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  • #32,081
  • Sep 19, 2008 1:47am Sep 19, 2008 1:47am
Technical view on a larger TF, this is what I have on my chart. It should go and test 4542 line again or if breaks should continue up to 46xx. Been long since 4163 and let see what happens.

GL guys
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  • #32,082
  • Sep 19, 2008 1:51am Sep 19, 2008 1:51am
Quoting Subdude
This just in: the Fed is considering a ban on shorting USD because the want a strong dollar.

P.S. Just kidding.
Don't make jokes about that.

At the time of the French revolution, all sorts of restrictions where placed on currency trading which ultimately lead the the beheading of Marie Antoinette.

History has a weird way of repeating itself.
Not all sins are created equal
  • #32,083
  • Sep 19, 2008 1:52am Sep 19, 2008 1:52am
Quoting psiholog
there is no bull...notice we are still in downtrend chanel...now if the upper wall gets broken..maybe and only then...
Attachment
care to let me know when you will log in everyday. reading your post enrich my knowledge.

btw 1.4252 seems great for a good resistance price been trying to break it for 4 times already. Could price gather some retracement and punch through that resistance.
Forex Price Action Hacked - Price Action Rockstar
  • #32,084
  • Sep 19, 2008 1:53am Sep 19, 2008 1:53am
Quoting cobraforex
That was no dream, that was just another “worthless”, like some traders say, H&S in 5min chart, believe me those have value, I trade them all the days.
Yesterday everybody made jokes about it, today it is repeated.
I post the ticket and the chart.
where do u think price is heading?
  • #32,085
  • Sep 19, 2008 1:57am Sep 19, 2008 1:57am
Quoting psiholog
lol i do it too....that retracement back to 1.4215....50% fib from last weeks low to this weeks high was perfect entry point to go long...and you are right 1m/5m even they help...i mean this downtrend channel is over 100 pips wide
I’m doing exactly the same like you or a mid term trader.
As a scalper you need to know all the same FX stuff that you need to know in day trading but you need to take decisions, draw trend lines and fibs in matter of seconds, that is the big difference, it’s like being good in playing Call of Duty or that rapid video games.

But if you do it well it is the most effective art to play the FX game. 380 pips in 10 hours so far and I take 2 lots each.

BTW, I like the way you trade, simple chart and good insight.
  • #32,086
  • Sep 19, 2008 1:59am Sep 19, 2008 1:59am
Wow, I'm watching "The Colbert Report", and he's got Maria Bartiromo on... and boy, is she dumb or what? She has absolutely NOTHING new to add to the financial meltdown discussion.

Years ago I used to think she was hot but now that I've seen this interview, I'm all flacid. Anyway, carry on with the EU discussion - this was just a digression.
  • #32,087
  • Sep 19, 2008 1:59am Sep 19, 2008 1:59am
Quoting david_akc
care to let me know when you will log in everyday. reading your post enrich my knowledge.

btw 1.4252 seems great for a good resistance price been trying to break it for 4 times already. Could price gather some retracement and punch through that resistance.
i suggest you use my charts only as somebody elses point of view...dont let anyone dictate your decisions...example last night...after first good bull run...it never crossed my mind we would see such a strong bear rally....others did...im good at what i do but im not right 100% of the time either...especially in these crazy markets... as far as 1.4250 goes....i hope your aware there are certain psychological values that are always hard to break unless there is a rally...the most common are .xx50 and .xx00
Different opinions highly valued, ignorant to slander.
  • #32,088
  • Sep 19, 2008 2:00am Sep 19, 2008 2:00am
Quoting Jay Walker
Ah! How lovely.

This administration ran a multi trillion dollar debt and sunk the economy into the ground. Then they oversaw Bear Stearn being bailed out before nationalizing Fannie, Freddie and AIG.

And now short selling is going to be forbidden.

I remember a country that was pretty big on nationalizing and forbidding things. However, it's been out of existence since that Gorbatchev guy listened to that Reagan fellow.

Maybe a new term should be coined to define a country that purport itself as being capitalist but is not. It will be a portmanteau of communism and capitalism. Communilism.
  • #32,089
  • Sep 19, 2008 2:00am Sep 19, 2008 2:00am
Quoting emmyi29
where do u think price is heading?
I would like to answer you but I see this FX world like an aunt running in the grass, I only see where its going to in this moment, in 5 min I change my trade.
But for the next hour I feel bearish.
That doesn't mean that it is a call !!!
  • #32,090
  • Sep 19, 2008 2:04am Sep 19, 2008 2:04am
Quoting emmyi29
where do u think price is heading?
2 cents worth

watch out below price could break the 1.4215 support
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Forex Price Action Hacked - Price Action Rockstar
  • #32,091
  • Sep 19, 2008 2:06am Sep 19, 2008 2:06am
Quoting Subdude
This just in: the Fed is considering a ban on shorting USD because the want a strong dollar.

P.S. Just kidding.
Thank God the only thing the US government can really regulate on Forex is the brokers.
  • #32,092
  • Sep 19, 2008 2:07am Sep 19, 2008 2:07am
ITs confirmed!

http://sec.gov/news/press/2008/2008-211.htm

Careful guys on the Euro/usd .......see Usd/jpy
Trade with caution set your stops & limits.
  • #32,093
  • Sep 19, 2008 2:13am Sep 19, 2008 2:13am
Quoting psiholog
there is no bull...notice we are still in downtrend chanel...now if the upper wall gets broken..maybe and only then...
Attachment
PSI, I noticed in your charts that you don't use Pivots, do you have any reasons for that?
For me it is the secong more important indicator after the candlesticks.

Just for curiosity
  • #32,094
  • Sep 19, 2008 2:14am Sep 19, 2008 2:14am
suggest open your own thread, while in EURO/USD too so we can read your learning and guidance for us.

Thanks for all the Pips i am happy to be in Forexfactory as learn from all the Masters in here faster!




Quoting psiholog
i suggest you use my charts only as somebody elses point of view...dont let anyone dictate your decisions...example last night...after first good bull run...it never crossed my mind we would see such a strong bear rally....others did...im good at what i do but im not right 100% of the time either...especially in these crazy markets... as far as 1.4250 goes....i hope your aware there are certain psychological values that are always hard to break unless there is a rally...the most common are .xx50 and .xx00
Trade with caution set your stops & limits.
  • #32,095
  • Sep 19, 2008 2:24am Sep 19, 2008 2:24am
Margin Calllllllllllllllllllllllllllllllll.i Am Out Of Forex Trading.
  • #32,096
  • Sep 19, 2008 2:26am Sep 19, 2008 2:26am
Quoting cobraforex
PSI, I noticed in your charts that you don't use Pivots, do you have any reasons for that?
For me it is the secong more important indicator after the candlesticks.

Just for curiosity
thats because i rely on fibs/supports/resistance/patterns only...this is an example of my last trade...a quick 40pip scalp...once that uptrend line was broken a retest was natural..it also coincided with 23.6% fibs on the last up move so what did i do...i sold at 1.4235 and took profit at 61.8% (1.4195) as it could be a reversal point
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Different opinions highly valued, ignorant to slander.
  • #32,097
  • Sep 19, 2008 2:28am Sep 19, 2008 2:28am
Bear continuation flag. Watch for a break of 1.4 tomorrow/beginning of next week.

http://i37.tinypic.com/23st0sz.jpg
  • #32,098
  • Sep 19, 2008 2:34am Sep 19, 2008 2:34am
Quoting psiholog
thats because i rely on fibs/supports/resistance/patterns only...
I use them to know where I may await resistance or support but it is may be more important for me because I trade short term.
I'm mec.Ing. and we use to say "don't repair a good running engine" so better stay on what you trade well.

Was only to know what you think about.

happy trading
I'm flat and tired.
  • #32,099
  • Sep 19, 2008 2:36am Sep 19, 2008 2:36am
Quoting cobraforex
I use them to know where I may await resistance or support but it is may be more important for me because I trade short term.
I'm mec.Ing. and we use to say "don't repair a good running engine" so better stay on what you trade well.

Was only to know what you think about.

happy trading
I'm flat and tired.
yep to each his own...i like my method because it is liberal....it gives me the freedom to be in a trade for 20 pips or 100pips+..depending on how wide the range of patterns/fibs/supports/resistances is....only one thing is constant...my stop loss

Edit:normally i would buy at 61.8% especially now but that would break one of my rules...wait 15min before trades...lol
Different opinions highly valued, ignorant to slander.
  • #32,100
  • Sep 19, 2008 2:39am Sep 19, 2008 2:39am
Quoting Forexviwer
ITs confirmed!

http://sec.gov/news/press/2008/2008-211.htm
It is temporary...

Quote
SEC Chairman Christopher Cox said, “The Commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets. The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury, and the Congress.”
Today’s decisive SEC action calls a time-out to aggressive short selling in financial institution stocks, because of the essential link between their stock price and confidence in the institution. The Commission will continue to consider measures to address short selling concerns in other publicly traded companies.
Under normal market conditions, short selling contributes to price efficiency and adds liquidity to the markets. At present, it appears that unbridled short selling is contributing to the recent, sudden price declines in the securities of financial institutions unrelated to true price valuation. Financial institutions are particularly vulnerable to this crisis of confidence and panic selling because they depend on the confidence of their trading counterparties in the conduct of their core business.
Given the importance of confidence in financial markets, today’s action halts short selling in 799 financial institutions. The SEC’s emergency order, pursuant to its authority in Section 12(k)(2) of the Securities Exchange Act of 1934, will be immediately effective and will terminate at 11:59 p.m. ET on October 2, 2008. The Commission may extend the order beyond 10 days if it deems an extension necessary in the public interest and for the protection of investors, but will not extend the order for more than 30 calendar days in total duration. (etc....)
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