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  • #24,741
  • Aug 27, 2008 10:02pm Aug 27, 2008 10:02pm
Quoting easy_man
Looking at your chart, R1=1.4783 and P=1.4708. I too have looked at your website and downloaded FXIPivots. On my charts they are R1=1.4799 and P=1.4722 on my 15 minute chart. What are your setting?
Thanks.

Mike
  • #24,742
  • Aug 27, 2008 10:03pm Aug 27, 2008 10:03pm
It may retrace to 1.4740-60 area, and it will be a good long entry imho, if the opportunity present itself..
"Building Wealth By Confidence, Consistency, & Compounding"
  • #24,743
  • Aug 27, 2008 10:03pm Aug 27, 2008 10:03pm
Quoting trading801
P/S cobra i have sent you email!
Yes, I,ve got that email and I replied sending you the setup, did you get it?
BTW, your trigger finger is getting better every day.
  • #24,744
  • Aug 27, 2008 10:05pm Aug 27, 2008 10:05pm
Quoting acumen
However - I may need to change.

Pivot followers - what's your pivot for today?

Thanks.

Mike
Mine shows R1 @ 1.4786, already rejeected once;

I still believe we're in a retrace (push of the button, oil domino effect, etc.); Fundamentally the trend is unchanged - downside; Nikkei story is too vague and irrelevant now that Europe weakness has proven.

Euro may get carried up a little more, but a reversal to be confirmed it has to go over 1.49 for me. Too many cards have fallen. Still waiting for 1.4810-16 with interest as a good place to short
"Everybody needs money. That's why they call it money" - Danny De Vito
  • #24,745
  • Aug 27, 2008 10:06pm Aug 27, 2008 10:06pm
Quoting trading801
hopefully... so far highest is only 1.4792?

i hope to reach 1.48 soon.. as GBP news in 3 hours.. may affect this pair.. am prob shorting... since high enough for good short.. what u think FXO?


P/S cobra i have sent you email!
whats happening my good friend.hope you are making money.i just woke up and lo and behold,i saw a wonderful shorting opportunity.i checked my crystal ball and it was confirmed.so do u want to follow me...........................................................
  • #24,746
  • Aug 27, 2008 10:09pm Aug 27, 2008 10:09pm
Quoting cobraforex
Yes, I,ve got that email and I replied sending you the setup, did you get it?
BTW, your trigger finger is getting better every day.
gooday cobra.please i also want the setup.i asked for it yesterday but you did not reply me.i am also a newbie and i need all the help i can lay my hands on.my email addy id [email protected]
  • #24,747
  • Aug 27, 2008 10:09pm Aug 27, 2008 10:09pm
Quoting slide
Mine shows R1 @ 1.4786, already rejeected once;

I still believe we're in a retrace (push of the button, oil domino effect, etc.); Fundamentally the trend is unchanged - downside; Nikkei story is too vague and irrelevant now that Europe weakness has proven.

Euro may get carried up a little more, but a reversal to be confirmed it has to go over 1.49 for me. Too many cards have fallen. Still waiting for 1.4810-16 with interest as a good place to short
Agree. If it's topped out at 48.10 excellent short to go down to 1.46 or below.
  • #24,748
  • Aug 27, 2008 10:09pm Aug 27, 2008 10:09pm
Quoting cobraforex
Yes, I,ve got that email and I replied sending you the setup, did you get it?
BTW, your trigger finger is getting better every day.

hmmm you mean

1) i am less trigger happy these days? >> thanks bro!!! am still trying hard to learn more from u folks..

2) i am more trigger happy these days! >> O M G
  • #24,749
  • Aug 27, 2008 10:11pm Aug 27, 2008 10:11pm
I know some in here are not into indicators , and most seem to be short

Here is 60 min screaming long , once the RSI came up thru 30 it was a long and one could ignore price and follow the trend of the RSI only. Even on the retracement we only poked under 50 for one 60 min candle and this was clearly a doji.

The rsi still has some distance to go ( maybe price will go into 1,4830) , currently we stopped dead on a 61.8% fib expansion on a 1-2-3 buy formation

On the 30 min chart the 50 sma is UP . This means the trend is UP on a 30 min and has been since midnight PST on the 27th . The move tonight is going with the trend and should be no surprise. This looks like it might be a long bear flag and this evening we tested the 61/8% retracement. However at this point I would not be looking for any longer term (more than a few hours ) sell trades until we break down the 50 sma on the 30 min charts.

I think that we may go higher yet tonight and test 1.4830 ( 78.6% fib extension)

If we break the 78.6 fib expansion level then this is no longer a valid bear flag and the longer term trend may be reversing to up side with 100 % , 138 and `161 % fib extensions as targets (1.4872 , 1.4950 and 1.5000)

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Blogging daily now at www.volume.zone
  • #24,750
  • Aug 27, 2008 10:12pm Aug 27, 2008 10:12pm
Quoting oolides
whats happening my good friend.hope you are making money.i just woke up and lo and behold,i saw a wonderful shorting opportunity.i checked my crystal ball and it was confirmed.so do u want to follow me...........................................................

buddy .. been riding the long since 1.4672 and 1.4710.. lucky me!

you managed to get some pips off that short 12 plus hours ago right??


BTW HAVE YOU STUDIED FOR YOUR EXAM?

yes am with you on shorts.. but after 1.48 and after the sushi guys head off i guess.. but before the GBP news
  • #24,751
  • Aug 27, 2008 10:12pm Aug 27, 2008 10:12pm
Quoting slide
Mine shows R1 @ 1.4786, already rejeected once;

I still believe we're in a retrace (push of the button, oil domino effect, etc.); Fundamentally the trend is unchanged - downside; Nikkei story is too vague and irrelevant now that Europe weakness has proven.

Euro may get carried up a little more, but a reversal to be confirmed it has to go over 1.49 for me. Too many cards have fallen. Still waiting for 1.4810-16 with interest as a good place to short
Oh yeah... don't get me wrong.

We may be due for the much hyped bounce but this pair long term is very much south.
  • #24,752
  • Aug 27, 2008 10:14pm Aug 27, 2008 10:14pm
hmmm....

Quoting Rocroy
I'd say that we have a bottom at 665 (double on 5M, fib support etc.) and at least 50 pips is available if you go long now.

There is also a bigger correction coming (check the 4H chart: signs are pretty clearly visible there), and this long could well be a good runner....

Just my cents.

R
  • #24,753
  • Aug 27, 2008 10:14pm Aug 27, 2008 10:14pm
Quoting oolides
whats happening my good friend.hope you are making money.i just woke up and lo and behold,i saw a wonderful shorting opportunity.i checked my crystal ball and it was confirmed.so do u want to follow me...........................................................

compared to up volume , the volume on the pull back on the 5 min is very low..... this could be a little bit of profit taking , but no major selling pressure coming in
Blogging daily now at www.volume.zone
  • #24,754
  • Edited 10:16pm Aug 27, 2008 10:15pm | Edited 10:16pm
Quoting oolides
gooday cobra.please i also want the setup.i asked for it yesterday but you did not reply me.i am also a newbie and i need all the help i can lay my hands on.my email addy id [email protected]
Just sent it to you, I didn't have your email, sorry.
If you have any question email me.
Good luck
  • #24,755
  • Aug 27, 2008 10:16pm Aug 27, 2008 10:16pm
Quoting acumen
Normally I wouldn't trade the Asian session so I would be on the sidelines.

I'm short right now on some long term plays but you are correct. When something smells like sh#t - it usually is.

Surely don't pick tops and bottoms - that's a suckers game.

Pivots and psych levels work like magic during intra-session moves.

Like anything - it just take some time to get a feel for it.

Price just moved below R1 and I believe we will see a move to the pivot point but my confidence on that trade right now is about 40%.

Mike
Thanks for the response dude. The psyche levels is a huge thing that I learned from your videos. I just didn't realise how powerful they were until I saw your vids. Amazing stuff

I saved those videos on to my PSP (playstation portable), so I can have a look at them wherever I go
  • #24,756
  • Aug 27, 2008 10:17pm Aug 27, 2008 10:17pm
Quoting anne_81
It may retrace to 1.4740-60 area, and it will be a good long entry imho, if the opportunity present itself..
However... I believe we are in for some crazy price action over the next two days.

Mike
  • #24,757
  • Aug 27, 2008 10:20pm Aug 27, 2008 10:20pm
Quoting altrader
Thanks for the response dude. The psyche levels is a huge thing that I learned from your videos. I just didn't realise how powerful they were until I saw your vids. Amazing stuff

I saved those videos on to my PSP (playstation portable), so I can have a look at them wherever I go
Watch them once and delete them. They are boring.

Thanks.
  • #24,758
  • Aug 27, 2008 10:23pm Aug 27, 2008 10:23pm
Quoting acumen
Watch them once and delete them. They are boring.

Thanks.
It's only boring to you since you have internalised everything in them (obviously), lol.

But for me as a new trader I like to test all different things at certain times, and so when I see something once that didn't quite make sense...then I get more experienced and come back and see it again, then I often find that there other things in there that I missed the first time I saw them.

So, I'll be keeping them for some time yet
  • #24,759
  • Aug 27, 2008 10:24pm Aug 27, 2008 10:24pm
Do not over think fundamentals in this game. If you do expect 500 plus pip draw downs on your account , for example when everything was falling apart when gj was 208 and everyone was thinking short , by the time it did actually drop it was at 217.....that is what writes off accounts.

News is made up just to mess with your trades ..... that is the only reason news is made !!! If the market moves due to some hedge fund buying the news hounds have to make up a story to explain it.

I know when news is coming out , and only react to it. Either I manage my stops or am not in a trade during the news.

ONE THING that has been ignored in this thread is that the break down of 1.5000 was massive on the daily charts and 95% of the time these massive support levels are tested . It has not been yet.....
Blogging daily now at www.volume.zone
  • #24,760
  • Aug 27, 2008 10:28pm Aug 27, 2008 10:28pm
Hey Mike,

I use IBFX and located in central time zone, if that effects the indicator.

Thanks,
Ron
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