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  • #55,101
  • Jan 8, 2009 9:53am Jan 8, 2009 9:53am
A little bit offtopic perhaps but EURGBP is beginning to look very interesting.. Looks like daily "pin bar" is forming plus fundies are on euros side.
  • #55,102
  • Jan 8, 2009 9:53am Jan 8, 2009 9:53am
it seems to me like there is a lot of downward pressure and very little room for this thing to run on the upside... entered short at 3730. If it breaks below 3700 iim holding tell at least 3650.
  • #55,103
  • Jan 8, 2009 10:02am Jan 8, 2009 10:02am
Hi folks, can anyone explain "PIN BAR FORMATION" as referred in previous posts? Can't find anything on it yet.
  • #55,104
  • Jan 8, 2009 10:03am Jan 8, 2009 10:03am
Quoting pzarker
it seems to me like there is a lot of downward pressure and very little room for this thing to run on the upside... entered short at 3730. If it breaks below 3700 iim holding tell at least 3650.
I'm trying to learn all the time - how can you tell that there is presuure to the downside - or is it just a feeling that you have?

FWIW my 'feeling' is that its trying to break up thur 749 level and then onwards and upwards to a new high
  • #55,105
  • Jan 8, 2009 10:09am Jan 8, 2009 10:09am
Quoting sailor6
Hi folks, can anyone explain "PIN BAR FORMATION" as referred in previous posts? Can't find anything on it yet.
Here you will find great info:

http://www.forexfactory.com/showthre...hlight=james16
  • #55,106
  • Jan 8, 2009 10:10am Jan 8, 2009 10:10am
Quoting sailor6
Hi folks, can anyone explain "PIN BAR FORMATION" as referred in previous posts? Can't find anything on it yet.

Just GOOGLE it and it will begin your learning process.

Godd luck and many green pips
  • #55,107
  • Jan 8, 2009 10:12am Jan 8, 2009 10:12am
well at hte moment im feeling a little dumb over my last trade, wasn't that well thought out, but it's still a little surprising to me that this thing keeps finding people who believe this pair is headed up.

I might be way off on this since I'm pretty new to trading, but when little movements break through a trend line and there isn't much pop or movement afterwards, almost lethargic movement, I take that as a sign that there aren't many more buyers at that level. Again, I could be way off haha.
  • #55,108
  • Jan 8, 2009 10:26am Jan 8, 2009 10:26am
Quoting pzarker
well at hte moment im feeling a little dumb over my last trade, wasn't that well thought out, but it's still a little surprising to me that this thing keeps finding people who believe this pair is headed up.
Those bulls are dumb aren't they?!

Don't get me wrong, I was a bull yesterday and today, and a bear on Monday and Tuesday...

Bottom line is, if you aren't able to go with the flow, up or down, you can only trade in one direction, and you'll keep making mistakes by insisting in your assumption of the trend, instead of following the markets one.

Like I said a few posts back, a trader must be a mercenary, join the "side" that will make you profit.
Traders are smartasses
  • #55,109
  • Jan 8, 2009 10:29am Jan 8, 2009 10:29am
haha well I can't agree more, but at the moment it looks like the bear is starting to get hungry and the bull is getting tired. We will see, I just assumed the bull had a little less energy that it seems to have


although I think it might have just hit that point.

(edit) btw I like the mercenary analogy
  • #55,110
  • Edited 10:32am Jan 8, 2009 10:31am | Edited 10:32am
Yup, regarding current situation, it certainly doesn't look like it's going to rise more, but we'll have to wait for volume to come up in the meantime, also at the moment Obama is speaking (CNBC & Bloomberg).

Watching on the sidelines, with the finger on the trigger

EDIT: Eck, he just ended his speech
Traders are smartasses
  • #55,111
  • Jan 8, 2009 10:34am Jan 8, 2009 10:34am
Quoting Spsantos
Those bulls are dumb aren't they?!

Don't get me wrong, I was a bull yesterday and today, and a bear on Monday and Tuesday...

Bottom line is, if you aren't able to go with the flow, up or down, you can only trade in one direction, and you'll keep making mistakes by insisting in your assumption of the trend, instead of following the markets one.

Like I said a few posts back, a trader must be a mercenary, join the "side" that will make you profit.
very well said,
IMO flexibility is the key and clear view what the trend for the session is.
/ ... clarifying decisions ... /
  • #55,112
  • Jan 8, 2009 10:50am Jan 8, 2009 10:50am
Quoting walb99
very well said,
IMO flexibility is the key and clear view what the trend for the session is.
I believe it was clear, up until about 9:45 and then things got a bit crazy. I really am a fan of watching the 7-9am range (est) and we just failed to break through the higher end of that range and I believe we are going to work our way down from that point.
Attached Image (click to enlarge)
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  • #55,113
  • Jan 8, 2009 10:53am Jan 8, 2009 10:53am
Damn news and speaches all day.. now trichet speaking ..reversal?
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #55,114
  • Jan 8, 2009 11:00am Jan 8, 2009 11:00am
Quoting Atondra
see how she flies. Are you sure you read your chart correctly

hahahahaha
I don't think he's going to like that!

I told you guys 1.3505 was a good level
Some good pips there
And she's just dancing around the downtrend
Life is a party!!! will you seat or will you dance?
  • #55,115
  • Jan 8, 2009 11:01am Jan 8, 2009 11:01am
Quoting Mackeymax
... never let a profitable trade go bad....and yes i know i could get longer pip runs....but i only need enough...
excellent post, i'm wondering how many folks will heed it...

from reading some of the other posts here over time, i would think it would be worthwhile for some of these traders to write that out on the blackboard 50 times before opening another trade. that one thing could increase their profitability several times over w/o any further effort... nah, too easy.

the best system in the world still has to get the pips into the bank before it's profitable... time will tell i suppose.
FUBAR...
  • #55,116
  • Jan 8, 2009 11:13am Jan 8, 2009 11:13am
it looks like on 1h chart is divergence. can anyone help me?
  • #55,117
  • Jan 8, 2009 11:17am Jan 8, 2009 11:17am
Quoting pzarker
I believe it was clear, up until about 9:45 and then things got a bit crazy. I really am a fan of watching the 7-9am range (est) and we just failed to break through the higher end of that range and I believe we are going to work our way down from that point.
Alligator says uptrend for the session.
Attached Image (click to enlarge)
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/ ... clarifying decisions ... /
  • #55,118
  • Jan 8, 2009 11:17am Jan 8, 2009 11:17am
Long on Gold rebound and explosion.
  • #55,119
  • Jan 8, 2009 11:21am Jan 8, 2009 11:21am
Not sure what the alligator is, sorry.
  • #55,120
  • Jan 8, 2009 11:23am Jan 8, 2009 11:23am
Quoting pzarker
Not sure what the alligator is, sorry.
Standard indicator in MT4
/ ... clarifying decisions ... /
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