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  • #21,841
  • Aug 20, 2008 5:45am Aug 20, 2008 5:45am
Still holding strong
  • #21,842
  • Aug 20, 2008 5:56am Aug 20, 2008 5:56am
I think i agree with the fact that eu might go long. Eur's stocks is doing ok today....
http://www.reuters.com/finance/markets/europe

and i think the isssue about the inflation in the us might be the beginning of a uptrend. Also noticed daily stoc is oversold,and already retracing up,and weekly stoc is already oversold,and almost retracing. I am not too good with forex terms, but i think i understand reading the chart a little bit.




xxxslikxxx
  • #21,843
  • Aug 20, 2008 6:01am Aug 20, 2008 6:01am
Quoting daanman3
I said yesterday that this is a short-medium term bottom and it has turned out to be true.

It is interesting to note that we have not seen a real retracement in any of the USD pegged currencies expect maybe NZD from this 2 week rise of USD.

I don't know about you guys but I think the current market conditions are really uncertain and I don't think I will put in a proper trade for the rest of this month. I will only trade small positions.

I think that we will have to wait till september to see the next move, what do you guys think?
One of the better traders in FX that I use for Technical Advice has called a good trade overnight in EUR/USD !

DC Bonta was calling EUR/USD short at 1.4800 as it has two different Resistance Points there. This is the first time in a long time that I have seen him Trade EUR/USD short.

If EUR/USD gets back near 1.4800, I just might short it myself. What I am now saying is what has just been suggested. We might need to wait until September before any retracements.

Make your own FX trading decisions please even if you agree with another posters views.

Goo Trading Day To All !!!


Bruce
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  • #21,844
  • Aug 20, 2008 6:09am Aug 20, 2008 6:09am
He is right , don't base your decision on other peoples decisions , you need to learn from your own , so , adapt it in your strategy do the maths and see if it makes sense
  • #21,845
  • Aug 20, 2008 6:11am Aug 20, 2008 6:11am
Good Morning To You...

Do you see strong Resistance for EUR/USD at 1.4800 ?

As I said a few posts ago if it reaches near there I might actually short EUR/USD as I normally trade EUR/USD long but for the moment I do not see any retracing towards 1.5000

Also I am not sure if USD/JPY has strength to get over 110.65 let alone 110.30 and it just might be more ready to try to break support and head below 109.50 towards 109.00

Of course the Dow needs to keep heading down. At the moment the Futures are up 44.


What are your thoughts ?


Bruce
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  • #21,846
  • Aug 20, 2008 6:15am Aug 20, 2008 6:15am
My thoughts are , don't go long term now , and Bruce is right bout usd/jpy it may break out soon , so be careful
  • #21,847
  • Aug 20, 2008 6:16am Aug 20, 2008 6:16am
11:01 EUR/USD: Foray Into 1.4690"s Fails To Stick London, August 20. The late European morning foray into the 1.46"s saw 1.4692 trade but the price has quickly rebounded into the 1.47-teens as North American interests filter back in. Offers are now seen in decent size into 1.4725/35 to keep the price pointed south while a push back above 1.4750 will return the focus to the overnight failure highs up at 1.4805.
The lack of Euro Zone data in the European morning opened risks for broader themes to drive EUR/USD directionality. However, the North American session is also devoid of key event-risks so underlying themes will continue to drive short-term chop in the headline pair.
Should a further move back into the 1.46"s prove sustainable then downside stops may accelerate the descent. The attention will then turn to 1.4640/50 support with the 1.4631 lows then coming back into view. Below here option structures remain in place at 1.4600. [email protected]

I am also going to include USD/JPY because there are similar issues here that might give a clue on EUR/USD

11:13 USD/JPY: Settles at Large Option Expiry Level London, August 20. USD/JPY broke back above 110.00 on the London open Wednesday, removing various Asian offers on ascent to 110.28 highs. Broader based USD strength behind the initial move, although sellers of USD/JPY from the highs have taken this pair back to the 110.00 level, where a large vanilla option expiry looms for today"s New York cut. In fact we see plenty more expiries in the 109.50-110.50 region over coming sessions, which should help to confine the overall range. EUR/JPY: broke its own Asian range peak (162.38) in early London to reach 162.60, with a French name a touted broad based EUR buyer. However, gains were short lived and the pair has since fully retraced, actually extending its 162.09 Asian range base to 161.75, prior to regaining the figure. Bids touted at the lows, while EUR/USD"s current stance in the 1.4720 area should aid support. [email protected]
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  • #21,848
  • Aug 20, 2008 6:22am Aug 20, 2008 6:22am
Quoting Warren Forex
Good Morning To You...

Do you see strong Resistance for EUR/USD at 1.4800 ?

As I said a few posts ago if it reaches near there I might actually short EUR/USD as I normally trade EUR/USD long but for the moment I do not see any retracing towards 1.5000

Also I am not sure if USD/JPY has strength to get over 110.65 let alone 110.30 and it just might be more ready to try to break support and head below 109.50 towards 109.00

Of course the Dow needs to keep heading down. At the moment the Futures are up 44.


What are your thoughts ?


Bruce
Hi Bruce,

We are long EUR/USD in two positions - 1.4697 and 1.4715 for an average of 1.4706. We have stops at 1.4670/75 with an expected 5 wave move higher from here. It seemed like there was decent dip buying down in the 1.4700 region.

Regarding resistance at 1.4800 -- I would be hesitant to short at that level as the market may catch many trying to short there -- plus that is right in the middle of the 3rd wave up. I would be very cautious if you short there.
Pippin ain't easy, but it sho is fun!
  • #21,849
  • Aug 20, 2008 6:23am Aug 20, 2008 6:23am
Action Insight Daily Report

More Technical Analysis Reports Here
Focus on BoE Minutes and Canadian Retail Sales

Dollar retreats mildly overnight on recovery in the commodity markets. However, outlook in the forex markets is rather mixed for the moment. On the one hand, in addition to USD/CAD, USD/CHF and USD/JPY should have confirmed a short term top. However, price actions in AUD/USD and GBP/USD argues that they're just in sideway consolidation only. The rebound in EUR/USD is not yet strong enough to confirm a short term bottom too. At this point, markets could still flip either way until outlook in all major pairs align back together.
Focus in the European session will mainly be on BoE minutes of Aug meeting. Opinions in the board were mixed in Jul with 7 members voted for no change, Besley voted for a hike and Blanchflower voted for a cut. The situation is expected to be the same in Aug and markets expected the vote split to be 1-7-1 again given the worsening in both inflation and growth. Though, further division could be seen and a surprised voting of either side will likely rock the Sterling.
Another focus today will be Canadian retail sales which is expected to show 0.4% growth in Jun, with ex-auto sales climbing 0.6%. USD/CAD is so far still bounded in consolidation that started at 1.0727 and will need a surprise today to trigger a breakout.
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  • #21,850
  • Aug 20, 2008 6:30am Aug 20, 2008 6:30am
Quoting Warren Forex
Good Morning To You...

Do you see strong Resistance for EUR/USD at 1.4800 ?

As I said a few posts ago if it reaches near there I might actually short EUR/USD as I normally trade EUR/USD long but for the moment I do not see any retracing towards 1.5000

Also I am not sure if USD/JPY has strength to get over 110.65 let alone 110.30 and it just might be more ready to try to break support and head below 109.50 towards 109.00

Of course the Dow needs to keep heading down. At the moment the Futures are up 44.


What are your thoughts ?


Bruce
well bruce, from what im seeing right now the Usdjpy is finding support at 110.00 it bounced from the 200SMA earlier today breaking the decending tunnel from 110.59 high to 109.66 low. for now the pair is finding support at 110.00 between the 100 and the 60 SMA. i wouldnt short it until a break below the tunnel happen. outlook for today is mix since there is no economic news to make it move higher.

eur usd

early today i advise that a break of the pivot could happen. well it did and reached my TG at 1.4700. right now we are standing at 1.4726 another candle can put us at 1.4737-39 below the pivot where im looking to sell again. with a tight sl above the pivot P. on the us open we might see the pair move a lower depending on how the stock market looks. i think.
DISCIPLINE IS THE KEY TO SUCCESS!!!:nerd:
  • #21,851
  • Aug 20, 2008 6:31am Aug 20, 2008 6:31am
hi all hows the piping...

i finally learned my lesson am no longer pipping @ $1 with my miserable capital LOL
  • #21,852
  • Aug 20, 2008 6:35am Aug 20, 2008 6:35am
Quoting gagakrimba
Hahaha....the price of your short posts is same as my long posts.
I do appreciate your patronage.
  • #21,853
  • Aug 20, 2008 6:38am Aug 20, 2008 6:38am
EUR/USD-market strategy can be a buy from the 1.4730$ level
Tammy Wall
20 August 2008
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EUR/USD-market strategy can be a buy from the level 1.4730$
Technical oscillators supporting the bullish trend for the currency pair
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines in a bullish direction and crossing below the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. As seen on the chart there are two bottoms leading upwards to a buying trend.
http://news.finotec.com/admin/upload...22792e2202.png
Finotec Analysis Team
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  • #21,854
  • Aug 20, 2008 6:39am Aug 20, 2008 6:39am
Quoting 5ysfx
ur nearterm are hours days ?
u think about making new low right ?
where u gonna short ?

If u argue with me then u believe eu wont reach 4880 level right ?


how about .. I see move up then down in near term
.4880 first or .4700?
  • #21,855
  • Aug 20, 2008 6:43am Aug 20, 2008 6:43am
Quoting daanman3
Why are you talking bad to this guy?

I have never had a margin call and I am profitable and I consider myself a trader.

I only traded demo for one week and have never traded demo again.

Don't say anything if you don't have anything productive to say to this new trader.
DO NOT TRADE REAL CAPITAL -------

Until you can double a DEMO account.

Additionally - only use 1% on each trade.
  • #21,856
  • Aug 20, 2008 6:52am Aug 20, 2008 6:52am
Quoting daanman3
Thanks I have also been in loss before but I did not panic and do more trading.

Instead I wait for a clear opportunities, which is why I made 50% of one of my accounts in 2 weeks.

http://www.forexfactory.com/showpost...ostcount=18404
If you made 50% in two weeks you have luck on your side.

It also sounds like you are using too much capital on each trade.

Additionally - 95% of FX traders don't lose. (Bogus statistic)
  • #21,857
  • Aug 20, 2008 6:54am Aug 20, 2008 6:54am
http://www.dailypfennig.com/currentIssue.aspx
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  • #21,858
  • Aug 20, 2008 6:57am Aug 20, 2008 6:57am
Oil will breakout to the upside soon just like gold.
This will be triger to perform dollah sell-off
  • #21,859
  • Aug 20, 2008 6:59am Aug 20, 2008 6:59am
Quoting kodie2006
Hi Bruce,

We are long EUR/USD in two positions - 1.4697 and 1.4715 for an average of 1.4706. We have stops at 1.4670/75 with an expected 5 wave move higher from here. It seemed like there was decent dip buying down in the 1.4700 region.

Regarding resistance at 1.4800 -- I would be hesitant to short at that level as the market may catch many trying to short there -- plus that is right in the middle of the 3rd wave up. I would be very cautious if you short there.
The 1.4800 is a double 00 and 1.4810 is a Weekly Pivot !

Regardless we are nowhere 1.4800 and who knows if we will be. No real new data out today. Tomorrow is New Jobless Claims and I am thing 475,000 but no data to think that at the moment. Will look for events on tap for today and post it on this post shortly.

The Day Ahead !!!

http://www.actionforex.com/latest-ne...2008081956958/


Bruce
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  • #21,860
  • Aug 20, 2008 7:01am Aug 20, 2008 7:01am
NY starts

*rings bell
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