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  • #72,561
  • Mar 6, 2009 5:52pm Mar 6, 2009 5:52pm
Quoting _tlk_
I think that the last half hour of rising Wall Street did not reflect itself on the E/U.

Therefor I've opened a long position just before the close. I'm hoping for a nice gap up over the weekend.

Let's see.....
Well then I am rooting for you as well. Where'd you set your SL an TP if you don't mind me asking.
  • #72,562
  • Mar 6, 2009 5:54pm Mar 6, 2009 5:54pm
Quoting emda
now to compensate my depressive previous post... here is a funny one
the art of oscargasm
http://gawker.com/5158707/the-art-of-the-oscargasm
nice one! lol I adore Penelope lopez.she is soooo
  • #72,563
  • Mar 6, 2009 6:10pm Mar 6, 2009 6:10pm
Quoting behman8850
Luckily I got out of those positions short in e/u. at my rate 2636!!!
lol i Held for that nice fall to 2600 =D . Made a great day even better...Non farm payroll shamroll ahah
Going to make it big by age 21.
  • #72,564
  • Mar 6, 2009 7:54pm Mar 6, 2009 7:54pm
Quoting gatorinla
did my usaul shorts.. have a good weekend..
Good luck with those shorts at the close.
+ Charts Happen
  • #72,565
  • Mar 6, 2009 11:12pm Mar 6, 2009 11:12pm
Quoting Doniboy
??????

I have read "History". Are you telling me that I am wrong? This is Armageddon? Or are you just being contrary again?
I ain't saying I'm sure its Armageddon, but let me remind you of something and its always been this: Recession -> Protectionism -> Depression.

There is no doubt in my mind that Hussein is a protectionist. All these leftists talk about free trade and how they need to support, but their actions have been contradicting it. Now America will keep trading with these socialist nations, but along with these socialist nations they are adopting protectionist policies against China and India. Apparently screwing half the worlds population isn't big to them.
  • #72,566
  • Mar 6, 2009 11:58pm Mar 6, 2009 11:58pm
Quoting psiholog
when i was gone at the end of december for a few weeks like 20 people sent me private messages asking where i was and if im coming back..thats how much my opinions are valued. there was even one guy who offered to fund me big time....hundreds of thousands..losses were his and profits we split....yet i refused as i dont want to fall into a "rely on others" trap.
I find it hard to believe that someone from a forum would give someone who trades drunk, has barely a year of experience, blew their account several times - hundreds of thousands of dollars to trade with? If that is true - whoever that was is an absolute moron.
  • #72,567
  • Mar 7, 2009 1:59am Mar 7, 2009 1:59am
Quoting dwildes
I find it hard to believe that someone from a forum would give someone who trades drunk, has barely a year of experience, blew their account several times - hundreds of thousands of dollars to trade with? If that is true - whoever that was is an absolute moron.
Maybe he was drunk when he wrote that?
New voice message: Why are you calling me? If I need you, I'll call you!
  • #72,568
  • Edited 3:03am Mar 7, 2009 2:03am | Edited 3:03am
Quoting _tlk_
I think that the last half hour of rising Wall Street did not reflect itself on the E/U.

Therefor I've opened a long position just before the close. I'm hoping for a nice gap up over the weekend.

Let's see.....
That's not trading, that's gambling and as such you shouldn't even mention that here because this is a trading forum, its not about gambling here.

And if there will be a gap at all, it will be a gap to the downside. Definitely not to the upside.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #72,569
  • Mar 7, 2009 2:34am Mar 7, 2009 2:34am
Quoting KillerWhale
That's not trading, that's gambling and as such you shouldn't even mention that here because this is a trading forum, its not about gambling here.

Shamu
I appreciate your comment but let's get clear about trading and gambling.

Gambling is a game based on random outcome where you can't controll it.

Thus trading is a game based on PROPABILITIES. With that said, one can make assumption about certain pattern or behavior.

So my thought was that since Euro was so heavily correlated to equity market for so long, it's only an estimation that it still is.

Best Regards
  • #72,570
  • Mar 7, 2009 2:45am Mar 7, 2009 2:45am
I wasn't in Fridays action but if I was I would have shorted the break back below 2705. Easy for me to say looking at the charts today of course. If you are interested, here is what I see for Sunday (Asian Monday) market.

There is strong resistance in the 2705 area and if price breaks above this area the long action will be to around 2840.

The area to watch on the downside is 2596 area. A break below this would put price back in the down channel (on my charts) and points to a 2490 low.

My expectations is the low side but I am not in a trade and won't be until the Asian open.
  • #72,571
  • Mar 7, 2009 2:52am Mar 7, 2009 2:52am
Quoting dysan4x
I wasn't in Fridays action but if I was I would have shorted the break back below 2705. Easy for me to say looking at the charts today of course. If you are interested, here is what I see for Sunday (Asian Monday) market.

There is strong resistance in the 2705 area and if price breaks above this area the long action will be to around 2840.

The area to watch on the downside is 2596 area. A break below this would put price back in the down channel (on my charts) and points to a 2490 low.

My expectations is the low side but I am not in a trade...
Call me crazy but I see rounded bottom playing out.
  • #72,572
  • Mar 7, 2009 3:00am Mar 7, 2009 3:00am
Quoting Doniboy
Well then I am rooting for you as well. Where'd you set your SL an TP if you don't mind me asking.
Sure,

Since I see it as a risky bet, my SL is 30 pips from the entry and my TP well above.

  • #72,573
  • Mar 7, 2009 3:12am Mar 7, 2009 3:12am
Quoting _tlk_
I appreciate your comment but let's get clear about trading and gambling.

Gambling is a game based on random outcome where you can't controll it.

Thus trading is a game based on PROPABILITIES. With that said, one can make assumption about certain pattern or behavior.

So my thought was that since Euro was so heavily correlated to equity market for so long, it's only an estimation that it still is.

Best Regards
This debate about whether trading is gambling or not seems to be a recurring theme here on FF.

And I find it difficult to accept that trading is no more than a game of chance.

There must be more to it than just luck, but the markets do appear to be completely random sometimes.

What does everyone here think?
  • #72,574
  • Mar 7, 2009 3:44am Mar 7, 2009 3:44am
Quoting stewrigh
This debate about whether trading is gambling or not seems to be a recurring theme here on FF.

And I find it difficult to accept that trading is no more than a game of chance.

There must be more to it than just luck, but the markets do appear to be completely random sometimes.

What does everyone here think?
It depends if you are trading in short or long time frames IMO
if you trade the news on 5/15 min timeframe the outcome can be completely random as happened already in the past days but if you look at the big picture it is much more easy to define the general trend
  • #72,575
  • Mar 7, 2009 4:05am Mar 7, 2009 4:05am
Similar in nature perhaps, however trading is not the same as gambling.

Just because you can study a form guide for a horse race and pick a winner or even study signals during the race and pck the winner in running - this doesn't mean its the same as trading.

There are many dirfferences but the main one is this. Although the market participants make the market in the sense that the money placed will determine the favourite and its price - they dont make the market in the sense that traders make a currency market. i.e if all punters place a horse to win but during the race they dont fancy it and they pace it to loose in running - the horse will not suddenly slow down just because longs have been covered nor will it gain any short momentum and decelarate back through the field. The horse will start, run and finish and the market will have no affect on how it does this. Take a race with no money on it - it will have the same outcome as one with money on it because the money doesnt affect the outcome, only the price you recieve from the bookmaker.

Very different, fundamentaly the GBP/USD price may be going to whatever but its how it gets there and trading is understanding both and finding a style to trade the in between part (the race) and to do that you need to realise that the direction of the market participants positions will affect how it gets to that inevitable new high or low - both on a short term and long term view - enough people using the same levels, covering the same shorts/longs, using the same indicators and doing the same thing - trying to make money - will affect the direction and speed of the horse(named CABLE in this instance) - if only for a short time until the fundamentals take over and the trend continues.

Incidently, i see 1.3600 as the low and my view is a retracement over the next month back to 1.5000 - anybody agree?

Stephen
GBP/USD - 1.48 March
  • #72,576
  • Mar 7, 2009 4:56am Mar 7, 2009 4:56am
Quoting PipHunter33
Similar in nature perhaps, however trading is not the same as gambling.

Just because you can study a form guide for a horse race and pick a winner or even study signals during the race and pck the winner in running - this doesn't mean its the same as trading.

There are many dirfferences but the main one is this. Although the market participants make the market in the sense that the money placed will determine the favourite and its price - they dont make the market in the sense that traders make a currency market. i.e if all punters place a horse...

Stephen,

I see where you get the 1.36 from but not sure Cable will stop there.

The current state of the Uk economy is so bad I could actually see it blasting thru.

Don't think it'll get to 1.5 anytime soon either.
  • #72,577
  • Mar 7, 2009 5:36am Mar 7, 2009 5:36am
I feel that fundamentally the whole world is short cable and more specifically long dollars, 150 billion of easing coupled with almost 0% rates - and yet no further decline on towards 1.36. yes the retail guys continue to churn the cable supertanker but i think institutions and other large players will now start covering all/some of these short positions until the success of easing can be measured which will take a lomg time. Yes i dont rule out a move below 1.36 but bear in mind 1.40 is athirty year support level and has rarely ever bee breached. Maybe it goes lower but for the next month i expectg large short covering to take it higher - could be way wrong but i feel it is very oversold right now.
GBP/USD - 1.48 March
  • #72,578
  • Mar 7, 2009 5:51am Mar 7, 2009 5:51am
Yeah ur probably right - look at the GBPCAD chart.

Its moved up over a 1000 pips in a month - totally crazy!!
  • #72,579
  • Mar 7, 2009 6:12am Mar 7, 2009 6:12am
Quoting stewrigh


There must be more to it than just luck, but the markets do appear to be completely random sometimes.

What does everyone here think?
I find it curious that this topic and the statement of randomtisity (I made that up) are being discussed at the end of a non farm payroll day.

Hell with EU ad BOE rate anoucements on Friday followed my NFP on Friday I took both days off.

I havent even loaded a chart sice early early thursday morning.
+ Charts Happen
  • #72,580
  • Mar 7, 2009 6:20am Mar 7, 2009 6:20am
I am not referring to charts so much - just trying to understand the flow of money throughout the world, is the world flushwith dollars or do we all need more. I cant see for now that is, what will make the dollar stronger vrs sterling and so i am keen to hear other views but for me 1.50 is wher cable will be at some point during march, possibley 1.48/9 but that directio anyway, i am looking to start buying it from 1.40 and below.
GBP/USD - 1.48 March
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