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EURUSD

  • #32,381
  • Sep 19, 2008 4:22pm Sep 19, 2008 4:22pm
Incredible, governments like the one on power in the U.S. are affecting the market freedom as we can witness with the Bush intervention to American economy. The U.S. government [FONT='Calibri','sans-serif'] promised to solve the crisis, to prevent a general fall down of the economy, but then they are contradicting themselves as they promulgated the market freedom that they intervene now.[/font]
  • #32,382
  • Sep 19, 2008 4:30pm Sep 19, 2008 4:30pm
today was a good day. enjoy the weekend guys!
  • #32,383
  • Sep 19, 2008 4:44pm Sep 19, 2008 4:44pm
Quoting homestudy
PS and don't forget that the US buys alot of what is made in Europe so if there is USD massacre they won't buy anything from Europe it will be to expensive then comes the Euro massacre.
Exactly, you got it, that is one of the reasons why THEY (Trichet and Co.) are supporting the $, I mentioned that on my post last Saturday other than that is the touristy sector.

I think and hope we will range between 1.30 and 1.50 in the near future; It isn’t good for nobody that the EUR gets up that much again, but who knows?
  • #32,384
  • Sep 19, 2008 5:02pm Sep 19, 2008 5:02pm
Quoting cobraforex
Exactly, you got it, that is one of the reasons why THEY (Trichet and Co.) are supporting the $, I mentioned that on my post last Saturday other than that is the touristy sector.

I think and hope we will range between 1.30 and 1.50 in the near future; It isn’t good for nobody that the EUR gets up that much again, but who knows?
They are supporting themselves. They added Euro's into their banks too.

Believe what you want, but the chart reflects whatever news throws at us.

We can't change what the Fed/ECB/etc does so why concern ourselves with it.
  • #32,385
  • Sep 19, 2008 5:35pm Sep 19, 2008 5:35pm
Quoting SunTrader
They are supporting themselves. They added Euro's into their banks too.

Believe what you want, but the chart reflects whatever news throws at us.

We can't change what the Fed/ECB/etc does so why concern ourselves with it.


Sometimes and especially these weeks the charts didn’t reflect immediately but in general I agree with you.

BTW: I respect your's and Mike’s opinions but I can’t trade against my bias, that's what almost ruined me at 8.8.8, I need to work on that. As a scalper is better to know nothing about economy and follow what you see on your chart but I can’t close my eyes that much (but I should).
Again nice weekend

  • #32,386
  • Edited 6:05pm Sep 19, 2008 5:50pm | Edited 6:05pm
On weekly chart price retested broken trend line. With bearish divergence on MACD and Stoch, If new daily candle opens bearish, i'll short with target 4050 and SL 4580.
Attached Image (click to enlarge)
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  • #32,387
  • Sep 19, 2008 6:01pm Sep 19, 2008 6:01pm
Quoting trendspider
On weekly chart price retested broken trend line. With bearish divergence on MACD and Stoch, If new daily candle opens bearish, i'll short with target 4050 and SL 4580.
Another zoom out weekly chart to show both trend lines.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-weekly-2.jpg Size: 170 KB
  • #32,388
  • Sep 19, 2008 6:43pm Sep 19, 2008 6:43pm
Quoting trendspider
On weekly chart price retested broken trend line. With bearish divergence on MACD and Stoch, If new daily candle opens bearish, i'll short with target 4050 and SL 4580.
I see lower lows in price and indicators. Where is the divergence??
  • #32,389
  • Sep 19, 2008 6:50pm Sep 19, 2008 6:50pm
Quoting trendspider
On weekly chart price retested broken trend line. With bearish divergence on MACD and Stoch, If new daily candle opens bearish, i'll short with target 4050 and SL 4580.
The bearish divergence is done and dusted my friend.
  • #32,390
  • Sep 19, 2008 6:51pm Sep 19, 2008 6:51pm
Quoting SunTrader
I see lower lows in price and indicators. Where is the divergence??
The only divergence I see is from the highs up in the 1.60 zone.
  • #32,391
  • Sep 19, 2008 7:57pm Sep 19, 2008 7:57pm
Quoting psiholog
awww didnt want to tap 1.4500 and got taken out on a 15pip trailing stop....ah well...still a very good friday for me

all positions closed...i fear the gaps nowadays....going to get some sleep now as i put more hours into forex then a doctor in the hospital!...lol

as far as 1.4600 goes....we may see it sunday

see you all have a very nice day

Psi, you'll like this. I had trailing stop set to 25 PIPs. I was going to close the trade before daily close but my S/L got moved to +8 (bought at 4260; S/L is now 4268). As a result, I think I'm golden for at least the 8 pips. I hope it gaps up about a hundred pips on Sunday!
Up or down, gimme a ticket
  • #32,392
  • Sep 19, 2008 8:11pm Sep 19, 2008 8:11pm
Quoting SpecialEd
I hope it gaps up about a hundred pips on Sunday!
If it gaps I'm almost sure it does to the downside and acumen can buy his mountainbike with his 4 open position.
  • #32,393
  • Sep 19, 2008 8:15pm Sep 19, 2008 8:15pm
Quoting cobraforex
If it gaps I'm almost sure it does to the downside and acumen can buy his mountainbike with his 4 open position.
Hi Cobra. Congrats on your big successes this week. You must have that golden touch! Hey, I sent you a pm.

Thanks and have a good weekend,
Ed
Up or down, gimme a ticket
  • #32,394
  • Sep 19, 2008 8:37pm Sep 19, 2008 8:37pm
Hi all, I am new to this forum. I got a question about the gap, what kind of factor determines the gap will be which direction?
  • #32,395
  • Sep 19, 2008 8:42pm Sep 19, 2008 8:42pm
One more question is, if the gap is 100pips from 1.4477 (we say goes up), can we place a buy stop at 50pips distance from 1.4477 (Price @ 1.4527) and take profit for 50pips @1.4577?

Your response is much appreciated. Thanks.
  • #32,396
  • Edited 9:23pm Sep 19, 2008 8:58pm | Edited 9:23pm
Quoting tinawu1119
One more question is, if the gap is 100pips from 1.4477 (we say goes up), can we place a buy stop at 50pips distance from 1.4477 (Price @ 1.4527) and take profit for 50pips @1.4577?

Your response is much appreciated. Thanks.
Understand that with any gap either way, how your trade is handled with respect to entries, exits, and stop losses is up to your broker, and you agreed to all that when you signed the paperwork and sent them your money. If you've sent them your money, and didn't read or understand the disclosure statement... this might be a good time to do so....

No sense asking those questions here, cuz nobody can answer them except in general terms, and that should not be good enough... ask your broker.

Your money is at risk until you know the answer from them, not this forum.

ADDED: Here is an example from the fine print of a major broker regarding news trading which can create a gap like the ones on the Sunday open to illustrate the potential consequences. I would also note that how you see this handled on a demo account may not be the same as a live trade.

"... During major Geo Political News releases markets may become extremely volatile. It is not uncommon to see prices gap and move in increments of 20, 30, or even more than 50 pips at a time. Because of potential price gaps **FX cannot guarantee fills during news releases. Orders may be filled at the next available price and will not always be filled at the requested price or stop. ..."
FUBAR...
  • #32,397
  • Sep 19, 2008 9:02pm Sep 19, 2008 9:02pm
Gaps are almost always related to a news event, so predicting them and what direction the market will trade once the gap happens can be very unpredictable.

If the market closes on Friday at X and then opens Sun PM or Mon Morn for those in the East (how about that Bemac) your entry will be filled at or around the gap opening price.
  • #32,398
  • Sep 19, 2008 9:12pm Sep 19, 2008 9:12pm
Turn out the lights on your way out.
Up or down, gimme a ticket
  • #32,399
  • Sep 19, 2008 9:14pm Sep 19, 2008 9:14pm
Quoting SunTrader
Gaps are almost always related to a news event, so predicting them and what direction the market will trade once the gap happens can be very unpredictable.

If the market closes on Friday at X and then opens Sun PM or Mon Morn for those in the East (how about that Bemac) your entry will be filled at or around the gap opening price.

Actually what I mention about the gap is between the Friday close price and Monday open price, it's not news-related gap.
  • #32,400
  • Edited 9:26pm Sep 19, 2008 9:15pm | Edited 9:26pm
Quoting SunTrader
If the market closes on Friday at X and then opens Sun PM or Mon Morn for those in the East (how about that Bemac) your entry will be filled at or around the gap opening price.
Bemac is working on his unsquare designer bathroom but will finish soon

It's very dangerous to leave a trade open, most brokers ejecute the trade at open price and don't respect the SL, so if you have a 50 pips SL and the gap is 200 they take you the 200 pips.
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