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  • #65,221
  • Feb 15, 2009 7:24pm Feb 15, 2009 7:24pm
Quoting UWouldLose
Bounced off 1.275 twice now.... third times the charm
The charm? Can you be more specific?
  • #65,222
  • Feb 15, 2009 7:24pm Feb 15, 2009 7:24pm
Quoting PracticalPip
Yes, true... but I'm not. Don't mean to sound cocky, just excited for my big pay day ahead =)
Cocky? No not at all.
  • #65,223
  • Edited 7:27pm Feb 15, 2009 7:26pm | Edited 7:27pm
I know most peoples over here don't like the short time frame charts, for good reason.

But, double bottom on 15 minute possibly bounce off 1.280 and a re-test of the 1.250 level.
  • #65,224
  • Feb 15, 2009 7:30pm Feb 15, 2009 7:30pm
Quoting rody8808
I am going short at 1.2900

Then I am going short at 1.3000 if it gets that far

TP - 1.2650
you and most of us.
you want to know what is going on, before that. After break a lot of resistance and reach 1,2940 I think we are with you in your short, for sure .
  • #65,225
  • Feb 15, 2009 7:31pm Feb 15, 2009 7:31pm
Quoting UWouldLose
I know most peoples over here don't like the short time frame charts, for good reason.

But, double bottom on 15 minute possibly bounce off 1.280 and a re-test of the 1.250 level.
I think you said 1.275, not 1.250. Am I correct?
  • #65,226
  • Feb 15, 2009 7:33pm Feb 15, 2009 7:33pm
Whoops, me and the numbers aren't getting along well.

Maybe I should quit early while I'm ahead. Hmmmm
  • #65,227
  • Feb 15, 2009 7:35pm Feb 15, 2009 7:35pm
Quoting PracticalPip
Interesting approach. I usually get into trades in increments. ....... It's the smartest way to trade and keeps you from committing your entire max sized position at one price level.
)
Yes it is, especially in this highly volatile maket. however, requires following some basic rules, the most important is the one that says plan your trade and trade your plan. My basic indicator is general economic conditions (not just the breaking news, I am not a news trader). World economy decides ultimate direction of currency prices, day to day change is because of market mechanism, later is not very important for me.
The Thief of Wall Street
  • #65,228
  • Feb 15, 2009 7:49pm Feb 15, 2009 7:49pm
For those watching the equities markets, like myself, the S&P futures gapped down as well and is now almost close to filling the gap from Friday's close.

Although anything can happen, I expect the selling to continue through the night session.
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  • #65,229
  • Feb 15, 2009 7:52pm Feb 15, 2009 7:52pm
Quoting SunTrader
For those watching the equities markets, like myself, the S&P futures gapped down as well and is now almost close to filling the gap from Friday's close.

Although anything can happen, I expect the selling to continue through the night session.
If equities continue lower...man oh man...things could get ugly.
  • #65,230
  • Feb 15, 2009 7:55pm Feb 15, 2009 7:55pm
Quoting SunTrader
For those watching the equities markets, like myself, the S&P futures gapped down as well and is now almost close to filling the gap from Friday's close.

Although anything can happen, I expect the selling to continue through the night session.
Anything can happen, because US market will have low liquidity on Monday. Monthly chart indicates DJI going Just below 7500 may also be a possibility in the short run.
The Thief of Wall Street
  • #65,231
  • Feb 15, 2009 8:11pm Feb 15, 2009 8:11pm
what about that Triple Bottom formations.
You still see selling?
I think it is a reversal patterns with bullish bias for while.
anyone agree?
  • #65,232
  • Feb 15, 2009 8:13pm Feb 15, 2009 8:13pm
Quoting ppxdf
what about that Triple Bottom formations.
You still see selling?
I think it is a reversal patterns with bullish bias for while.
anyone agree?
All I need is just the gap to be closed
  • #65,233
  • Feb 15, 2009 8:15pm Feb 15, 2009 8:15pm
Follow your own analysis and system. I have started buying Euro, will keep on buying until it hits 1.2300, if it does anytime soon....... why? I am of the opinion that all world leaders are on their toes to fix the things. This should not go unnoticed by the markets.
The Thief of Wall Street
  • #65,234
  • Feb 15, 2009 8:20pm Feb 15, 2009 8:20pm
I definitely agree, everyone needs to make their own decisions.

I'm out of the shorts for now though. Think I'm gonna watch a movie instead :-)

I'll be back in 14 hours or so...
  • #65,235
  • Feb 15, 2009 8:21pm Feb 15, 2009 8:21pm
I think you might have more faith in the world leaders than the banks do!
  • #65,236
  • Feb 15, 2009 8:24pm Feb 15, 2009 8:24pm
When a lot of traders jump short, we know it would go long instead....
That is how forex want to screw traders.
  • #65,237
  • Feb 15, 2009 8:30pm Feb 15, 2009 8:30pm
Quoting rody8808
I think you might have more faith in the world leaders than the banks do!
  • #65,238
  • Feb 15, 2009 8:31pm Feb 15, 2009 8:31pm
Quoting rody8808
I think you might have more faith in the world leaders than the banks do!
Believe me I have no faith in either of them. I just said they are on their toes (but not sure if they are going in right direction). I think markets will sooner or later react to this situation .........and few pips for us if we play smartly.
The Thief of Wall Street
  • #65,239
  • Edited 8:48pm Feb 15, 2009 8:34pm | Edited 8:48pm
Quoting BurgerKing
When a lot of traders jump short, we know it would go long instead....
That is how forex want to screw traders.
Yes but most small forex traders are probably leaning to the long side. You can't go by just what is posted here on little ole Forex Factory.

But if the low from 2/2/09 (1.2706) is taken out will you then believe the trend has resumed down? By then it might be too late to jump onboard.
  • #65,240
  • Feb 15, 2009 8:36pm Feb 15, 2009 8:36pm
Quoting TIckerShuffl
...edit: one last thing...other posibility is range bound action...
Uh huh... yup. Why not?

This level or slightly lower, ((I'm STILL a fan of my 25xx to 28xx range, the lower one in chart below ((from http://www.forexfactory.com/showpost...ostcount=57198 )) could easily support the current environment w/o breaking a sweat except for the spikey thingys that some want to see as confirmations of a "Breakout".

OK. Breakout to where? Do we need to go much lower, and why would we go higher? Too low for too long and things get one kind of screwy, too high for too long and they get the other kind of screwy. Not sure the planet can handle much more "screwy" right now.

It'll get tough enough as it is over the next 4 weeks w/o added stress from bizarre currency moves ((like the unshaded PA of the last Bull Run above the upper S/R zone)) that might break the fragile tension currently in evidence.

The conspiracy theory oriented part of my brain expects exactly that btw...

I'd happily trade a 300 pip range ((either the current one of my target range)) for many months to come, and if you knew that was the case, so would everyone of us...

Green shaded box at lower right is still my focus. When we get there, I'll wash the windows, kick the tires, and check the gas gauge to see if we have enough to go lower.
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FUBAR...
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