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  • #70,181
  • Mar 2, 2009 1:41am Mar 2, 2009 1:41am
it will be hard to close soon since equitys are red.. s/p futures is a newer long term low. today may not be the day unless equity improves..s/p down almost 13
those who can, do. those who cant, talk about those who can
  • #70,182
  • Mar 2, 2009 1:51am Mar 2, 2009 1:51am
DOW future is -90 to 6959. Thats gonna be bearish for eurusd.
And if DOW does go below 7000 today, that will be very damning for eurusd longs.

im waiting for a good 1.26xx price to short preferably around 1.2630
  • #70,183
  • Mar 2, 2009 1:54am Mar 2, 2009 1:54am
Quoting gatorinla
it will be hard to close soon since equitys are red.. s/p futures is a newer long term low. today may not be the day unless equity improves..s/p down almost 13
Yeah, I really dont see this gap closing until we hit 1.24xx.
  • #70,184
  • Mar 2, 2009 1:55am Mar 2, 2009 1:55am
Quoting ragnakore

im waiting for a good 1.26xx price to short preferably around 1.2630

I'm looking to close some longs and adding to short position there as well.
  • #70,185
  • Mar 2, 2009 1:59am Mar 2, 2009 1:59am
gonna place some entrys and alarms and nap.. all short 2655 2663 2717 2744
those who can, do. those who cant, talk about those who can
  • #70,186
  • Mar 2, 2009 2:06am Mar 2, 2009 2:06am
Quoting gatorinla
gonna place some entrys and alarms and nap.. all short 2655 2663 2717 2744
Be carefull of a 5min bar closing above 1.2607, I would probably close out my short if that happened.

Good Trading.
Good Trading. (keep it simple).
  • #70,187
  • Mar 2, 2009 2:10am Mar 2, 2009 2:10am
Quoting F.x.
I'm looking to close some longs and adding to short position there as well.
Ya know, I just dont see the market hitting 2630 without closing the gap. #1 2630 is above the 76.4 fib from the last swing low to swing high, which was just tested by the last 4hour candlestick wick. But if it does go over 2630 I will be looking to open new shorts at the gap close and also slightly above it.

Either way this market is poised to make a new swing low. The other thing is that right now I have this PA trading smack in the middle of 2 different channels (short term and daily) so I dont typically make trades unless it is at or near one of the channel boundaries... this week will be volatile and exciting as we wait for Friday's NFP release.
  • #70,188
  • Mar 2, 2009 2:10am Mar 2, 2009 2:10am
hi all

i sell with target 1,2475
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  • #70,189
  • Mar 2, 2009 2:31am Mar 2, 2009 2:31am
Can someone please explain what the "gap" is that everyone's referring to? I'm not familiar with that terminology or to what it applies.
  • #70,190
  • Mar 2, 2009 2:34am Mar 2, 2009 2:34am
Quoting F.x.
Can someone please explain what the "gap" is that everyone's referring to? I'm not familiar with that terminology or to what it applies.
It refers to the difference (gap) between last Friday's closing and today's opening price.
  • #70,191
  • Mar 2, 2009 2:42am Mar 2, 2009 2:42am
wave variant
nearest target 1.2475
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  • #70,192
  • Mar 2, 2009 2:44am Mar 2, 2009 2:44am
Quoting perrier
It refers to the difference (gap) between last Friday's closing and today's opening price.
Also 1.2686 would be a retest area to determine if it is going to go back up or carry on further down, it need not close the Gap, but very often does.

Good Trading.
Good Trading. (keep it simple).
  • #70,193
  • Mar 2, 2009 2:47am Mar 2, 2009 2:47am
Thanks for the explanations.


I'm out of my longs and holding a small short position which I'll be adding to if we move up at all from here.

I'm still looking at thursday's ECB meeting for a large play for the week.
  • #70,194
  • Mar 2, 2009 2:48am Mar 2, 2009 2:48am
Quoting Jasper
Also 1.2686 would be a retest area to determine if it is going to go back up or carry on further down, it need not close the Gap, but very often does.

Good Trading.
Eu always close it. I think it safe to short now. with target 1.2475 and then long to close the gap
  • #70,195
  • Mar 2, 2009 2:54am Mar 2, 2009 2:54am
Quoting Terminale
Eu always close it. I think it safe to short now. with target 1.2475 and then long to close the gap
I'm keeping an eye on that. At present I'm short from 1.2583 and have taken 2 Lots out, if any bar closes above 1.2607 I would close out, as it will probably be going up to close Gap/ retest.

Good Trading.
Good Trading. (keep it simple).
  • #70,196
  • Mar 2, 2009 2:57am Mar 2, 2009 2:57am
not trying to be shorters party pooper....but could it be forming a reverse shampoo?
Collecting pips
  • #70,197
  • Mar 2, 2009 2:59am Mar 2, 2009 2:59am
Gaps can be seen only Friday to Monday, so there are no gaps in forex, and its not that the rate opens lower/higher, in many platforms you can trade Sundays all the way through the "gap"
  • #70,198
  • Mar 2, 2009 3:06am Mar 2, 2009 3:06am
Quoting Suj_cess
not trying to be shorters party pooper....but could it be forming a reverse shampoo?

Yep, saw this too. But I'm starting to build a position to play the reversal that will hit after this reverse shampoo plays out. I think short is still safe for the weekly outlook, at least until late thursday.
  • #70,199
  • Mar 2, 2009 3:15am Mar 2, 2009 3:15am
Quoting SunTrader
Just to keep things balanced here: there are some who are calling for EU 2.0 based on 'feelings' and oh the US will have to print dollars like mad.

Since when hasn't the US printed more money than God?

I keep thinking the EU was at 1.60 and now is at 1.26. All the while the s!%t was hitting the fan. So................... what is going to change the downtrend?

Tell me, I like to know your 'feelings' and maybe an actual reason or two might help. Anyone???

Some good friends of mine (traders) see e/u trading around 115xx to 118xx in the not so distant future. And though I respect their opinions, I don't see it happening, ( though anything is possible).
I will be posting some charts showing oil/eur/usd correlation, and the DOW Dollar Index correlation.
Reason #1: I don't think we will ever see cheaper oil then it is now.
And #2 if the dow is not at the bottom now, its got to be close. Just my opinion
And yes I know, opinions are like a**holes, everyone has one, and they all stink.
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  • #70,200
  • Mar 2, 2009 3:16am Mar 2, 2009 3:16am
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