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  • #48,321
  • Dec 4, 2008 8:56am Dec 4, 2008 8:56am
Quoting Pirin
So did everyone learn the definition of price stability ? He said it like 20 times in 15 minutes.
it was funny at moments indeed. I was trying to google how the pair behaves if "the football team" has a hangover, but no success...
By the way, he avoided all answers on whether there will be another cut in January and were there doubts on today decision... Who knows what will we see in January. He was not so defensive before.
  • #48,322
  • Dec 4, 2008 8:58am Dec 4, 2008 8:58am
Quoting Shadowfx
H 27270 L 25495
This is GMT+2 like FxPro..

If you use IBFX or ODL its GMT.. and the H/L are different
  • #48,323
  • Dec 4, 2008 8:58am Dec 4, 2008 8:58am
Quoting andys0506
I work on GMT hours do you?
Which candles were the high/low on your feed please so that I can check mine.
High directly after Sydney Open, Low in early European session
Yes I'm on GMT +2
  • #48,324
  • Dec 4, 2008 9:00am Dec 4, 2008 9:00am
I assume its quite important we use the right numbers.
I wuld guess that the most reliable numbers are the ones that the 'big players' use? So am I best to use GMT or GMT +2 ??
  • #48,325
  • Dec 4, 2008 9:02am Dec 4, 2008 9:02am
Quoting StefanoProdi
it was funny at moments indeed. I was trying to google how the pair behaves if "the football team" has a hangover, but no success...
By the way, he avoided all answers on whether there will be another cut in January and were there doubts on today decision... Who knows what will we see in January. He was not so defensive before.
For curiosity, I tracked price from the beginning of his speech to end of Q&A. Range was about 80 points. Low of 2612 to high of 2692 or so. It didn't do much at all until about his 3rd question and then took off.

I know this info does not do much for today's trading but I wanted to see what kind of impact he would make, and see if I could learn something about remainder of day trend.
Up or down, gimme a ticket
  • #48,326
  • Dec 4, 2008 9:02am Dec 4, 2008 9:02am
Quoting andys0506
I work on GMT hours do you?
Which candles were the high/low on your feed please so that I can check mine.
He is using 5PM EST.

Yours isn't "WRONG" and tends to hold up just as well during London session.

But 5PM is a better start/stop time for figuring high/low and pivots during NY session. Followed by 12PM EST and THEN 12PM GMT. I wrote a post about this in Cobras thread i should post it here.

EDIT: Post I made in another thread
---------------------------------------------------------

I made a chart for EU and I added pivot points
at several different close/start times and guess what. (daily pivots btw) I followed price and watched what price did at the pivots.

Here is what I found.

1. The 5pm EST Close is one of the strongest pivots.
2. Price pays attention to 3 main pivots and a 4th during asian session.

Here are the 4 times I set pivots at

12PM EST
5PM EST
12PM GMT

Also set one up for 12PM in whatever the asian sessions open time zone is in. ITs the weakest pivot though so should be skipped. Although it does act as a minor support/resis.

To set up your pivot(s) properly you need to first figure out the time that your BROKER is in and is displaying in your charting platform. Go to a 1 min chart and u can see exactly what time it is in MT4.

Pivots were bugging me for a while and i felt like it was the missing indgrediant to why i didn't catch all the possible support/resistant levels.
  • #48,327
  • Dec 4, 2008 9:02am Dec 4, 2008 9:02am
Quoting andys0506
I assume its quite important we use the right numbers.
I wuld guess that the most reliable numbers are the ones that the 'big players' use? So am I best to use GMT or GMT +2 ??
GMT should not matter, market high and low are from Sydney open till Sydney open...
  • #48,328
  • Dec 4, 2008 9:10am Dec 4, 2008 9:10am
Quoting Shadowfx
GMT should not matter, market high and low are from Sydney open till Sydney open...
Shadow, not to beat a dead horse, but I keep a daily journal of OHLC. If you are referring to yesterday, 12/3/08, I have the following, confirmed by my charts:
High - 1.2741 @ 0330gmt
Lo - 1.2601 @ 1326gmt

For today, I've got the following:
High - 1.2717 @ 0300gmt
Lo - 1.2548 @ 0900gmt

My pivot is always a bit off from most, but I think that's because I use open/close of 0000gmt. That is what my IBFX charts use.
Up or down, gimme a ticket
  • #48,329
  • Dec 4, 2008 9:10am Dec 4, 2008 9:10am
Just post Sell.. will see what happen
Attached Image (click to enlarge)
Click to Enlarge Name: eunnow.gif Size: 16 KB
  • #48,330
  • Dec 4, 2008 9:11am Dec 4, 2008 9:11am
I'm short @1.2687...

I don't trust this bullish breakout...

Just my 2 cents...
  • #48,331
  • Dec 4, 2008 9:11am Dec 4, 2008 9:11am
Quoting Shadowfx
GMT should not matter, market high and low are from Sydney open till Sydney open...
Sidney open is 2200gmt, right?
Up or down, gimme a ticket
  • #48,332
  • Dec 4, 2008 9:14am Dec 4, 2008 9:14am
Quoting SpecialEd
Sidney open is 2200gmt, right?
That's correct Ed and my figures are the ones of today's session, which are nearly the same as yours.
  • #48,333
  • Dec 4, 2008 9:15am Dec 4, 2008 9:15am
Can someone, any body please give me a idea of why the EUR/USD pair continue to go north even after the cut in the interest rates, please?
  • #48,334
  • Dec 4, 2008 9:16am Dec 4, 2008 9:16am
I'm short at 1.2688

Quoting Shadowfx
I'm short @1.2687...

I don't trust this bullish breakout...

Just my 2 cents...
  • #48,335
  • Dec 4, 2008 9:18am Dec 4, 2008 9:18am
I think in the case of this particular pivot, the actual numbers you have are close enough to each other, because the psych level of xx80 really has become the pivot. It is close to the calculated DP so in essence has taken it over. Look at the bounce off the DP as PA came up.
  • #48,336
  • Dec 4, 2008 9:21am Dec 4, 2008 9:21am
Quoting Shadowfx
That's correct Ed and my figures are the ones of today's session, which are nearly the same as yours.
Yep, I see. I calculated pivot from yesterday's numbers using Sidney open (12/2/08 @ 2200gmt) and Sidney close (12/3/08 @ 2200gmt). I got 1.2686, which is only 1 PIP off what you quoted earlier.

Enough of that - back to trading. Thanks.
Up or down, gimme a ticket
  • #48,337
  • Dec 4, 2008 9:25am Dec 4, 2008 9:25am
Quoting Skoozy
Can someone, any body please give me a idea of why the EUR/USD pair continue to go north even after the cut in the interest rates, please?
Look to the DOW

Stock market has been going up dragging EU with it..

Also Rate cuts are usually priced in well in advance for the most part.
  • #48,338
  • Dec 4, 2008 9:27am Dec 4, 2008 9:27am
Technically speaking, just barely, if everything stays same for 4 more minutes, we've got another inside bar on the M30. Based on what we've seen over the past two hours, that's probably very appropriate.

Note that if the high on this M30 goes up 2 PIPs, it no longer qualifies as inside.

Wish I had Shadow's "cents".
Up or down, gimme a ticket
  • #48,339
  • Dec 4, 2008 9:28am Dec 4, 2008 9:28am
Quoting Skoozy
Can someone, any body please give me a idea of why the EUR/USD pair continue to go north even after the cut in the interest rates, please?
Have a look at Gold chart (H1) and see the correlation.
  • #48,340
  • Dec 4, 2008 9:29am Dec 4, 2008 9:29am
Quoting Dansnali
Look to the DOW

Stock market has been going up dragging EU with it..

Also Rate cuts are usually priced in well in advance for the most part.
Dow is actually DOWN 35 points.
Up or down, gimme a ticket
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