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  • #40,961
  • Oct 22, 2008 7:18pm Oct 22, 2008 7:18pm
A bullish touch here at last....
  • #40,962
  • Oct 22, 2008 7:20pm Oct 22, 2008 7:20pm
Quoting SeaPip
Look like the 12th 4hr candle is more violent than the others too. So I think definitely there will be a retrace. Actually, there is a descending wedge on the 1 hr. And it is touching the bottom of that wedge right now which create a double bottom on the 15 min. So I would expect a bit of a retrace to 2850.
Wow that was quite a call!
  • #40,963
  • Oct 22, 2008 7:22pm Oct 22, 2008 7:22pm
Quoting MackS10
A bullish touch here at last....
Not lets not get carried away...bullish. Hasn't even taken out the high of the day (Thursday) so far, never mind the HOD from Wednesday or any other day lately.

It probably will later today, but only to resume downtrend thereafter.
  • #40,964
  • Oct 22, 2008 7:23pm Oct 22, 2008 7:23pm
If the speed keeps up we might see 1.3100 soon. We would see all the stop hit like a chain reaction again, only this time going North.
  • #40,965
  • Oct 22, 2008 7:25pm Oct 22, 2008 7:25pm
Quoting psiholog
this is not the first time you insult me. save your lame comments. i dont criticize you or your strategy.
I just commented the other day that I agree with you a lot of the time. It's just that you are always saying 'Bull' when (in the current climate - last 4 months) I'm going 'Bear'.

Quoting psiholog
1min chart...inverted head and shoulder...you know what i did?...i entered at the formation of the second shoulder....i made 100pips that trade
Nice work getting 100pips from a 1min H&S formation. I can't say I'd be looking in the 1m charts to find 100pip set ups but it just goes to show you have to be in it to win it.
  • #40,966
  • Oct 22, 2008 7:25pm Oct 22, 2008 7:25pm
Ive set my TLO on.. Im done for today.. its 7.20 AM here.. thanks guys and good luck for your trades GBU
Money often costs too much...
  • #40,967
  • Oct 22, 2008 7:27pm Oct 22, 2008 7:27pm
What a great spike... That had to clear the books. Added several additional positions, and am already closing out the lower and less desirable entries. What's left of them anyway after scaling out closer to the bottom, before the retrace. New ones already protected w/ +1 pip SL or tight stops depending on exact entry. (Lowest ones get sacrificed first)

Thank you Tokyo...

Posting these 2 old GY charts as fodder to ponder concerning institutional grade stop hunting, which if it were real, would be something you'd want to know about... The orange shaded box on the 30m is the shaded wick on the daily bear candle on bottom.

The first chart is the detailed 30m, the 2nd chart is the daily... I still remember that first hour... you don't want to know.

And no, it wasn't monoploy money.
Attached Images
FUBAR...
  • #40,968
  • Oct 22, 2008 7:32pm Oct 22, 2008 7:32pm
Quoting psiholog
this is not the first time you insult me. save your lame comments. i dont criticize you or your strategy. we all know as traders there is certain risk involved in every trade. we are correct sometimes, we are incorrect sometimes....nothing is foolproof. i thought i saw a good opportunity...it didnt turn out to be...ok..thats one trade that did not go my way but you see me crying about it?..no...i said it was a risk worth taking. so what did i do?...i followed what went on next...the next best opportunity?...you know where i saw it?...1min chart...inverted head and shoulder...you know what i did?...i entered at the formation of the second shoulder....i made 100pips that trade and that put me 60pips + if you take that 40pips away. so please...if you dont have any constructive to say...dont say it at all


Attachment

Nice trading! Now I hope it is my turn, as I added short positions as it went up. And yes, I know "hope" is not a strategy.
  • #40,969
  • Oct 22, 2008 7:32pm Oct 22, 2008 7:32pm
Quoting acumen
You've been buying the last several days.

Are you done calling bottoms yet?
No still hitting the meaty part of the curve.

I will make money on this trade. This technique is not for hyper traders. It more of a futures tradering approach. I can't call bottoms, but I can approximate retraces - I don't expect all my trades to make money immediately, it's about an average value. I am more comfortable this way than assuming that a trend line will cap a currency that is sorely undervalued or oversold and timing too much. Against a trend you can count on bounces, while with a trend you never know when the tide will turn, and that is when you can book severe losses. This way, I am always on the defensive in a trade, and make moves without having to get all bent out of shape. One of these times I will catch the reversal and that is when I make the real money.

Thanks for the concern, though, I don't know what I would do without you guys and your patented techniques and tidbits of wisdom. And if you think that this is not hurting the US, you may want to reconsider.

by the way: http://www.phlx.com/market/worldcurrencyoptions.asp you can just buy puts if you are so sure about the raging dollar continuing.
  • #40,970
  • Oct 22, 2008 7:32pm Oct 22, 2008 7:32pm
Quoting Hissinger
I just commented the other day that I agree with you a lot of the time. It's just that you are always saying 'Bull' when (in the current climate - last 4 months) I'm going 'Bear'.



Nice work getting 100pips from a 1min H&S formation. I can't say I'd be looking in the 1m charts to find 100pip set ups but it just goes to show you have to be in it to win it.
it is true that i am a bull...its just my nature (taurus born in may after all)...i dont like the sight of red...i like green all the way...plus the fundamentals are all telling me the dollar is much stronger then it should be...all this rate cut by the ecb nonsense they mention...the us is going to have rate cuts again too...and if the dollar was truly where it should be...it would be much stronger versus the yen too...110+ at least...this is not a fundamental market...its a panic driven market where liquidity is a term that does not apply...there is more debt then money..simple as that...the only reason the dollar is getting stronger

as far as my bullish calls..you are right...my bias dictated my actions alot and i did pay for it several times but like i realized yesterday in my "absence" the greatest lesson i ever learned in forex...it is not my own bias that dictates price action it is price action that dictates bias

my earlier bull decision was simply based on the idea that the channel came to the end...it was broken...it was a false breakout but nonetheless it was a good opportunity...in fact i seek out bull opportunities more then bear ones...i do short once in a while too though...thats the trend obviously
Different opinions highly valued, ignorant to slander.
  • #40,971
  • Oct 22, 2008 7:36pm Oct 22, 2008 7:36pm
Quoting SunTrader
And the destruction of American wealth, not mine and anyone else who have been short since forever it seems.
Up 87% since July 15.

Should be a ton more but I just can't get my fat azz out of bed to trade the EURO session.

Not showboating... but a few of us having been calling this bear since early August.

We've mentioned words like "re-pricing","over valued","safe haven" etc.

We've encouraged traders to trade what they see not what they believe.

We've argued against the importance of fundamental analysis.

We've warned... at great length with humor and sincerity against picking bottoms.
  • #40,972
  • Oct 22, 2008 7:38pm Oct 22, 2008 7:38pm
The day I have evolved from survivor to trader
I am now a bull with sharp horns and equally sharp bear teeth - psiholog

Sounds like you are trying to "straddle".....just a pun. I realize, as should all, that there are many battles in forex. In each, we take sides....not always the same one.
  • #40,973
  • Oct 22, 2008 7:38pm Oct 22, 2008 7:38pm
Attached Image (click to enlarge)
Click to Enlarge Name: ATT1889960.jpg Size: 80 KB
thats pretty funny
  • #40,974
  • Oct 22, 2008 7:42pm Oct 22, 2008 7:42pm
Quoting traderathome
The day I have evolved from survivor to trader
I am now a bull with sharp horns and equally sharp bear teeth - psiholog

Sounds like you are trying to \"straddle\".....just a pun. I realize, as should all, that there are many battles in forex. In each, we take sides....not always the same one.
what that reffers to is i follow price action so much (when im not lazy playing some game)...i see the formation of all waves...up and down...and instead of picking off the bottoms to ride waves up...i try to pick off tops to ride waves down now too...using my strategy of course...still hesitant to short even now
Different opinions highly valued, ignorant to slander.
  • #40,975
  • Oct 22, 2008 7:44pm Oct 22, 2008 7:44pm
Quoting acumen
Welcome to the factory.

If you're new... or an old pro... NEVER trade against a trend like this.

You might get lucky once or twice but in the end... BAM... U LOSE.

m
You need to look at the COT logs. There always people on both sides of the trade. Some players are on both sides of the trade. Trends are overrated - it's an apparition...you preach everyday like it's the only answer - it that were the case trading would only go one way forever. What do you do when the trend changes?
  • #40,976
  • Oct 22, 2008 7:46pm Oct 22, 2008 7:46pm
Quoting koulda
Attachment thats pretty funny
lololololol
  • #40,977
  • Oct 22, 2008 7:49pm Oct 22, 2008 7:49pm
Quoting TIckerShuffl
What do you do when the trend changes?
You lose for a little bit until you are sure the trend has changed and then you ride that trend until it changes .
  • #40,978
  • Oct 22, 2008 7:52pm Oct 22, 2008 7:52pm
Hey folks,

I hope your trading has been going well. 2 days ago, I posted a lengthy text about my loss.

Well, I'm glad to say that I've almost made up for my loss with this recent dollar upswing.

How's everyone's day so far?
Not all sins are created equal
  • #40,979
  • Oct 22, 2008 8:05pm Oct 22, 2008 8:05pm
this question goes out to elliot wave experts. is that wave 1 we see (low to spike up) that quickly retraced back to 61.8% making wave 2 with wave 3 about to come?


i am new at elliot waves so any opinions much appreciated
Different opinions highly valued, ignorant to slander.
  • #40,980
  • Oct 22, 2008 8:15pm Oct 22, 2008 8:15pm
Quoting psiholog
it is true that i am a bull...its just my nature (taurus born in may after all)...i dont like the sight of red...i like green all the way...plus the fundamentals are all telling me the dollar is much stronger then it should be...all this rate cut by the ecb nonsense they mention...the us is going to have rate cuts again too...and if the dollar was truly where it should be...it would be much stronger versus the yen too...110+ at least...this is not a fundamental market...its a panic driven market where liquidity is a term that does not apply...there is more debt then money..simple as that...the only reason the dollar is getting stronger

as far as my bullish calls..you are right...my bias dictated my actions alot and i did pay for it several times but like i realized yesterday in my \"absence\" the greatest lesson i ever learned in forex...it is not my own bias that dictates price action it is price action that dictates bias

my earlier bull decision was simply based on the idea that the channel came to the end...it was broken...it was a false breakout but nonetheless it was a good opportunity...in fact i seek out bull opportunities more then bear ones...i do short once in a while too though...thats the trend obviously
Did you really believe(before yesterday) that it was YOUR own bias that dictated price action?
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