EURUSD

Thanks - you too!! Wishing you luck on that long.

check this site out... garaunteed free of bugs or 3rd party weirdness. (and of course doblece's stuff as well)

i've been a life member for a few years now, but lots of free stuff as well. you'll have to expore the site some for the designs section. ldig around in the "pickle jar".
http://digitalblasphemy.com/

Weekly chart, how good will be the support?

Yup, that sure was something. One thing I agree wholeheartedly with, and that's something dwildes said - why is everyone chomping at the bit to go long barring some damn good reason other than the ususal "its gone down too far, too fast." In this market there is NO too far or too fast. That kind of thing is the new norm. Jeez, just look at the action earlier this morning. An almost 300 pip move in both directions in the space of an hour. Hell, I can remember when that kind of move took months (actually, a lot longer than that, but I don't want to date myself too much, LOL).

This market has taken on psychological overtones that harken back to the gunslinger days of the late 90's. Anybody who traded equities back then will know what I'm talking about. 300 point runups on IPO's with absolutely no worth. Yeah baby, those were the days.

Being a countertrand trader in this kind of environment can kill you in the blink of an eye. Sure you might get very, very lucky and catch a bottom. But I'll tell you what - if you manage to do that, that's all it'll be -- pure, blind luck. As dwildes said, you gotta trend, stay with it -- its the safe thing to do.

By the way, while I'm rambling, I'm getting one of my "back of my neck hair tingling things." When's the last time our Fed did an emergency rate cut? I forget, but I'll tell you what. If I was Helicopter Ben, I'd be seriously thinking about doing one soon. I can't help but think that the Fed guv's are staring at the charts (like we are), and staring at the econ figures, and feeling the pulse of the market -- and its telling them that something very, very ugly is about to happen if they don't do something drastic. Right now they're probably like a deer in the headlights of an eighteen wheeler, frozen and not knowing what to do. I don't know, stuff's happening and they've got to do something. What's that something gonna be? I know one thing, I sure as hell am not holding any overnight positions. This thing is getting way too hairy for this geezer...

Sorry for the rambling. I'll wipe the dribble off my my keyboard and let you all get back to doing what you do best. Just be very careful out there.

Might be since next FOMC meeting is not till Dec 16th, but I kind of doubt it since rates are so low and not much left to go till 0% so what's the use of using them now as opposed to waiting for scheduled periods. Credit availability is more a priority than how much the credit actually will cost.

any opinions about the markets blowing through todays support soon, like tomorrow? i think today was the 3rd time lately we hit support. so how far is the next bottom..it would be extremily hard for me to go short against u.s. dollar on any pair..i do think the reason support has been so strong lately is what bernanke said about fed adding dollars to euro banks.. just curios.. did this cause the spike today? or did some big bank want to kick out all the shorts before the next decline? post a responce if u got one.. i may be leaving at any minute for a few hours.

ramble/dribble on turvo, i'm right there with you. i've written a couple novels on this thread before as well. nice to see shared sentiment w/o having to account for every jot and tittle.

i hate those hair tingle thingies.

invest in hard booze guns, salt peter ect,.. and buy all the mules and plows you can get your hands on.. it wont be long and will be 3rd world (self agricultural) agricultural, service economy. we threw it all away.. we are losing out ability to produce anything..like i said. "would you like to supersize your order" learn spanish also..

Fed minutes released this afternoon may have been just another nail in the coffin and reason for selloff.

I posted once that when things get really confusing or my brain has just gotten unable to assimilate everything getting thrown at it, I'll hide every single thing on my charts except for the candles. No indicators of any kind whatsoever including the price bar on the side.

Then I leave for a bit. When I get back I'll toggle between that and a line style chart for awhile and ask myself "how would I trade this, short or long? No targets or stops or anything, just direction. Once I feel confident I've got that rythmn back I'll start adding some various things to get a trade built.

At that point I'm able to feel like I might have some bizness trading again.

All I'll say about this chart is that it's not EU... Long or short?

Since it's the economics hour I'll put in my one cent (I don't think I rate two pennies yet). We've screwed up by going into such national debt then cut taxes to boot. The way an economy should be run is to raise taxes in times of plenty and create a "rainy day" fund. This actually acts as a brake for overheating economies. Conversely, when times are bad, you lower taxes and tap that rainy day fund. You don't need to cut interest rates now, it won't make much difference. Creditors won't loan if people can't pay back, and people can't pay back if they don't have the money. In hard times, less taxes means more money in the pocket to spend. I'm all for stimulus, handing out money, even printing more money. But you better get it back later in higher taxes and taking money out of the money supply, when times are good. I know nobody likes to hear about higher taxes, but frankly, simply cutting govt spending won't be enough to save our economic @sses.

Thanks Cobra. I didn't think to go look at a weekly. 2388, 2329, bye bye, right?

Long. Looks bottomed out.
Similar to E/U's daily though (EW - in a different proportion).

Very interesting. I'll take a short stab at that. My first impulse would be to be short, but from the looks of it, it would appear to be at the bottom of the range, so I would wait for a rally & sell into it.

Just my two cents.

Anyone else?

Shotshell

While I agree with you on that to a certain extent, I need to throw in my 1 1/2 Cent. Tax the money all you want, but the era of the USD will soon come to a crashing halt, then plummet to its death at a rate 2x faster than its recent ascension. I've said it before and I'll say it again - there will be no more demand for US currency after this phase of deleveraging and selloffs comes to an end , what I've been echoing on this forum is that once the dust clears, the fat lady will be done singing and we'll see USD fall like we've never seen before - the unfortunate, yet inevitable truth is that there will be no bottom this time. The only fundamnetal way out of it, is having history repeat itself where people in US start to learn to spend what they have and save what they can. Going back to the gold standard won't work but incorporating that into a new monetary system would have an advantageous affect - The brenton woods system is how we got out of the great depression in the first place. Sure they wouldn't dare mention the word confiscate in this day and age but by halting sales and hyperinflating the cost of gold tender, we would sure as hell have a better chance of getting out of this mess than the current route we are trying to pursue. Either case, enjoy this ride - just keep your eyes peeled for the big reverse, and if possible, have a fx trading account in another currency(chf preferablly).

Inverted Hammer Pattern is a candlestick characterized by a long upper shadow and a small real body preceded by a long black real body. It is similar in shape to the Bearish Shooting Star. The shooting star appears in a downtrend and thus it becomes a potentially bullish inverted hammer.
Recognition Criteria:
1. Market is currently characterized by downtrend.
2. The first day of the pattern is a black candlestick formed at the lower end of the trading range.
3. The second day of the pattern is a small real body and is formed at the lower end of the trading range.
4. The color of the second real body is not important, however the color of the body is black in the first day.
5. No gap down is required, as long as the pattern is seen after a downtrend.
6. Upper shadow of the second small body should be at least twice as long as the real body.
7. The second body does not have lower shadow or it has only a very little lower shadow.

My vote would be long althought this pattern isn't that reliable (But prior formation shows strong resistance) and the inverted hammer needs a confirmation of the next candle, opening green.

I opened small short just to try... I think that very soon we'are going to see bottom of Dow and, in my opinion, dollar rises while dow falls. We will see

I'm new in this bussines so...

absolutely

People rarely learn from winning

Just a little amusement. Looks like the EURUSD gave us the bird today... LOL