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  • #35,541
  • Oct 1, 2008 1:23am Oct 1, 2008 1:23am
Quoting fxterrapin
You don't need a clear signal. It will break. The reason is that the N/U has already broken and bounced against it's 2001 TL. Also N/U correlates with E/U over the long term. It will break, the exact day on which it will break is unknown.
I always want a clear signal, while correlation does often give a good idea of where another pair could be headed. It isn't always 100% correlated, so I always wait for price action to determine my trade. I always view analysis as a possible direction and never something to be traded with out verification. Other wise it's way to much like gambling to me and I like to limit my odds of being wrong as much as possible.
  • #35,542
  • Oct 1, 2008 2:05am Oct 1, 2008 2:05am
Hello Traders

Wow, nothing like 15-16 hours of consolidation to get your trading day off to an exciting start.
  • #35,543
  • Oct 1, 2008 3:13am Oct 1, 2008 3:13am
i am still holding my shorts from 1.48

any opinions on action?

am thinking if i should hold it over tonights adp??? sounds dangerous ya
  • #35,544
  • Oct 1, 2008 3:19am Oct 1, 2008 3:19am
Nice trading801.

Looks like 1.3950 to 1.3800 are the next tp's for many traders...some see even lower!
  • #35,545
  • Oct 1, 2008 3:20am Oct 1, 2008 3:20am
EURUSD:
For sells on condition of formation of topping signals the targets will be 1.4060/80, 1.4000/20
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  • #35,546
  • Oct 1, 2008 3:23am Oct 1, 2008 3:23am
Quoting Poocher
Nice trading801.

Looks like 1.3950 to 1.3800 are the next tp's for many traders...some see even lower!

but tonights or fri's NFP may mess it up
  • #35,547
  • Oct 1, 2008 3:27am Oct 1, 2008 3:27am
Quoting trading801
but tonights or fri's NFP may mess it up
You're the one with the brains that got ya short form 1.48...you tell me!
  • #35,548
  • Edited 4:01am Oct 1, 2008 3:33am | Edited 4:01am
well i just woke up to see were in the same place we were when i went to sleep. however we got closer to the bigger resistance line...the upper wall of the previous triangle so a break down or up should occur soon. 23.6% also acting as strong resistance it seems with no hourly candlesticks closing above that value...that would be the first bullish indication of a break up. the previous ascending triangle(rising wedge/bearish flag/w.e) also has evolved into an upwards channel...breakout points as listed..still bearish bias....trichet speaks in 30minutes though and europe unemployment data comes out...be prepared for big move soon
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Edit:unemployment data worse then expected...now lets see whether trichet hawkish or dovish
Different opinions highly valued, ignorant to slander.
  • #35,549
  • Oct 1, 2008 4:03am Oct 1, 2008 4:03am
let's see if I can recover the loss I had yesterday going long... I didn't listen to psiholog... and got stopped out trying to go long... I am flat for now.
  • #35,550
  • Oct 1, 2008 4:20am Oct 1, 2008 4:20am
I'm [email protected] ,MY 4H chart say so,Watching 1.4160 hope it pass it
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  • #35,551
  • Oct 1, 2008 4:21am Oct 1, 2008 4:21am
Quoting emda
let's see if I can recover the loss I had yesterday going long... I didn't listen to psiholog... and got stopped out trying to go long... I am flat for now.
best way is to be flat until clear breakout...especially while trichet speaks...best of luck to you!
Different opinions highly valued, ignorant to slander.
  • #35,552
  • Oct 1, 2008 4:25am Oct 1, 2008 4:25am
Quoting emda
let's see if I can recover the loss I had yesterday going long... I didn't listen to psiholog... and got stopped out trying to go long... I am flat for now.

it will going down..just wait us open
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  • #35,553
  • Oct 1, 2008 4:25am Oct 1, 2008 4:25am
pls remember that US's ADP non farm comes out in about 3 hrs time.
  • #35,554
  • Oct 1, 2008 4:45am Oct 1, 2008 4:45am
now seems going up.... damn... lol
or only wants to touch the pivot?
  • #35,555
  • Oct 1, 2008 4:52am Oct 1, 2008 4:52am
Quoting emda
now seems going up.... damn... lol
or only wants to touch the pivot?
we are still within the walls of the upwards channel..nothing is certain until a clear break(ignore my position it was a trigger order while i slept)

Attached Image (click to enlarge)
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in other words...1.4200 to be watched for break up and 1.4075 for break down...quite a channel and im sure many scalped it masterfully
Different opinions highly valued, ignorant to slander.
  • #35,556
  • Oct 1, 2008 4:59am Oct 1, 2008 4:59am
heres the same chart again on 1h timeframe again...as you can see...neutral territory

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 33 KB

dont get trapped by the small timeframe movements unless you intend to scalp
Different opinions highly valued, ignorant to slander.
  • #35,557
  • Oct 1, 2008 5:12am Oct 1, 2008 5:12am
that 50% fib seems a good target if it breaks up... also is previous support.
  • #35,558
  • Edited 5:34am Oct 1, 2008 5:17am | Edited 5:34am
my tp: 1.4183 - upper wall in previous psiholog chart resistance

edit: hard to go up - resigned with +5pips
  • #35,559
  • Oct 1, 2008 5:49am Oct 1, 2008 5:49am
Quoting Algirdas
http://2.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png

Later take 100 pips from 1.4050 retrecmant, and be readdy to Sell
Main Trend still Short (do not close Short positions since Monday)
We trade retrecmant, becouse if market does go 300pips we can take 400pips from market.
News coming
Protect your Entries and Profit
8:15 a.m. ET we have ADP National Employment Report
10:00 a.m. ET we haveISM Manufacturing PMI SA
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  • #35,560
  • Oct 1, 2008 6:09am Oct 1, 2008 6:09am
In FOREX hundreds good teachers, but just couple of theam good traders
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