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  • #46,401
  • Nov 20, 2008 9:32am Nov 20, 2008 9:32am
hmmm - we might actually see the 1.26xx area soon
  • #46,402
  • Nov 20, 2008 9:34am Nov 20, 2008 9:34am
important support was just tested lets see if it breaks it or can it hold.
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  • #46,403
  • Nov 20, 2008 9:35am Nov 20, 2008 9:35am
well, i do know i'm staying out of eu for the time being, something going on there i haven't completely figured out yet.

like a tug of war w/ opposing forces pulling both ways = not a lot of anything, but if one side lets up for a moment, then there she goes "some whicha way..."

if it does goes up, i don't think it'd go all THAT far, or stay there very long if it did (shades of yesterday), but it'd be too much drawdown for too little gain, if any. so that's good enuff for me to go make yen pips somewhere where things are more clear atm.

i do know the dollar is hammering the pound, and the yen is hammering the dollar like TW said. i think the poor old yoorow is just caught in the crossfire. still that is unusual for these conditions imo, and then sometimes it just is what it is...

careful trades today all.
FUBAR...
  • #46,404
  • Nov 20, 2008 9:36am Nov 20, 2008 9:36am
Quoting ak4x
... this is when I leave and go have another cup. or 3.
I can just imagine....
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  • #46,405
  • Nov 20, 2008 9:39am Nov 20, 2008 9:39am
Quoting bksujal
important support was just tested lets see if it breaks it or can it hold.
Yes that lower wall seems to be quite strong. No matter how much the stock market drops, it seems that level keeps the correlation limited.
  • #46,406
  • Nov 20, 2008 9:43am Nov 20, 2008 9:43am
Quoting ak4x
well, i do know i'm staying out of eu for the time being, something going on there i haven't completely figured out yet.

like a tug of war w/ opposing forces pulling both ways = not a lot of anything, but if one side lets up for a moment, then there she goes "some whicha way..."

if it does goes up, i don't think it'd go all THAT far, or stay there very long if it did (shades of yesterday), but it'd be too much drawdown for too little gain, if any. so that's good enuff for me to go make yen pips somewhere where things are more clear atm.

i...
Right - I think the Euro & USD are in a sort of equilibrium right now. But, the USD is fighting the hardest across the board. I think once London subsides and the dollar rally slows, E/U will rise.
  • #46,407
  • Nov 20, 2008 9:52am Nov 20, 2008 9:52am
Quoting andys0506
Looking for price to rise to 600 to then short
1.2600 may not be high enough to start shorting on.
I'm looking for a bit higher. We should be able to hit 1.2650-1.2700 if we penetrate 1.2600
  • #46,408
  • Nov 20, 2008 9:57am Nov 20, 2008 9:57am
Quoting dwildes
1.2600 may not be high enough to start shorting on.
I'm looking for a bit higher. We should be able to hit 1.2650-1.2700 if we penetrate 1.2600
Yes, a break of 1.26 should get us to at least 2650.
  • #46,409
  • Nov 20, 2008 9:59am Nov 20, 2008 9:59am
Quoting TradeWell
Yes, a break of 1.26 should get us to at least 2650.
You know it!
  • #46,410
  • Nov 20, 2008 10:00am Nov 20, 2008 10:00am
I am not really trading today. In this for the long term, today feels more like a classroom than a workday. I've been bad with my timing the last few days.

Couldn't help but notice some strange occurances earlier in correlations. Take to long to discuss that part, I wish I had taken advantage of one of them for a quick scalp, but I thought the days of arb were over.

Of note that seems to be of significance is that the US stock market made a yearly lower low, but the Eur/USD has not.
Redefining Reality
  • #46,411
  • Nov 20, 2008 10:10am Nov 20, 2008 10:10am
H&S seems to be forming on the 5 min. Can someone else look and give me your opinion?
  • #46,412
  • Nov 20, 2008 10:23am Nov 20, 2008 10:23am
Quoting TradeWell
H&S seems to be forming on the 5 min. Can someone else look and give me your opinion?
I guess it could be one, although I would've liked to have seen a steeper rise preceding that pattern. Don't really expect much from it though. Barring some wierdness, EURO seems like it wants to go north today...
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  • #46,413
  • Nov 20, 2008 10:27am Nov 20, 2008 10:27am
Quoting Turhovach
I guess it could be one, although I would've liked to have seen a steeper rise preceding that pattern. Don't really expect much from it though. Barring some wierdness, EURO seems like it wants to go north today...
Yes, and the neckline is an area of known strong support anyway, so maybe it is somewhat of a confirmation that if that line is broken - down, down, down.
  • #46,414
  • Nov 20, 2008 10:45am Nov 20, 2008 10:45am
This euro is getting so volatile, I may have to trade the gbpjpy instead!
If it's too good to be true, it probably is.
  • #46,415
  • Nov 20, 2008 10:50am Nov 20, 2008 10:50am
Quoting TradeWell
Yes, and the neckline is an area of known strong support anyway, so maybe it is somewhat of a confirmation that if that line is broken - down, down, down.
Trendlines on a 5M chart?
Why not flip a coin, might be more accurate.
  • #46,416
  • Nov 20, 2008 11:07am Nov 20, 2008 11:07am
Just 113 pip range for today! Unbelievable.
Daily and hourly trend is down, price has broken the triangle to the downside and now also broken a trendline too.
I'm short at 1.2524 ready for the big move down which is bound to happen sometime this afternoon (or overnight)

Can't see it on the chart but target around 420 which is a trendline joining the lows of 28th Oct and 13th Nov.
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  • #46,417
  • Nov 20, 2008 11:15am Nov 20, 2008 11:15am
Quoting andys0506
I'm short at 1.2524 ready for the big move down which is bound to happen sometime this afternoon (or overnight)
What made you take a short at that level?
It's in the middle of traffic, in a clearly undecided area due to the long wicks.
We have several touches of support making higher highs - and just about an hour ago you were looking for 1.2600.

Not a great entry point IMO - but hopefully it works out for you.
  • #46,418
  • Nov 20, 2008 11:18am Nov 20, 2008 11:18am
Quoting dwildes
Trendlines on a 5M chart?
Why not flip a coin, might be more accurate.
lol, yeah I guess I'm operating on the microcosm...
  • #46,419
  • Nov 20, 2008 11:20am Nov 20, 2008 11:20am
Quoting dwildes
Trendlines on a 5M chart?
Why not flip a coin, might be more accurate.
Would you call someone that draws TL, HL and Fibs on a 1M TF a donkey only because you can't do it, are to lazy or simply isn't your trading style?
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  • #46,420
  • Nov 20, 2008 11:20am Nov 20, 2008 11:20am
Quoting TradeWell
lol, yeah I guess I'm operating on the microcosm...
Heh - I mean the 5's have their place, but not for any type of trend. Good for fine tuning entries. At least that's what works for me.

Maybe you have unlocked the secret of trading the M5! If so - please share!


I'm just messing with ya TradeWell - good to see you have a sense of humor.
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