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  • #57,001
  • Jan 16, 2009 10:43am Jan 16, 2009 10:43am
Long closed at 1.3240.
I do not like the aspect of the 4H.
I think as yesterday, big support of Euro at ~1.3060.
I will try a new long if markets tells me (or I listen).
Maybe the upside movement will continue but too much risk now for me.

Nice weekend for all of you.
  • #57,002
  • Jan 16, 2009 11:10am Jan 16, 2009 11:10am
Quoting mikkom
I am looking for longer term long positions for fundamental reasons. TIC indicates that Treasury bubble is finally bursting (and it's wonder it hasn't already when yields are negative on short term bills). And those are november numbers. Next months will be even worse.

When financial magazines publish articles like the link below, it's a very bad sign
http://online.barrons.com/article/SB...ost_viewed_day

If treasury bubble bursts, it will have serious indications for US economy and country as whole,...
Thanks Mikkom, I appreciate your insite. I agree with you, very long term. However, in the mid-term (3 to 6 months) I believe the USD will continue to strenghten. I cannot see any way out for the the US other than to monetize the crushing debt it now faces. That will, of course, weaken the USD beyond Euro 1.60, maybe to 2.00 or more. Before that can happen, USD must be strenghtened to at least 1.20, maybe more. The stronger the dollar gets the more of the US debt can be monetized before USD gets to weak and we have to start a strengh cycle again.
  • #57,003
  • Jan 16, 2009 11:14am Jan 16, 2009 11:14am
Ganesha, have a great weekend too!
Im done for today as well.

-------------------------------

profitmaker, here we are .. chart and all.

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Circles = P/A bouncing off S/R lines
Yellow Lines= Represents Daily/Weekly Chart whole numbers
---
Heres the thing. P/A tends to bouce off Major Whole Number (which are ending in x.x000 or x.x500). In fact, if P/A bounces or looks to have trouble break those S/R line ... wait a bit and P/A will break (sooner or later - up or down) P/A will reward you with 1000 pip move. Add a few of my favorite indicators on it such as, EMA(21), MACD(default), Ichimoku(default) ... and it will make trading the Daily really easy.

Looking at recent P/A yesterday and today ... P/A bounced off 1.3000 and is heading back up to 1.3500. Strategy for it, trade up until P/A bounces or breaks 1.3500. And that is pretty much how I trade the daily chart with no indicators. Stops/Trailing Stops are always at break even and I let my profits ride. Oh ... use the weekly chart for direction as well.

If I notice, P/A is going nowhere on the Daily chart ... I tend to trade intraday. I have all the patience in the world to trade Daily chart, but sometime, I get that itch. Hence I trade intraday, but not often.

Here is a great read about whole number, http://www.tradingmarkets.com/.site/...les/-74543.cfm
And remeber, there are two types of whole number:

  1. Daily/Weekly Charts (x.x000) & (x.x500).
  2. Intraday Charts (x.x100 - x.x400) & (x.x600 - x.x900)

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  • #57,004
  • Jan 16, 2009 11:22am Jan 16, 2009 11:22am
Quoting Jhig
Circles = P/A bouncing off S/R lines
Yellow Lines= Represents Daily/Weekly Chart whole numbers
---
Heres the thing. P/A tends to bouce off Major Whole Number (which are ending in x.x000 or x.x500). In fact, if P/A bounces or looks to have trouble break those S/R line ... wait a bit and P/A will break (sooner or later - up or down) P/A will reward you with 1000 pip move. Add a few of my favorite indicators on it such as, EMA(21), MACD(default), Ichimoku(default) ... and it will make trading the Daily really easy.

Looking at recent...

That's amazing!!
Great info!!!

I like your style
I'll try it and see if it works for me
  • #57,005
  • Jan 16, 2009 11:26am Jan 16, 2009 11:26am
Quoting Jhig
profitmaker, here we are .. chart and all.
I've been doing some research since you told me about round numbers and it's just about common sense. You will follow the simplest and avoid the complex. I think I like your idea
  • #57,006
  • Jan 16, 2009 11:32am Jan 16, 2009 11:32am
Quoting profitmaker
That's amazing!!
Great info!!!

I like your style
I'll try it and see if it works for me
It'll work for intraday trading as well. Just keep noting the major S/R lines at x.x000 and x.x500. As for as intraday S/R lines are concerned, every 100 pips ending in x.x100, x.x200, x.x300 etc, P/A can be seen as bouncing or breaking S/R line.

For example: look at a 15 min chart and plot every 100 pip move off an whole number. It with break or bounce near or on that whole number.

Cheers
Happy Pipin
  • #57,007
  • Jan 16, 2009 11:38am Jan 16, 2009 11:38am
Quoting Jhig
It'll work for intraday trading as well. Just keep noting the major S/R lines at x.x000 and x.x500. As for as intraday S/R lines are concerned, every 100 pips ending in x.x100, x.x200, x.x300 etc, P/A can be seen as a bouncing or breaking S/R line.

For example: look at a 15 min chart and plot every 100 pip move off an whole number. If with break or bounce near that whole number.

Cheer
Happy Pipin

Man!!!
Thanks!! I really appreciate your help.
You should be a teacher or are you?
Anyway, do you have a blog or something?
  • #57,008
  • Jan 16, 2009 11:50am Jan 16, 2009 11:50am
is that posible continue sell today or what any sugestion
  • #57,009
  • Jan 16, 2009 11:53am Jan 16, 2009 11:53am
As far as whole numbers are concerned, there are nuances, I still think that the whole areas around such "pivots" should be closely observed. I would say. +-15 pips. PA usually helps identify if the S/R levels worked or not. If they worked, the PA is really strong in the "pivot areas". I also pay attention to candle pattern and double tops/bottoms which are the best.
  • #57,010
  • Jan 16, 2009 11:54am Jan 16, 2009 11:54am
Quoting Elghoz
is that posible continue sell today or what any sugestion
I would not sell today. It is Friday, everyone is closing their positions, short I believe, thus, EU is on the rise till the end of the day, IMHO.
  • #57,011
  • Jan 16, 2009 11:55am Jan 16, 2009 11:55am
Quoting profitmaker
Man!!!
Thanks!! I really appreciate your help.
You should be a teacher or are you?
Anyway, do you have a blog or something?
No not a teacher (I use to be a banker) and I don't have a blog. I just have FF. Your welcome, as well. Now enjoy your weekend.

Cheers
  • #57,012
  • Jan 16, 2009 11:58am Jan 16, 2009 11:58am
Quoting Jhig
No not a teacher (I use to be a banker) and I don't have a blog. I just have FF. Your welcome, as well. Now enjoy your weekend.

Cheers
Cheers mate!!!
Have a great weekend!!
Trade well and take care
  • #57,013
  • Jan 16, 2009 11:59am Jan 16, 2009 11:59am
Quoting stribijev
As far as whole numbers are concerned, there are nuances, I still think that the whole areas around such "pivots" should be closely observed. I would say. +-15 pips. PA usually helps identify if the S/R levels worked or not. If they worked, the PA is really strong in the "pivot areas". I also pay attention to candle pattern and double tops/bottoms which are the best.
I totally agree with on, that whole numbers should be closely observed. I never bet on or offer a hard number. -+15 pips is usually where P/A lands.
  • #57,014
  • Jan 16, 2009 12:05pm Jan 16, 2009 12:05pm
Quoting Elghoz
is that posible continue sell today or what any sugestion
At the moment it looks like a sell. But it is "Freaky Friday", anything could happen. Traders are at lunch at the moment so after 2:00pm(ny), trading should resume.

On Friday's, especially in the afternoon, it considered a scalpers world. So if you cherish you account balance, I wouldn't trade until Monday.

Cheers Elghoz ... enjoy your weekend.

Im out, I see everone monday!
  • #57,015
  • Jan 16, 2009 12:28pm Jan 16, 2009 12:28pm
Quoting SamuelOnline
Just a false buy signal...itīs time to short EUR/USD...

Good luck!
Well, TP from this tip (maybe, for you, just a rumour...) above has been reached...

Now, itīs time to enjoy the weekend, with my new girfriend...

Good luck...
  • #57,016
  • Jan 16, 2009 12:30pm Jan 16, 2009 12:30pm
Quoting Jhig
At the moment it looks like a sell. But it is "Freaky Friday", anything could happen. Traders are at lunch at the moment so after 2:00pm(ny), trading should resume.

On Friday's, especially in the afternoon, it considered a scalpers world. So if you cherish you account balance, I wouldn't trade until Monday.

Cheers Elghoz ... enjoy your weekend.

Im out, I see everone monday!
"Freaky friday" - LOL! FxPro - my broker - increases margin requirement on Fridays in the last hour of trading, and not in vain: those who are afraid the gap on Monday are closing their positions. Seeing the bearish trend (notwithstanding the bearish engulfment on H1), I think shorts will be closed, and thus, price will go up. But it is really not worth our nerves: happy weekend!
  • #57,017
  • Jan 16, 2009 1:04pm Jan 16, 2009 1:04pm
Looking for a retrace to 1.3150 to add longs to a possible 1.3400.
Cheers.
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  • #57,018
  • Jan 16, 2009 1:26pm Jan 16, 2009 1:26pm
Quoting MackS10
Looking for a retrace to 1.3150 to add longs to a possible 1.3400.
Cheers.
I would look for longs a bit higher. But it looks the stagnation period might, in fact, go down to 1.3150.

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  • #57,019
  • Jan 16, 2009 2:55pm Jan 16, 2009 2:55pm
hi is that posible to arrrive to 1.34 sunday night or monday coz idid sell from 1.3240
  • #57,020
  • Jan 16, 2009 3:07pm Jan 16, 2009 3:07pm
Next week = US holiday, US presidential inauguration, delayed economic releases, tons of corp. earnings releases ((a few of which could be siginificant)) and so on.

Trade softly...
FUBAR...
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