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  • #53,241
  • Jan 2, 2009 8:42am Jan 2, 2009 8:42am
Hard to tell it will move lower. Support @1.38 still unbreakable until today. I will wait until it break before take any trade. For now, just looking for some little fish with scalping.
Manage your risk accordingly and you're half done your home work.
  • #53,242
  • Jan 2, 2009 8:56am Jan 2, 2009 8:56am
Thanks guys, there are so many pointers which could lead you to the wrong direction. How do you stay on track?

I have a support level line set at 3820 and it hasn't been broken since Dec 18th when it has been set and a few times in the past few days the price got closer to that level but jumped off. That tells us that the support level is really strong so all of this is some kind of consolidation/retracement and we're heading up towards 1,6?
  • #53,243
  • Jan 2, 2009 9:07am Jan 2, 2009 9:07am
Quoting personalme
Hard to tell it will move lower. Support @1.38 still unbreakable until today. I will wait until it break before take any trade. For now, just looking for some little fish with scalping.
The ISM data from the US makes the 1.38 line very solid.
I wonder if it will cross the 1.40 line today.
  • #53,244
  • Jan 2, 2009 9:33am Jan 2, 2009 9:33am
Quoting Atondra
Take a gamble and entered long @ 1.3870.
Hoping the euro session will push it up back to 1.4XXX .
Close this long for a 100 pips gain. Riding the other post until 1.4XXX
  • #53,245
  • Jan 2, 2009 9:39am Jan 2, 2009 9:39am
News and strong resistences and supports may keep the Eurusd contained until news forces the breakout.

Charts do show a retrace upward, but news is bearish for euro as well as usd. Reminder that Euro rate cut is looming in January.

I personnally will only scalp and stay clear of predicting. Any Short positions I have are below the 3780 level. My long term outlook for euro is short...but that is my 2 cents. If we do go long..its because Bullish news for Euro and USD is tanking

I'm out for the week...
  • #53,246
  • Jan 2, 2009 9:47am Jan 2, 2009 9:47am
Quoting Atondra
Close this long for a 100 pips gain. Riding the other post until 1.4XXX
well done mate, maybe you'd like to share with the people whom cant trade why you did what you did, your the man

A
  • #53,247
  • Jan 2, 2009 9:48am Jan 2, 2009 9:48am
Honestly I have no idea where EUR will go now. I will wait for clearer condition. EUR fundamentally looks grim, but US also have reasons to go lower.

The clearer direction is on GBP I think. With next rate decision. It will move lower. Just my idea as a beginner though .
Manage your risk accordingly and you're half done your home work.
  • #53,248
  • Jan 2, 2009 9:49am Jan 2, 2009 9:49am
Quoting Atondra
Close this long for a 100 pips gain. Riding the other post until 1.4XXX
Hey, where's iii? Did he won also? I'm very curious to know
Manage your risk accordingly and you're half done your home work.
  • #53,249
  • Jan 2, 2009 9:53am Jan 2, 2009 9:53am
See Govnos chart above.
If the action breaks this line we could see over 1.4
If it stalls, in spite of the dismal ISM data, expect the action to break south next week
  • #53,250
  • Jan 2, 2009 9:55am Jan 2, 2009 9:55am
Quoting personalme
Honestly I have no idea where EUR will go now. I will wait for clearer condition. EUR fundamentally looks grim, but US also have reasons to go lower.

The clearer direction is on GBP I think. With next rate decision. It will move lower. Just my idea as a beginner though .
I also think that EUR/USD is still looking for a direction, and that the GBP reads "down" all over it. GBP/USD looks like a safer bet - short.
  • #53,251
  • Jan 2, 2009 10:14am Jan 2, 2009 10:14am
PA is still down, we are just at a consolidation stage, in other words just noise. I have no clue how someone can see a long opportunity in this current situation. I have added a short at 1.3980 and sl is now at 1.3979 tp is 1.3885. This is just a scalp nothing more.
  • #53,252
  • Jan 2, 2009 10:16am Jan 2, 2009 10:16am
Quoting Yohay
I also think that EUR/USD is still looking for a direction, and that the GBP reads "down" all over it. GBP/USD looks like a safer bet - short.
There are mixed signals as well.
/ ... clarifying decisions ... /
  • #53,253
  • Jan 2, 2009 10:17am Jan 2, 2009 10:17am
Quoting Yohay
I also think that EUR/USD is still looking for a direction, and that the GBP reads "down" all over it. GBP/USD looks like a safer bet - short.
Since GBP/USD has recovered more than 100 pips from its lowest of 1.4376 i consider it a reversal rather than a retracement. I will go for long on the dip
  • #53,254
  • Jan 2, 2009 10:23am Jan 2, 2009 10:23am
Quoting Atondra
Since GBP/USD has recovered more than 100 pips from its lowest of 1.4376 i consider it a reversal rather than a retracement. I will go for long on the dip
Good luck to you, but you should consider the fact that a mere 100+ pips in this volatile market is just noise, and the retracement of 100 pips two years ago was not that uncommon in gbp/usd. On the other hand I do think that gbp/usd is in a better long situation than eur/usd, so your trade just might work out.
  • #53,255
  • Jan 2, 2009 10:29am Jan 2, 2009 10:29am
On the daily, I am looking at 20SMA as downside risk.

Beginning of next week could be substaintial gap down if hedge fund selling resumes. this bullish feel may not last. On the other hand there may be two weeks of bull run before the sell off resulting from continued deleveraging.
  • #53,256
  • Jan 2, 2009 3:25pm Jan 2, 2009 3:25pm
eu, au, uc and gu price will driven by oil prices.. unrest is the kicker.. dollar may suffer severly..
those who can, do. those who cant, talk about those who can
  • #53,257
  • Edited 3:45pm Jan 2, 2009 3:43pm | Edited 3:45pm
Going to sleep now. I got negative result -70 pips today

But it's ok, no one wins forever . My entire result this month still positive few hundreds. My book keeping end at 15th. Still 15 days more to go. Have a nice weekend you all.

Btw Yohay, are you planning to short GBPUSD? @ What price?
Manage your risk accordingly and you're half done your home work.
  • #53,258
  • Jan 2, 2009 3:45pm Jan 2, 2009 3:45pm
Quoting gatorinla
eu, au, uc and gu price will driven by oil prices.. unrest is the kicker.. dollar may suffer severly..
Ok after the bounce at 3823 we should see a nice bounce upward over a short period of time. (upwards of 1.4180.) OR, it will continue to coil which has to include some upside to it but could be rang-y and just plain suck to trade.

how does that sound for unsure
  • #53,259
  • Jan 2, 2009 3:59pm Jan 2, 2009 3:59pm
Quoting klinckphilip
Ok after the bounce at 3823 we should see a nice bounce upward over a short period of time. (upwards of 1.4180.) OR, it will continue to coil which has to include some upside to it but could be rang-y and just plain suck to trade.

how does that sound for unsure
there are too many ifs..... im scalping.. i scalped 254 pips gu... all trades short 20 total.. all my long term trades are red.. i need oil price to drop for them to work..if it looks like a spike next week i will close position trades..
those who can, do. those who cant, talk about those who can
  • #53,260
  • Jan 2, 2009 4:06pm Jan 2, 2009 4:06pm
its a wrap folks.. great scalping for me today.. happy piping this new year..back sunday.. take care
those who can, do. those who cant, talk about those who can
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