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  • #39,781
  • Oct 16, 2008 7:14pm Oct 16, 2008 7:14pm
Quoting ak4x
Now that's classic. I haven't stopped howling yet. Believe it or not, I hadn't heard the caribou barbie thing yet, had to google it. She'd love it imo. You'd have to package her with Iron Dog Ken tho...
Iron Dog Ken rocks. I just had to have it. I ordered one for each of us. Used your credit card. Hope you don't mind.
This is slow going. If there isn't any movement soon I might have to go and pour myself a drink. Cuz that always helps my trading decisions.
  • #39,782
  • Oct 16, 2008 7:15pm Oct 16, 2008 7:15pm
I understand you are 22 years old and all this E-Trading is, perhaps, how you think Trading has gone on for ever. Bare with me here.

Please Understand I am NOT talking about TRENDLINES here.
In ancient Trading Days, any S/R Line had to be, at least, 1 Day Old. That way I could carry the Rate that Price would hit S/R Today.
This was easy with Horiz S/R Lines But had to be re-calculated on a daily basis for anything other.

Floor Trading.
Which do you think they Respected (Horizontal {Prev Hi/Lo} or angle calculated) AND {at that time, who do you think it was that was observing them?} Yeah... The BIG Guys...

They don't care about Angled Lines UNTIL Horizontal S/R Lines are breached. All they care about is {duh} same as you and I. How much will it Cost Me & How Much can I Sell it for?

Why? Because they are more concerned about the Immediate.
In which could be included a 6Month Bar Chart.

Bottom line...
The current fiasco is a battle between the "Big Guys" & "US" Specs {not an abbr. for United States. I mean You & I.}
And THAT is a David vs Goliath Squared story.

10 Years ago, when I was a partner in a company that "Managed Investments" {we Traded Futures with other peoples money}, I asked.." How are we going to manage the noise created by inexperienced, mouse clicking rookies who drive the price through S/R and then bail because the don't have the stones?

10 years hence I realize the answer is....
We need to have More Money than all of them combined...

Ton o' shite in there, but hopefully, you catch my drift.


Nutshell:
Traders looked Forward..
Scalpers looked at the guy(s) standing beside them.

Quoting psiholog
the resistance i mentioned was stronger then i thought it would be. it kept price action in check extending the lower wall just a bit more over the passage of time. we finally broke it and momentum up should pick up now

Attachment
  • #39,783
  • Oct 16, 2008 7:19pm Oct 16, 2008 7:19pm
Quoting psiholog
the resistance i mentioned was stronger then i thought it would be. it kept price action in check extending the lower wall just a bit more over the passage of time. we finally broke it and momentum up should pick up now

Attachment
this pattern has become so predictable now. every resistance that gets broken becomes support and gets retested afterwards. all this within the up channel. when both the channel and one of this newly created supports get broken is when reversal may occur...or pattern end at least

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 45 KB
Different opinions highly valued, ignorant to slander.
  • #39,784
  • Oct 16, 2008 7:22pm Oct 16, 2008 7:22pm
Quoting Roegen
As the token Canadian, I can say that Bob and Doug might make a comment that the caribou is usually judged by its rack and little else. But I'm just speculating.
Very good.

A nice rack indeed.

  • #39,785
  • Oct 16, 2008 7:23pm Oct 16, 2008 7:23pm
Quoting Bemac
I understand you are 22 years old and all this E-Trading is, perhaps, how you think Trading has gone on for ever. Bare with me here.

Please Understand I am NOT talking about TRENDLINES here.
In ancient Trading Days, any S/R Line had to be, at least, 1 Day Old. That way I could carry the Rate that Price would hit S/R Today.
This was easy with Horiz S/R Lines But had to be re-calculated on a daily basis for anything other.

Floor Trading.
Which do you think they Respected (Horizontal {Prev Hi/Lo} or angle calculated) AND {at that time, who do you think it was that was observing them?} Yeah... The BIG Guys...

They don't care about Angled Lines UNTIL Horizontal S/R Lines are breached. All they care about is {duh} same as you and I. How much will it Cost Me & How Much can I Sell it for?

Why? Because they are more concerned about the Immediate.
In which could be included a 6Month Bar Chart.

Bottom line...
The current fiasco is a battle between the \"Big Guys\" & \"US\" Specs {not an abbr. for United States. I mean You & I.}
And THAT is a David vs Goliath Squared story.

10 Years ago, when I was a partner in a company that \"Managed Investments\" {we Traded Futures with other peoples money}, I asked..\" How are we going to manage the noise created by inexperienced, mouse clicking rookies who drive the price through S/R and then bail because the don't have the stones?

10 years hence I realize the answer is....
We need to have More Money than all of them combined...

Ton o' shite in there, but hopefully, you catch my drift.


Nutshell:
Traders looked Forward..
Scalpers looked at the guy(s) standing beside them.
bernac you are an old master of the game. i fully respect what you say and im sure you are 100% correct. however the game has evolved since your floor days and a big part of my strategy that you meantioned is these trendlines which are channel walls and act as strong supports/resistances. ive tested and retested these patterns so many times already...evolution of forex ...im fully aware of horizontal support/resistances too dont make the mistake im not. thanks for looking out though

Edit: i will let you in on a little secret. i have developed a new tool to combine with my strategy. POWERFUL tool and is in direct correlation to acumens strategy but on a larger timeframe. i will share this with all of you after i have tested it for one month and prove its effective. and to give credit where credit is due...thank you acumen for the inspiration
and yes it does involve horizontal lines
Different opinions highly valued, ignorant to slander.
  • #39,786
  • Oct 16, 2008 7:25pm Oct 16, 2008 7:25pm
btw. I have a soft south on the Eur/Usd right now. If there is no noise; you can probably grab a reasonable 30 pips from 1.3505 {sans spread} heading South...
  • #39,787
  • Oct 16, 2008 7:25pm Oct 16, 2008 7:25pm
This PA is a little curious to me this evening. I remain confident and comfortable with my shorts so far, but I find I'm starting to look over my shoulder now and again...

For me EJ is much clearer this evening, if for no other reason than at least it's moving. 137.60 will be the level where I get a bit concerned... for all of the very excellent reasons Bemac just laid out... That is my "step back and take another look at this" level..."
FUBAR...
  • #39,788
  • Oct 16, 2008 7:27pm Oct 16, 2008 7:27pm
And all these years I thought the big guys battle with the other big guys. Kind of like in sports when you make to the big legues you no longer concern yourself with what the minor leaguers are doing. Guess not!!
  • #39,789
  • Oct 16, 2008 7:44pm Oct 16, 2008 7:44pm
we're heading south?
  • #39,790
  • Oct 16, 2008 7:47pm Oct 16, 2008 7:47pm
Quoting SunTrader
And all these years I thought the big guys battle with the other big guys. Kind of like in sports when you make to the big legues you no longer concern yourself with what the minor leaguers are doing. Guess not!!
Hmmm... That means there is no little league Fx.. Dive into the Bigs. & I'm sure they will be nice to you while you learn the ropes...
  • #39,791
  • Oct 16, 2008 7:57pm Oct 16, 2008 7:57pm
yes got that 16pips
Quoting silverwhite1
we're heading south?
  • #39,792
  • Oct 16, 2008 8:03pm Oct 16, 2008 8:03pm
Yesterdays the move off the pivot was text book.

Too bad my fat azz was asleep.

Anyway... the red trend line will hold... until it breaks.

I was about to say I think we are headed to the pivot prior to the EURO session but price beat me to it... almost.

I'd stay out until the London desks wake up... but most of you won't listen.

Thought for the day... find a system that works.

One that's mechanical, battled tested and one that YOU can win with.

Remember... price is king... the rest is noise.

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: BeforeEuroSession.GIF Size: 41 KB
  • #39,793
  • Oct 16, 2008 8:08pm Oct 16, 2008 8:08pm
my analysis for today.
bears i would be very nervous. today the us stock market had a nice day (regardless of the reason) and that momentum should carry into the london/eurosession.

from a technical aspect....that inverted head and shoulder that has been mentioned several times now is looking very strong. i would not be surprised one bit if we complete it before market close. in my point of view...we are very close to the low of the day for today and its nothing but uphill from here.

if you short...id be very careful thats all

if my lines are not where they should be...the picture itself speaks a thousand words (i suck at drawing h&s lines)

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 41 KB


as for me...i intend to leave this position open until market close (unless i get stopped out) and add onto it later..maybe

Edit:if we break 1.3525 decisively...that should be the first trigger to fill the void at least
Different opinions highly valued, ignorant to slander.
  • #39,794
  • Oct 16, 2008 8:09pm Oct 16, 2008 8:09pm
Quoting acumen
Thought for the day... find a system that work....
I like that...but damm....this market is......wish I knew what system works best ...hmmm..
  • #39,795
  • Oct 16, 2008 8:21pm Oct 16, 2008 8:21pm
Quoting jboogie
I like that...but damm....this market is......wish I knew what system works best ...hmmm..
http://www.thefxpivotpoint.com/
  • #39,796
  • Oct 16, 2008 8:24pm Oct 16, 2008 8:24pm
Quoting Pipin8easy
http://www.thefxpivotpoint.com/
yes it works fo me thanks to acumen
  • #39,797
  • Oct 16, 2008 8:25pm Oct 16, 2008 8:25pm
Quoting psiholog
my analysis for today.
bears i would be very nervous.
you should of taken profit.
USD Est Non Mortuus
  • #39,798
  • Oct 16, 2008 8:25pm Oct 16, 2008 8:25pm
Quoting psiholog
my analysis for today.
bears i would be very nervous. today the us stock market had a nice day (regardless of the reason) and that momentum should carry into the london/eurosession.

from a technical aspect....that inverted head and shoulder that has been mentioned several times now is looking very strong. i would not be surprised one bit if we complete it before market close. in my point of view..
I like that chart. Good clean lines and easy to read. And forget about being exact. Trendlines are just as much art as anything else, and you always seem to do pretty well at it.

As for me, I'm short at 3485, with good short term overhead resistance at 3517. Nice tight SL and looking for a TP around 3412 or a break of the current down trendline.
  • #39,799
  • Oct 16, 2008 8:27pm Oct 16, 2008 8:27pm
Quoting Pipin8easy
http://www.thefxpivotpoint.com/

Thanks....well actually THank you Accumen!..Yes I have viewd that site and I have been watching his videos...very nice system actually. I am testing that on one of my demo's.
  • #39,800
  • Oct 16, 2008 8:33pm Oct 16, 2008 8:33pm
Whoah: Read the title of tis post please.

what did you read from the title?
Opportuinity is Now Here
OR
Opportunity is No Where.

Guys, Glean All you can {from All Sites} and get independant ASAP.

oohhhohhh I know that is a very topply stick when you are left with no-one to Blame but yourself. but...
se la vie. Make a choice.

pps. btw...
IF this thing is heading South, It's heading for 1.3000 with a couple of bounces along the way...
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