I got the suggestion from you Acumen, and it has helped me so much. Couldn't thank you again. Reading it for the second time now
I love it.
Mike
- #35,043
- Sep 29, 2008 11:08am Sep 29, 2008 11:08am
- Joined Mar 2008 | Status: Still testing and trading | 1,454 Posts
- #35,045
- Sep 29, 2008 11:16am Sep 29, 2008 11:16am
- | Joined Dec 2006 | Status: Poocher | 1,018 Posts
agreed....retest of previous downtrend channel complete...61.8% touched and not broken....the wedge up has hit the upper wall and now will break through the lower wall most likely which then in turn will lead to a new low for today
only really bad news could stop this from happening which is always a possibility
time for completion of a new low...before us session ends
Attachment
Sidenote-a rising wedge (just like most channels) that has price action sticking to one wall usually moves fast in the opposite direction at some point...in this case it stuck to the upper wall and most likely will fall hard to the lower wall
Thanks for the analysis
- #35,046
- Sep 29, 2008 11:16am Sep 29, 2008 11:16am
- Joined Mar 2008 | Status: Still testing and trading | 1,454 Posts
If you have to steal someone's words... it might as well be Sekoyta's.
Sorry.
btw seykotas interview is in the first Market Wizards book.
- #35,047
- Sep 29, 2008 11:25am Sep 29, 2008 11:25am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Wow, what a great entry. You catch some nice pivot tops and bottoms with those fibs and weird (sometimes) trendlines.
Thanks for the analysis
...my last post still holds true i will add one thing though. market sentiment is always important to me as i use my psychological "edge" aproach to trading. right now that sentiment seems to me to be in neutral mode...it cant push lower yet but its not going back higher either...in other words the pair is reloading for another move in unknown direction but when it happens it will be quick...i am still short biased
Different opinions highly valued, ignorant to slander.
- #35,048
- Sep 29, 2008 11:45am Sep 29, 2008 11:45am
Just a heads up, just announced that the actual vote of the bail out will be at 1:30PM EST.
thanks you
- #35,050
- Sep 29, 2008 11:53am Sep 29, 2008 11:53am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #35,052
- Sep 29, 2008 12:01pm Sep 29, 2008 12:01pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #35,055
- Sep 29, 2008 12:08pm Sep 29, 2008 12:08pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
There is some talk that bill may not be enough. Eitherway, EUR reaction should be negative if bailout passes.
on a side note...being in a trade right now is very risky...big gamble
Different opinions highly valued, ignorant to slander.
- #35,056
- Sep 29, 2008 12:12pm Sep 29, 2008 12:12pm
Just curious, with your short bias, where are you thinking of entering a short if it really fall?
well dont forget that the initial reaction to this bailout plan was a 400pip push up last sunday based on the idea that it would create more debt...there are still at least 50% of ppl who think if it passes it will drive the euro higher so its only natural that some people think this bill is not enough according to some or too much according to others. lets see the reaction to whether house passes it or not and the speculations will be settled
on a side note...being in a trade right now is very risky...big gamble
- #35,057
- Sep 29, 2008 12:14pm Sep 29, 2008 12:14pm
- Joined Mar 2007 | Status: Trader | 3,709 Posts
Nothing to be sorry about
btw seykotas interview is in the first Market Wizards book.
m
- #35,058
- Sep 29, 2008 12:16pm Sep 29, 2008 12:16pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
