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  • #37,321
  • Oct 6, 2008 5:30pm Oct 6, 2008 5:30pm
Quoting acumen
Should the 61.8 give... it will... I just don't know when... next stop is around 1.1630... a full retrace.
Mike
Acumen, just curious, do you and other currency traders give consideration to the 76.4 Fib (which is around 1.2677 on the weekly and monthly), or is this minor Fib typically not used in forex?
  • #37,322
  • Oct 6, 2008 5:35pm Oct 6, 2008 5:35pm
Daily closed near one of my resistance line, let's see if we can go for 1.3450 again.
Looking the charts All we can do is shorting, but there will be a fight to break 1.3450, if we cross this level according to my Daily Chart next stop is 1.3050/1.3150 for the week.

If after this Turmoil day, Euro hold a big drop, if start to arrive good news about European intervention to calm down all the people here, what that can bring to us.
I am very reluctant to see new lows this week!!!
Let's see!!

Editing: Title Wrong, NEW LOW NOT LONG
  • #37,323
  • Oct 6, 2008 5:52pm Oct 6, 2008 5:52pm
Quoting PipPilot
Acumen, just curious, do you and other currency traders give consideration to the 76.4 Fib (which is around 1.2677 on the weekly and monthly), or is this minor Fib typically not used in forex?
This question was not addressed to me but I will make comment. The 76.4 is a fib area I use especially on the Euro/USD and it seems to be in play more on the lower time frames. I think you can see some serious bouncing on the 76.4 level with this pair. This is my opinion and experience and I certainly respect another point of view.
Zone Breakout Method
  • #37,324
  • Oct 6, 2008 7:13pm Oct 6, 2008 7:13pm
http://1.bp.blogspot.com/_nmIuQsC9b-...R_USD+Spot.png
{Promotion Removed}
  • #37,325
  • Oct 6, 2008 7:21pm Oct 6, 2008 7:21pm
We just hit the 50% fib of today's move...price seems to be hesitating there. We'll see if she pushes through or heads back down.
  • #37,326
  • Oct 6, 2008 8:02pm Oct 6, 2008 8:02pm
Quoting PipPilot
Acumen, just curious, do you and other currency traders give consideration to the 76.4 Fib (which is around 1.2677 on the weekly and monthly), or is this minor Fib typically not used in forex?
I want to use the same tools the NY desks and the London desks use.

All the NY guys I know use a variety of tools but the majority of them have Metatrader installed even if it's not recommended or their default.

Metatrader doesn't plot the 76 level.

Mike
  • #37,327
  • Oct 6, 2008 8:04pm Oct 6, 2008 8:04pm
Holy cow. That was the fastest 70 point drop I've ever seen.
  • #37,328
  • Oct 6, 2008 8:05pm Oct 6, 2008 8:05pm
Quoting merlin
the only sane person shorting the EURUSD right now is the E-12




But you can't just leave it at that!
At what point {level, or setup} do you feel you will have the inclanation to Buy?

Personally, I'm thinking the 'Dissappearing Flush' is just about down the bowl and someone is tuning up the BullHorn....
  • #37,329
  • Oct 6, 2008 8:06pm Oct 6, 2008 8:06pm
Quoting Epipany
Wow... I left the market alone 4 today, this was defnitly a crazy one!
Just one question to the forum...... any one think the EUR/USD gap will close this week?
This one may fall into that 20% region.

If this keeps up we may have to revisit those numbers.
  • #37,330
  • Oct 6, 2008 8:08pm Oct 6, 2008 8:08pm
I guess we can call that 50% Fib line REJECTED!
  • #37,331
  • Oct 6, 2008 8:08pm Oct 6, 2008 8:08pm
Quoting BoredToLoose
I am very reluctant to see new lows this week!!!
Let's see!!
mee too. let's read that FOMC statement and take it from there. asian start isn't taking it as low as fast as some would have guessed, so maybe the air is out of this balloon for the moment...
  • #37,332
  • Oct 6, 2008 8:10pm Oct 6, 2008 8:10pm
Quoting digitil
mee too. let's read that FOMC statement and take it from there. asian start isn't taking it as low as fast as some would have guessed, so maybe the air is out of this balloon for the moment...
Actually, Asia usually hikes it UP. London brings it down.
  • #37,333
  • Oct 6, 2008 8:13pm Oct 6, 2008 8:13pm
Quoting Bemac




But you can't just leave it at that!
At what point {level, or setup} do you feel you will have the inclanation to Buy?

Personally, I'm thinking the 'Dissappearing Flush' is just about down the bowl and someone is tuning up the BullHorn....
I've said this several times.

Believe it or not...the US has a level of transparency and cohesion the zone does not.

We are at the tip of the iceberg for the zone debacle.
  • #37,334
  • Oct 6, 2008 8:21pm Oct 6, 2008 8:21pm
Quoting acumen
We are at the tip of the iceberg for the zone debacle.
So, more money for ME?
Not all sins are created equal
  • #37,335
  • Oct 6, 2008 8:27pm Oct 6, 2008 8:27pm
Quoting acumen
Metatrader doesn't plot the 76 level.

Mike
You can get it on MT4, just right click on the fib on the chart, select properties and add it in LEVELS and you are done.

In case you want to show the price after the fib only put %$ behind the numbers in description and they apear on the fib line
Attached Image
  • #37,336
  • Oct 6, 2008 8:39pm Oct 6, 2008 8:39pm
Quoting cobraforex
You can get it on MT4, just right click on the fib on the chart, select properties and add it in LEVELS and you are done.

In case you want to show the price after the fib only put %$ behind the numbers in description and they apear on the fib line
Have you met any desk guys?

They are lazier than I am.

That takes work.

  • #37,337
  • Oct 6, 2008 8:45pm Oct 6, 2008 8:45pm
Quoting acumen
Have you met any desk guys?

They are lazier than I am.

That takes work.

What is it good for?
I backtested it in 15 and 30 min charts but couldn't find many matches.
  • #37,338
  • Oct 6, 2008 8:48pm Oct 6, 2008 8:48pm
This is madness. Wont there be any kind of retracement after an ovenight 400 pips drop?
  • #37,339
  • Oct 6, 2008 8:53pm Oct 6, 2008 8:53pm
Quoting gagakrimba
This is madness. Wont there be any kind of retracement after an ovenight 400 pips drop?
Are you complaining?

BTW, Trichet is speaking at 9:30am EST tomorrow. Can't wait to hear what he'll say.
  • #37,340
  • Oct 6, 2008 8:55pm Oct 6, 2008 8:55pm
Quoting PipGal
Are you complaining?
Not complaining but worried of sudden reversal
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