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  • #47,901
  • Dec 2, 2008 10:46am Dec 2, 2008 10:46am
Quoting TradeWell
Do you use just the weekly and Monthly pivot or all the s&r's including mid's?
Daily as most important pivot, mids and full S & R's, fibs and Demark are my main ones
  • #47,902
  • Dec 2, 2008 10:48am Dec 2, 2008 10:48am
The 65 top was made in order for the pair to gain momentum for further downward rally. It is very important now that the pair retraces back, further than the low before at 1.2674 for further downward movement, toward 1.2630.

Though, if the pair ranges for to long in 1.270 and 1.2690, further upside movement is more likeley.
Just my thoughts..though, purely speculating.
  • #47,903
  • Dec 2, 2008 10:53am Dec 2, 2008 10:53am
Quoting Ultraman
how about 1.2500 did u agree this fealure down by to nite
I wish...

Serious now, first it has to break down psych level 1.27 and R1@ 1.2686 which now acts as support, for a further move down towards 1.2634 (daily pivot)
My most optimistic target would be around opening @1.260

If we can reach any of them today I would be satisfied enough....
  • #47,904
  • Dec 2, 2008 10:53am Dec 2, 2008 10:53am
Quoting TradeWell
I have a question. I use daily pivots, but many of you also use weekly and monthlies. If I put all the pivots and s&r's on my chart from all those TF's, it will look like a chart ak4x posted recently. Which of those non-daily pivots does everyone consider essential to have on your charts?
i usually have pivots on the 3m for scalp entry/exit, the 20m and 1h. sometimes if the range is huge and the mom is high, i'l stick them on the 2hr as well. I also haven't used the weekly or monthly in quite awhile for some reason. proabably lazy.

fibs may come and go quickly on my charts but i usually want to know the last swing period on the 1hr and the 2hr. scalping mode may indicate one on the 20m for reference, but i can hide/unhide anything i want with 2 mouse clicks, so it's no bother, and it's also easy to fix the width of the fib off to the side and out of the way until i zoom out.

bottom line, cleaner is better. the real question is do you have stuff on your trading charts (not experimental ones) that don't contribute somehow to your trade decisions? if so, then it's probably junk.

remember orions chart i posted awhile ago... (it was a joke btw, he's a good trader, just different)

THIS COULD BE YOU...
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FUBAR...
  • #47,905
  • Dec 2, 2008 11:08am Dec 2, 2008 11:08am
Quoting Shadowfx
As I said this morning Andy,there are no fundamentals backing up this retrace today other then DJI retrace after the huge drop yesterday.
There are no fundamentals either to sustain the DJI gains today.
Its pure technical trading and IMO we might end up even lower as the daily pivot...

Main trend is still down...

Just my 2 cents...
i like to view things another way. the way i see it...there are no fundamentals to sustain yesterdays 650 drop either. Sure we had 5 straight days of wins...i had envisioned a 500 point drop...but at the same time while things may not get better fundamentally....they are not getting worse either in my opinion. If there is one thing that last week taught me is..sentiment is changing. All the markets need for a sustained bull rally is more confidence in the markets. I think last week was the first step. Making the recession "official" was just a way to get past what was done so we can move on to the next step.

But since we are all technical traders heres how i see things. Note that this dow chart is on a demo account and having seen accurate data off a live account it may be a bit off. Still note the upper wall of this downtrend we are in...the second it was tapped we saw the drop. I think well push right back up through it and once we break it....9600 first stop followed by 10300.

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Different opinions highly valued, ignorant to slander.
  • #47,906
  • Dec 2, 2008 11:11am Dec 2, 2008 11:11am
Quoting ak4x
...the real question is do you have stuff on your trading charts (not experimental ones) that don't contribute somehow to your trade decisions? if so, then it's probably junk....
Thanks...I got rid of alot of indicators and clutter exactly for that reason - I wasn't using them. I highly rely on pivots and I am still trying to figure out exactly what I want to use. The only other thing I have is MA's and have reduced those down to a few. I also am using the THV system on a separate chart. Oh, and thanks for posting the chart again..example of what we should NOT do.
  • #47,907
  • Dec 2, 2008 11:12am Dec 2, 2008 11:12am
I didn't anticipate as big a drop in NY equities yesterday as it turned out.

Well today I think the rise is not over so maybe I will be 2 for 2.

Or not.

Either way resistance above on S&P is @ 850 and Dow @ 8450. That is indices and not futures.
  • #47,908
  • Dec 2, 2008 11:14am Dec 2, 2008 11:14am
Quoting andys0506
Thats a great entry, do you not see 675 as your first target (R1), or are you confident that wont hold for long??
You were right about R1 but you are using 12pm EST as the start time for your pivot. It bounced off the R1 pivot with a 5pm start/end time
  • #47,909
  • Dec 2, 2008 11:22am Dec 2, 2008 11:22am
NOW I can see which way to trade LOL
  • #47,910
  • Dec 2, 2008 11:34am Dec 2, 2008 11:34am
as far as eur/usd goes...i had a post yesterday where i mentioned 1.2580 was the mega support and 1.2700 was the mega resistance. Once breakout occurs a retest of the breakout wall followed by a bounce would be best confirmation of where we may be headed next. after a failed attempt to break to the downside...we broke this morning to the upside. we have just seen the retest and so far breakout is holding. The current strong resistance is now at 1.2775....we break above that and its a whole new ballgame. I am not currently holding any positions though...still enjoying my wins from the gamble on gbp/jpy...we go below 1.2700 again...i may reevaluate everything. good pippin all
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Different opinions highly valued, ignorant to slander.
  • #47,911
  • Dec 2, 2008 11:37am Dec 2, 2008 11:37am
check out the 5m on UJ/GU/GY/ EU... Ej looks a little confused but i think it'll come a'rd soon.

that or I'm screwed.
FUBAR...
  • #47,912
  • Dec 2, 2008 11:40am Dec 2, 2008 11:40am
UJ starting to remind me of a time last year or before when you'd get all these little bitty candle bodies on the yen pairs with these humungous wicks going each way... porcupine candles.
FUBAR...
  • #47,913
  • Dec 2, 2008 11:43am Dec 2, 2008 11:43am
ya'll international funnymental watchers will be interested in the ramifications of this tidbit...
http://www.bloomberg.com/apps/news?p...Fcs&refer=home
FUBAR...
  • #47,914
  • Dec 2, 2008 11:53am Dec 2, 2008 11:53am
Quoting psiholog
as far as eur/usd goes...i had a post yesterday where i mentioned 1.2580 was the mega support and 1.2700 was the mega resistance. Once breakout occurs a retest of the breakout wall followed by a bounce would be best confirmation of where we may be headed next. after a failed attempt to break to the downside...we broke this morning to the upside. we have just seen the retest and so far breakout is holding. The current strong resistance is now at 1.2775....we break above that and its a whole new ballgame. I am not currently holding any positions though...still...
Great Analysis, i see the exact same picture.

There is a very clear formation of a head and sholders pattern forming right now too...
  • #47,915
  • Dec 2, 2008 11:53am Dec 2, 2008 11:53am
Quoting ak4x
ya'll international funnymental watchers will be interested in the ramifications of this tidbit...
http://www.bloomberg.com/apps/news?p...Fcs&refer=home

I wish them luck with trying to "defend" the Ruble. Betcha they don't have enough cash to do it though!
  • #47,916
  • Dec 2, 2008 12:00pm Dec 2, 2008 12:00pm
Quoting weswes
Great Analysis, i see the exact same picture.

There is a very clear formation of a head and sholders pattern forming right now too...
i see it too on 5min chart...there goes my bull bias out the window...na i stand by what i said until proven wrong...being flat...doesnt matter much haha
Different opinions highly valued, ignorant to slander.
  • #47,917
  • Dec 2, 2008 12:09pm Dec 2, 2008 12:09pm
this is the top part of the same fib i posted last evening sometime... i think it was a 1hr swing or somesuch. The shampoo is less critical to me than the the fib respect which is very good.

I'm staying with it as there's no reason not to.

ADD:
link to previous chart post... http://www.forexfactory.com/showthre...89#post2389289
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FUBAR...
  • #47,918
  • Dec 2, 2008 12:27pm Dec 2, 2008 12:27pm
H&S on the 5M will deliver IMO... 1,2685 acting as a resistance. One lot short @1,271, another will be added @1,273 if we get there. Obvious for me is that the way of least resistance is to the downside, at least for a while. Watch the 4H doji forming and triangle trendline @1,2735.
  • #47,919
  • Dec 2, 2008 12:32pm Dec 2, 2008 12:32pm
Quoting StefanoProdi
H&S on the 5M will deliver IMO... 1,2685 acting as a resistance. One lot short @1,271, another will be added @1,273 if we get there. Obvious for me is that the way of least resistance is to the downside, at least for a while. Watch the 4H doji forming and triangle trendline @1,2735.
5M CHART

This is my approach. Just shorted at 2710...I see a break of 2690 and we are southward bound good +30 pips...
  • #47,920
  • Dec 2, 2008 12:33pm Dec 2, 2008 12:33pm
Now I looking to add at market follow our yesterday's trade. Best price for adding is below.

EUR/USD Buy near 1.2653
GBP/USD Buy near 1.4853
AUD/USD Buy near 0.6403
NZD/USD Buy near 0.5297

USD/CAD Sell near 0.2497
USD/CHF Sell near 1.2087
USD/JPY Sell near 93.77

I do adding smaller amount. Befor you'll make Entry, watch how correlate all USD pairs. Best time to make Entry, when all pears are near Pivots and made some small turn back. Always use your own Indicators. Make Entry when you do not see conflict between your Strategy and mine. Do not go fallow me in blind, be The Cat that Walks by Itself.
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