crude has opened and is down $0.20.

Sunday dead of Summer night is not going to be very lively, I think.

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