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  • #71,501
  • Mar 5, 2009 3:38am Mar 5, 2009 3:38am
Quoting psiholog
well guys and gals...with this last move down i have reached my target of 100pips in the plus now...on that note i am going to sleep and letting the market decide what it wants to do based on ecb blah blah and will pick up trading when i wake up. Good night to some of you...good morning to some of you and good afternoon to the rest of you. Good pippin all.



Btw..if i was annoying or pissed off anyone tonight..please forgive me...sometimes self-control is what i lack especially when drunk.
Thats what I just did. Closed half and other half is at entry....the market can do whatever it must. I'm happy and going to rest.
Going to make it big by age 21.
  • #71,502
  • Mar 5, 2009 3:40am Mar 5, 2009 3:40am
There are some strong bear candles today, and it could hit 2520 area if its going to break 2565 hard. If not, then we could be hitting 2600, and possibly after this move down.

I had my shorts closed in the morning (3 hours ago) with +35 pips and so no trade, just watching.
  • #71,503
  • Mar 5, 2009 3:42am Mar 5, 2009 3:42am
i think - max. correction up to 1.2530
{Promotion Removed}
  • #71,504
  • Mar 5, 2009 3:43am Mar 5, 2009 3:43am
and here too my short order was closed by trailing stop
I think that's too early, damn it
ROBOT FOREX
  • #71,505
  • Mar 5, 2009 3:48am Mar 5, 2009 3:48am
Could you explain how does "trailing stop" work? I never used that option, use PM if you want.
  • #71,506
  • Mar 5, 2009 3:49am Mar 5, 2009 3:49am
Ahead of today's BoE policy decision (12.00GMT), [THE TIMES' SHADOW MPC] narrowly voted 5-4 to cut rates, and with the slender majority split on the size (consensus 1/2 pt). The general view seems that the 'bang for buck' of further reductions have been reduced and the focus should be on QE instead. There were comments from the panel to the effect that further rate cuts could backfire by squeezing banks' profitability in a way that may aggravate the credit drought, a view expressed by the real MPC in the Feb Infl Report. Some Times' members also thought Stg could take a further hit if rates are taken much lower. On QE, the panelists argued that it is difficult to know how much the Bank should spend, with Gbp20-50 bn floated and a cautious approach favoured given worries over resulting infl if too much money is printed. On which assets to buy, some thought it best to focus on corporate bonds, but others Gilts.
those who can, do. those who cant, talk about those who can
  • #71,507
  • Mar 5, 2009 3:54am Mar 5, 2009 3:54am
For those watching at the possible H&S the right leg just formed few minutes ago at 1.2550,I guess we will see in the next one or two hour candles where PA is going to..
  • #71,508
  • Mar 5, 2009 3:56am Mar 5, 2009 3:56am
Quoting gatorinla
Ahead of today's BoE policy decision (12.00GMT), [THE TIMES' SHADOW MPC] narrowly voted 5-4 to cut rates, and with the slender majority split on the size (consensus 1/2 pt). The general view seems that the 'bang for buck' of further reductions have been reduced and the focus should be on QE instead. There were comments from the panel to the effect that further rate cuts could backfire by squeezing banks' profitability in a way that may aggravate the credit drought, a view expressed by the real MPC in the Feb Infl Report. Some Times' members also...
Excuse my insolence, but I have the impression that you Sir are a fundamentalis ( calm down folks! - not that kind fundamentalist) - I mean do you use fundamental analysis in your trading as a main tool? Or am I wrong. I'm just curious.
  • #71,509
  • Mar 5, 2009 3:59am Mar 5, 2009 3:59am
Quoting Legio_Ulpia
For those watching at the possible H&S the right leg just formed few minutes ago at 1.2550,I guess we will see in the next one or two hour candles where PA is going to..
It's not really a Heads and shoulders is it?

It looks like shoulders with an inverted head What a monster

Steve
  • #71,510
  • Mar 5, 2009 4:00am Mar 5, 2009 4:00am
Quoting dotweb.pl
Could you explain how does "trailing stop" work? I never used that option, use PM if you want.

http://www.investopedia.com/terms/t/trailingstop.asp
http://stocks.about.com/od/tradingba...ailingstop.htm
http://beginnersinvest.about.com/od/...ktrading_8.htm

Trailing Stops are stop orders that automatically "adjust" the stop based on current price action.
  • #71,511
  • Mar 5, 2009 4:02am Mar 5, 2009 4:02am
Quoting T.E.Lawrence
Excuse my insolence, but I have the impression that you Sir are a fundamentalis ( calm down folks! - not that kind fundamentalist) - I mean do you use fundamental analysis in your trading as a main tool? Or am I wrong. I'm just curious.
As far as I can judge, he seems to be using horizontal S/R lines coupled with trend, trend, and some more trend.


I wouldn't be very surprised if EUR got only .25 cut today btw. Times are changin'
  • #71,512
  • Mar 5, 2009 4:07am Mar 5, 2009 4:07am
Quoting T.E.Lawrence
Excuse my insolence, but I have the impression that you Sir are a fundamentalis ( calm down folks! - not that kind fundamentalist) - I mean do you use fundamental analysis in your trading as a main tool? Or am I wrong. I'm just curious.
use a little of everything..if i was leaning one way.. a little news can make me not trade or trade more positions..news can move the smaller charts.. smaller charts build the bigger ones..every action has a reaction..
those who can, do. those who cant, talk about those who can
  • #71,513
  • Mar 5, 2009 4:13am Mar 5, 2009 4:13am
OK, because it's an important day for the cable and her majesty likes to drag poor,scared euro up and down - I've just opend gpb/usd chart and started correlation investigation.
  • #71,514
  • Mar 5, 2009 4:15am Mar 5, 2009 4:15am
Quoting T.E.Lawrence
OK, because it's an important day for the cable and her majesty likes to drag poor,scared euro up and down - I've just opend gpb/usd chart and started correlation investigation.
Just keep in mind correlation does not imply causation.
  • #71,515
  • Mar 5, 2009 4:16am Mar 5, 2009 4:16am
Quoting T.E.Lawrence
OK, because it's an important day for the cable and her majesty likes to drag poor,scared euro up and down - I've just opend gpb/usd chart and started correlation investigation.
lately th e and g have there own mind..but they are getting better
those who can, do. those who cant, talk about those who can
  • #71,516
  • Mar 5, 2009 4:17am Mar 5, 2009 4:17am
Quoting dotweb.pl
There are some strong bear candles today, and it could hit 2520 area if its going to break 2565 hard. If not, then we could be hitting 2600, and possibly after this move down.

I had my shorts closed in the morning (3 hours ago) with +35 pips and so no trade, just watching.
no follow through after the 1.2565 break and now its pushing back up.....

ok i decided to short @ 1.2590 if it goes there ..
  • #71,517
  • Mar 5, 2009 4:22am Mar 5, 2009 4:22am
watch the eg.. sometimes they have to equalise to there natural relative strength before the ea or ga move.. you will c this when one pair stall at a strong s/r and the other continues to move with trend. the stalled one wont move till the relative strength of the eg is equal
those who can, do. those who cant, talk about those who can
  • #71,518
  • Mar 5, 2009 4:22am Mar 5, 2009 4:22am
Quoting Code4Capital
Just keep in mind correlation does not imply causation.
Oh, I'm just looking for some clues, that's all.

Current correlation table can be viewed at:

http://www.mataf.net/en/tools/correlation-table
  • #71,519
  • Edited 4:39am Mar 5, 2009 4:24am | Edited 4:39am
Quoting ragnakore
no follow through after the 1.2565 break and now its pushing back up.....

ok i decided to short @ 1.2590 if it goes there ..
It would be a good call but i suggest tight s/l, right now i would set it at +1 if it moves down enough, t/p open or ~2550, truly i dont know right now its only few pips up and down so its hard to decide, but 2590 would be a good entry.
  • #71,520
  • Mar 5, 2009 4:37am Mar 5, 2009 4:37am
P/A is in favor of the USD at the moment. Tight stops and Sell orders would be best for a trader (unless you are a Counter-Trend trader ... lots of retracements lately).

BOE is looking to boost its current money supply to resuscitate the economy. I don't believe BOE will take this lightly, they are looking towards a major push in it's economy and currency valuation. I would expect a sharp/strong move in GBP's favor later today. I would even expect a major move on the EUR. Analyst are expecting between a .05% - 1.0% interest rate cut.
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