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  • #7,761
  • Jan 28, 2009 5:55am Jan 28, 2009 5:55am
Quoting bumasoft
I am long on USDCAD. This is going down like crazy. SH******T!

Did anyone else take this trade?
I did but maybe a bit earlier than you. Stopped out in a matter of minutes. Sore one.
  • #7,762
  • Jan 28, 2009 5:57am Jan 28, 2009 5:57am
Quoting Gregus83
I did but maybe a bit earlier than you. Stopped out in a matter of minutes. Sore one.
I lost a bag of pips
  • #7,763
  • Jan 28, 2009 5:58am Jan 28, 2009 5:58am
Quoting bumasoft
I lost a bag of pips
Me too, but looks like CAD is enjoying a major spike everywhere. Can't find why... anyone else?
  • #7,764
  • Jan 28, 2009 5:59am Jan 28, 2009 5:59am
I guess the market liked the new budget
  • #7,765
  • Jan 28, 2009 6:10am Jan 28, 2009 6:10am
Learned a tough lesson today... I had orders stacked at 1.2125, 1.2107, 1.2084, 1.2075. When I saw price charging in and taking my first order, I should have imediately removed the lower orders. Price was just coming down too fast. Of course, I didn't and got burnt. Lost 3.5% of my account, not respecting one of my other rules (never risk more than 2% on a trade). This was a hell of a ride...
  • #7,766
  • Jan 28, 2009 6:11am Jan 28, 2009 6:11am
Quoting Pipkingdom
I guess the market liked the new budget
I don't see anything in the economic calendar
  • #7,767
  • Jan 28, 2009 6:14am Jan 28, 2009 6:14am
Anyone watching 119.20 - 119.45 on EURJPY?
  • #7,768
  • Jan 28, 2009 6:24am Jan 28, 2009 6:24am
Quoting bumasoft
Anyone watching 119.20 - 119.45 on EURJPY?
got that level marked up but for a scalp trade.
  • #7,769
  • Jan 28, 2009 6:27am Jan 28, 2009 6:27am
Quoting bumasoft
Anyone watching 119.20 - 119.45 on EURJPY?
Bumasoft - where do you get the 119.20 from? Or are you just giving the market a bit of room to undershoot?
RegardsPaul Eamonn
  • #7,770
  • Jan 28, 2009 6:33am Jan 28, 2009 6:33am
Quoting PaulEamonn
Bumasoft - where do you get the 119.20 from? Or are you just giving the market a bit of room to undershoot?
Yeah, I actually have a high at 119.29 on the M30, so I said 119.20 to make some room for it.
  • #7,771
  • Jan 28, 2009 6:34am Jan 28, 2009 6:34am
Quoting PaulEamonn
Bumasoft - where do you get the 119.20 from? Or are you just giving the market a bit of room to undershoot?

The level is actually 11916, not saying I would trade it though.

Here you go
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  • #7,772
  • Jan 28, 2009 6:50am Jan 28, 2009 6:50am
I am looking at 119.45 which was yesterdays high
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  • #7,773
  • Jan 28, 2009 6:56am Jan 28, 2009 6:56am
119.45 was about where I was looking too.

Red Cabbage - why wouldn't you trade it?
RegardsPaul Eamonn
  • #7,774
  • Jan 28, 2009 6:57am Jan 28, 2009 6:57am
11950 is a historically significant daily level. The high of 11945 was price reacting to 11950 again.

Depending on the timeframe and the significance of a level, it's influence could be +/- 10-20 pips.
  • #7,775
  • Jan 28, 2009 7:01am Jan 28, 2009 7:01am
Quoting RedCabbage
11950 is a historically significant daily level. The high of 11945 was price reacting to 11950 again.

Depending on the timeframe and the significance of a level, it's influence could be +/- 10-20 pips.
So you don't think the level will hold and the market will blow through it. Or the level is too vague for you to want to guess where to enter?
RegardsPaul Eamonn
  • #7,776
  • Jan 28, 2009 7:04am Jan 28, 2009 7:04am
Quoting PaulEamonn
119.45 was about where I was looking too.

Red Cabbage - why wouldn't you trade it?
The level isn't strong enough - not enough sellers for me.

The chart I posted earlier is 4h, so this tells us that price spent 3-4 hours at this level, plenty of time for all the sellers to get their orders in so next time we visit...
  • #7,777
  • Jan 28, 2009 7:05am Jan 28, 2009 7:05am
Went long on G-U at 1.4250, took 20 pips partial, SL on BE, letting it ride. Has no steam though
  • #7,778
  • Jan 28, 2009 7:17am Jan 28, 2009 7:17am
What do you guys think about EURUSD, 1.3215 - 1.3200 ?
  • #7,779
  • Jan 28, 2009 7:20am Jan 28, 2009 7:20am
Quoting RedCabbage
The level isn't strong enough - not enough sellers for me.

The chart I posted earlier is 4h, so this tells us that price spent 3-4 hours at this level, plenty of time for all the sellers to get their orders in so next time we visit...
Yeah I can see the logic in that but.....................

Looking at the chart action since yesterday, wouldn't it be reasonable to think that all the short players who entered the market at 11945 the first time around have since got out and may now be looking for the same entry again. Maybe even encouraged by the low momentum of today's up move.
RegardsPaul Eamonn
  • #7,780
  • Jan 28, 2009 7:24am Jan 28, 2009 7:24am
Quoting PaulEamonn
So you don't think the level will hold and the market will blow through it. Or the level is too vague for you to want to guess where to enter?
Reaction at that level is unclear. I want levels where I can see a strong reaction last time price was there.

On a 4h chart look at EURUSD and see how long price stayed at 13329 yesterday. Then look at the reaction when price approached that level again today - 100 pips easy.
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