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  • #5,241
  • Nov 5, 2008 9:40am Nov 5, 2008 9:40am
Quoting Gerard212
Smittens
How are you? How do you explain today the disconnect between equities going up today but FX pairs going down? I expected that they usually mirror each other ie short trem fundamental picture ! Appreciate your opinion.

Regards Gerard
I'm quoting this in hopes that BRV can address it, because I'm not really sure if this is just a temporary thing, or if the correlation may've actually changed.


----


Also BRV, if you don't mind, could you take one of your trades you made today and post a chart and what you were thinking at the moment? I.e. in terms of what your target was, what you were basing the trade off of (fundamentals), etc.? It helps me greatly to see the thought process of a seasoned trader and not just the technicals which are usually pretty obvious.
  • #5,242
  • Nov 5, 2008 10:38am Nov 5, 2008 10:38am
I've put this order in ... before it hits I would appreciate any comments ?
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  • #5,243
  • Edited 11:02am Nov 5, 2008 10:59am | Edited 11:02am
Quoting Willowgal
I've put this order in ... before it hits I would appreciate any comments ?
Well, for the last hour it's been finding support just 18 pips north of there. BRV - how would you rate the chances of this breaking through the 1.6123 and bouncing off 1.6105? Run out of momentum in 18 pips?

(My numbers are ODL - a bit different from Alpari.)
  • #5,244
  • Nov 5, 2008 11:11am Nov 5, 2008 11:11am
Quoting Grath
Well, for the last hour it's been finding support just 18 pips north of there. BRV - how would you rate the chances of this breaking through the 1.6123 and bouncing off 1.6105? Run out of momentum in 18 pips?

(My numbers are ODL - a bit different from Alpari.)
Yes I don't think it will get down to the level I was hoping for. I am pretty sure that it is heading up though.
  • #5,245
  • Nov 5, 2008 11:18am Nov 5, 2008 11:18am
Quoting Willowgal
Yes I don't think it will get down to the level I was hoping for. I am pretty sure that it is heading up though.
Well, that was probably my worst call for a while ... dropped over 70 pips in 3 mins !!
  • #5,246
  • Nov 5, 2008 11:21am Nov 5, 2008 11:21am
Quoting Willowgal
Well, that was probably my worst call for a while ... dropped over 70 pips in 3 mins !!
Yup - it had that momentum and it eventually bounced off support from way back in December 2002.
  • #5,247
  • Nov 5, 2008 11:22am Nov 5, 2008 11:22am
Also equities are down (DOW nearly 230, S&P ~25), perhaps returning the correlation a bit from recent times. I'm watching 1.6050 on the GBPUSD.
  • #5,248
  • Nov 5, 2008 11:29am Nov 5, 2008 11:29am
Quoting smittens4212
Also equities are down (DOW nearly 230, S&P ~25), perhaps returning the correlation a bit from recent times. I'm watching 1.6050 on the GBPUSD.

Classic.
it reached 6034.
Do you think short continue?
  • #5,249
  • Nov 5, 2008 11:31am Nov 5, 2008 11:31am
Yeah, I do. Equities are getting hammered (I'm watching the DOW right now), and this move has been pretty strong and fast. This is where I want to be on the sidelines until there's a strong technical level to take a trade at.
  • #5,250
  • Nov 5, 2008 11:39am Nov 5, 2008 11:39am
Quoting smittens4212
Yeah, I do. Equities are getting hammered (I'm watching the DOW right now), and this move has been pretty strong and fast. This is where I want to be on the sidelines until there's a strong technical level to take a trade at.

Thanks smittens.
  • #5,251
  • Nov 5, 2008 12:25pm Nov 5, 2008 12:25pm
do you think this level is a good one to go short in gbp/usd and eur/usd in this levels?
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  • #5,252
  • Nov 5, 2008 12:39pm Nov 5, 2008 12:39pm
Looks like it would've. The quickest way to improve and learn is to make decisions on your own, based on your own analysis.

I'm waiting for a little bit of space and THEN if it retests 1.6040 I may take a trade. I've fallen victim lately to 'needing' to take a trade at every level and every time I think I see something happening, so I'm trying to be patient.
  • #5,253
  • Nov 5, 2008 1:15pm Nov 5, 2008 1:15pm
I can't see anything worth trading this week. Last week everything worked like it should , harmony was everywhere , lot of fib/s/r confluences with good pa patterns. This week is just ugly choppines without clear direction. I'm trading eur/usd mostly. I guess i'll pass pure touches until the chart start to look better.
  • #5,254
  • Nov 5, 2008 1:20pm Nov 5, 2008 1:20pm
I actually ended up just going long on GBPUSD.

Entry of 1.5924, target of 1.6024, SL of 10 pips, and a small lot amount.. don't want to take on much risk for something like this.

Basically just trying to scalp a counter-trend bounce off a recent support level. Could be a head-and-shoulders pattern and if this trade works out, I'll be looking to go short near the shoulders.

e; just got stopped out
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  • #5,255
  • Nov 5, 2008 2:47pm Nov 5, 2008 2:47pm
Thank you to all who addressed my question about how to get charts other than currencies in Metatrader. I've installed "WHC Trader 4" now and sure enough, I got more than what I was asking for, as someone pointed out.

The choices for charts are so many, that I now need a little bit more help. I've been able to identify what the symbols for the DOW and the SPX are. Beyond that, I haven't been able to figure out what symbols to select to get charts for:

·Gold
·Crude Oil
·The Dollar Index

Would you please help me? I thank you in advance.

Kind regards.
  • #5,256
  • Nov 5, 2008 4:46pm Nov 5, 2008 4:46pm
NB Bucket: Short @ 1.2963 area.
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  • #5,257
  • Nov 5, 2008 5:03pm Nov 5, 2008 5:03pm
Quoting Grath
NB Bucket: Short @ 1.2963 area.
thanks, gonna keep an eye on that one.
  • #5,258
  • Nov 5, 2008 5:36pm Nov 5, 2008 5:36pm
Confluence...
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  • #5,259
  • Edited 6:39pm Nov 5, 2008 5:50pm | Edited 6:39pm
Quoting jlmac27
Confluence...
How does one trade confluence? wait for it to reach the area where the lines intersect and wait for a breakout in that area? Or just use the diagonal lines as an area the price is likely to stay in?
  • #5,260
  • Nov 5, 2008 6:41pm Nov 5, 2008 6:41pm
Quoting libb
How does one trade confluence? wait for it to reach the area where the lines intersect and wait for a breakout in that area?
Hello libb and welcome,I would anticipate a bounce on this.When you have a few different technicals agreeing,such as trendlines, S&R,fibs,That is what lifts your percentage of being correct.
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