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  • #60,161
  • Jan 29, 2009 4:58pm Jan 29, 2009 4:58pm
I dont' have a crystal ball.. but I'm short... looking for the break or I'll dump it soon. possible double bottom... Guess I'll be the first to ask.. what is your s/l and tp for the r:r on your trade

Quoting pipmix
Is support at .2932 going to get broken soon. I have a long position at 1.2971 I have not gotten rid of and was looking for a large break up before the drop. I am new to forex and have lost 200 pips today after making 400 in a three day period. Any suggestions would be greatly appreciated. I feel if the 2932 breaks it is a long ride down (which I dont want added onto the bag I already have) Everthing I am seeing shows a nasty end for me but is there no retrace going to happen?
DireXiv Make it happen, no one else is going to do it for you...
  • #60,162
  • Jan 29, 2009 5:02pm Jan 29, 2009 5:02pm
Tomorrow there is going to be a advanced GDP and the forecast is -5.4%.

I have a hard time believing -5.4%. If its way less then that we could see it hit 1.27xx which is the last support line on a 4hr chart.
  • #60,163
  • Jan 29, 2009 5:10pm Jan 29, 2009 5:10pm
my sl was set at 2931 which just got broken and sold out of the trades. Should take a short position (since it broke 2930) or wait it out?
  • #60,164
  • Jan 29, 2009 5:13pm Jan 29, 2009 5:13pm
I always wait for pullbacks.. but that is just me.. probably more stops gettin hit here.. so probably pullback a bit.

Quoting pipmix
my sl was set at 2931 which just got broken and sold out of the trades. Should take a short position (since it broke 2930) or wait it out?
DireXiv Make it happen, no one else is going to do it for you...
  • #60,165
  • Jan 29, 2009 5:22pm Jan 29, 2009 5:22pm
just took 61 pips on my last position...not bad considering the time...im flat and done until euro session...this downwards pressure but with no real power behind it guarantees volatility will increase later on..to the upside too. Good pippin all..be back later
Different opinions highly valued, ignorant to slander.
  • #60,166
  • Jan 29, 2009 5:22pm Jan 29, 2009 5:22pm
Quoting DireXiv
I always wait for pullbacks.. but that is just me.. probably more stops gettin hit here.. so probably pullback a bit.
Are you planning for a retest of 3060 or you just anticipating a more mild pull back?

Just curious, I'm already short right now but my SL is only at 1.3005 (TOO TIGHT?)
  • #60,167
  • Jan 29, 2009 5:32pm Jan 29, 2009 5:32pm
[FED SPECIAL LENDING FACILITIES] The Fed's Commercial Paper Funding Facility fell $33.739 bln on a weekly avg basis to $316.201 bln and was down sharply by $102.433 bln w/w to $248.091 bln. Maiden Lane LLC, the Bear Stearns facility, was revalued as of Dec 31 from the previous valuation on Sep 30. It was down 1.409 bln w/w to $25.772 bln, which will not cover the $28.820 bln Fed loan and the $1.192 bln JP Morgan loan.

[JAPAN]'s manufacturing activity hit another fresh record low in January; with the NTC Research/Nomura/JMMA Purchasing Managers Index (PMI) tumbling to 29.6 from 30.8 in Dec - its lowest level since the survey began in Oct 2001 and the 11th straight mth activity had contracted. Of the main components, output fell to 18.5 from 21.9 in the prior month, also marking its lowest level since the survey began and the 11th straight month of a contraction. The surveys results are bleak and signal Japans present recession is unfolding more rapidly than expected. Industrial output figures for Dec are due up ahead and expected to plunge by 9% over the month.
those who can, do. those who cant, talk about those who can
  • #60,168
  • Jan 29, 2009 5:44pm Jan 29, 2009 5:44pm
mild pullback.. wait and see what comes if any.. I'm already out o my short... pa said there are buyers here.. my s/l was 2962 back in the wedge above the last highs.

time for a nap... action today is wearing me out...

Quoting GrnEydGuy
Are you planning for a retest of 3060 or you just anticipating a more mild pull back?

Just curious, I'm already short right now but my SL is only at 1.3005 (TOO TIGHT?)
DireXiv Make it happen, no one else is going to do it for you...
  • #60,169
  • Jan 29, 2009 6:30pm Jan 29, 2009 6:30pm
.... I opened a long at 1.2932 with full leverage with +100% Margin and now I am going to do a reclamation to my Broker!!!!

P.S - I am just Kidding
  • #60,170
  • Jan 29, 2009 6:35pm Jan 29, 2009 6:35pm
Soros Says Euro in Danger If European Union Fails to Act, Standard Reports Billionaire investor George Soros said the euro may not survive unless the European Union pushes for a global plan to deal with toxic debt
Give me patience
  • #60,171
  • Jan 29, 2009 6:39pm Jan 29, 2009 6:39pm
Quoting Bullfx
Soros Says Euro in Danger If European Union Fails to Act, Standard Reports Billionaire investor George Soros said the euro may not survive unless the European Union pushes for a global plan to deal with toxic debt
Nice Input!!
  • #60,172
  • Jan 29, 2009 6:41pm Jan 29, 2009 6:41pm
Quoting Bullfx
Soros Says Euro in Danger If European Union Fails to Act, Standard Reports Billionaire investor George Soros said the euro may not survive unless the European Union pushes for a global plan to deal with toxic debt
Yes that caused the drop earlier this afternoon...
  • #60,173
  • Jan 29, 2009 7:11pm Jan 29, 2009 7:11pm
So it's down again as my weekly chart said. Things that makes me go "hmmmmm"...
Not all sins are created equal
  • #60,174
  • Jan 29, 2009 7:23pm Jan 29, 2009 7:23pm
Quoting Bullfx
Soros Says Euro in Danger If European Union Fails to Act, Standard Reports Billionaire investor George Soros said the euro may not survive unless the European Union pushes for a global plan to deal with toxic debt
I'll make myself the Devil's advocate for a moment. I'm doing this in an attempt to spark a debate and hopefully learn something.

This is a list of Gold Reserves by EU country.

http://www.gata.org/files/Wener0516E.gif

The source is http://www.gata.org/node/104

One quote is "The Europeans wants the Euro to be a Reserve Currency. The Euro has some Gold backing. Europeans own half the Official Gold in the whole world. To the 13,650 tonnes listed above we must add their portion of IMF (3217 tonnes) and BIS (206 tonnes) Gold. During the past 15 years, while the Euro project was in its formative stage this Bloc sold over 3800 tonnes of Gold. This stabilized the US dominated system. However, the Europeans are now claiming they will sell very little Gold going forward."

Also having a look at the so called "USA Block" figures

http://www.gata.org/files/Wener0516F.gif

The fact is that that the EU has solid gold reserves. No currency is on a gold standard but isn't the fact that the EU has solid gold reserves one indicator of the currency's stability? And if not, then what would be the purpose of having gold reserves at all?
Not all sins are created equal
  • #60,175
  • Jan 29, 2009 7:26pm Jan 29, 2009 7:26pm
pretty sorry price action so far this session if you ask me.... holding on any "quick" trades till I see something good... tired of b/e and +2 trades.
DireXiv Make it happen, no one else is going to do it for you...
  • #60,176
  • Jan 29, 2009 7:38pm Jan 29, 2009 7:38pm
About Portuguese Gold Reserve:
http://www.inverbis.net/sistemapolit....-de-ouro.html

according to info now Portugal only 380Tons!

In 6/2006 Portugal Ranking was 13th country with better Gold reserve, Not Bad, for a tiny country!!
  • #60,177
  • Jan 29, 2009 7:39pm Jan 29, 2009 7:39pm
Quoting BoredToLoose
About Portuguese Gold Reserve:
http://www.inverbis.net/sistemapolit....-de-ouro.html

according to info now Portugal only 380Tons!
I'd love to own "only" 380 tons of gold
Not all sins are created equal
  • #60,178
  • Jan 29, 2009 7:43pm Jan 29, 2009 7:43pm
Quoting Jay Walker
I'll make myself the Devil's advocate for a moment. I'm doing this in an attempt to spark a debate and hopefully learn something.

This is a list of Gold Reserves by EU country.

http://www.gata.org/files/Wener0516E.gif

The source is http://www.gata.org/node/104

One quote is "The Europeans wants the Euro to be a Reserve Currency. The Euro has some Gold backing. Europeans own half the Official Gold in the whole world. To the 13,650 tonnes listed above we must add their portion of IMF (3217 tonnes) and BIS (206 tonnes)...
US started going to Hell in a handbasket when we got off the gold standard as it loosed the printing presses.
However, I suppose we did so due to growth of economy out growing supply of gold.
Maybe European nations are holding gold because strength of the currency is actually all smoke and mirrors.
Plus if US gets in enough debt, maybe we can call in all the cost of bailing out the European countries from killing one another.
Small question?
Tradewell will know this as a History dude.
Like how many wars has England or France or other countries in Eurozone won without US intervention?
Who paid for those wars?
Who paid to rebuild those countries?
Granted, our reputation is not so good with the Iraq debacle, but please tell me this, do you not think that a bushel of corn or rice may one day in the near future be worth more than a barrel of oil or ounce of gold?

DONE, Off the soapbox for me!
  • #60,179
  • Jan 29, 2009 7:45pm Jan 29, 2009 7:45pm
Quoting Jay Walker
I'd love to own "only" 380 tons of gold
Bad Politicians we have!!!
  • #60,180
  • Jan 29, 2009 7:51pm Jan 29, 2009 7:51pm
.... let's talk about culture and some Music, here is a link with one of the most beautiful Portuguese Voices, Her Name is Cristina Branco:
Inserted Video


Go There and Listen, this one is in Portuguese but we have also some good Portuguese singing in English, I 'll send later!!
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