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  • #164,441
  • Mar 7, 2009 1:56pm Mar 7, 2009 1:56pm
Quoting damonl
I am seeing the same thing. Either price is going to head up and test the descending weekly trendline or it will head back down to 131 before meeting up with it. Regardless I am seeing 142 area for Monday. I'm definitely not seeing 150 though right now as the chart stands 148 at best and only if it went straight up from here which I don't think it will do.


Attachment

closed all my shorts.

planning to re-short it at the bounce of the upper tl.

looking @ the 4 hr chart, we have a bullish engulfing pattern, not a good sign for shorts for now. most likely we will retest the high before the drop to 131.
should we have a bounce from 131 then 155, and 165 areas are definitely on the card. of course, we will have to watch carefully on 148 area first.

here's the fib exp based on the assumption that the price will bounce from 131 area.
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  • #164,442
  • Mar 7, 2009 2:12pm Mar 7, 2009 2:12pm
Quoting damonl
It is just regular Income. However, if you have let's say you ended the year with 5000 in losses, you can only claim up to 3000 in losses for any one year. If the next year you had 2000 profit, you subtract your other 2000 that you couln't deduct last year and you would then not have to claim any for the current year.

This is as simple as it gets.

Damon
Thanks. Are gains filed under IRC 988 or 1256 ? I am confused between those two...
  • #164,443
  • Mar 7, 2009 2:16pm Mar 7, 2009 2:16pm
Quoting pkimnyc
closed all my shorts.

planning to re-short it at the bounce of the upper tl.

looking @ the 4 hr chart, we have a bullish engulfing pattern, not a good sign for shorts for now. most likely we will retest the high before the drop to 131.
should we have a bounce from 131 then 155, and 165 areas are definitely on the card. of course, we will have to watch carefully on 148 area first.

here's the fib exp based on the assumption that the price will bounce from 131 area.
This is good analysis.
Probability Professor
  • #164,444
  • Mar 7, 2009 2:44pm Mar 7, 2009 2:44pm
[quote=pkimnyc;2586985]closed all my shorts.

planning to re-short it at the bounce of the upper tl.

Nice charts pk I also closed my shorts from 140 ish on friday with a bullish
out look however theres every chance we break that trend line and crash,
i dont believe this will happen for one reason and thats the correlation between dj and gj i think we will have a bear rally i remember two weeks ago when the dj stood around 8000 and i was down the snooker hall talking to mates about how the dj will drop taking the ftse with it - did i place my order NO do i feel a little sick Very MUCH lol !!!
I feel there will be a retrace this week and i'll be ready to buy the index placing my sl asap as buying in a bear market isnt the best move you could make but its a risk ill take - so i believe the beast will rise with the indexes how far who knows - come midnight tomorrow night gmt i'll be putting on my rubber gloves - wish me lots off luck

never forget your sl
  • #164,445
  • Mar 7, 2009 3:01pm Mar 7, 2009 3:01pm
[quote=cohiba pips;2587017]
Quoting pkimnyc
closed all my shorts.

planning to re-short it at the bounce of the upper tl.

did i place my order NO do i feel a little sick Very MUCH lol !!!
I feel there will be a retrace this week and i'll be ready to buy the index placing my sl asap as buying in a bear market isnt the best move you could make but its a risk ill take - so i believe the beast will rise with the indexes how far who knows - come midnight tomorrow night gmt i'll be putting on my rubber gloves - wish me lots off luck

never...
lol. thanks for the kind words my friend.
remember back in last year after the collapse of lehman brothers?
how long it took for the bs summer rally to top out?

let's see how it plays out. lol
  • #164,446
  • Mar 7, 2009 3:20pm Mar 7, 2009 3:20pm
very nice chart analysis...........seems like it can retrace up to 129 levels .

Thank you very much


Quoting pkimnyc
closed all my shorts.

planning to re-short it at the bounce of the upper tl.

looking @ the 4 hr chart, we have a bullish engulfing pattern, not a good sign for shorts for now. most likely we will retest the high before the drop to 131.
should we have a bounce from 131 then 155, and 165 areas are definitely on the card. of course, we will have to watch carefully on 148 area first.

here's the fib exp based on the assumption that the price will bounce from 131 area.
BANDA333
  • #164,447
  • Mar 7, 2009 3:51pm Mar 7, 2009 3:51pm
Good idea. I really don't know much about fibs. I know how to plat them of course, but to me I don't see the relativeness of lines out in space. For us to get t oany of those targets above 148, we need to break that trendline and for the moment I am thinking that is a pretty strong area of resistence.

Watch it plow through like it is not even there

Quoting pkimnyc
closed all my shorts.

planning to re-short it at the bounce of the upper tl.

looking @ the 4 hr chart, we have a bullish engulfing pattern, not a good sign for shorts for now. most likely we will retest the high before the drop to 131.
should we have a bounce from 131 then 155, and 165 areas are definitely on the card. of course, we will have to watch carefully on 148 area first.

here's the fib exp based on the assumption that the price will bounce from 131 area.
"Keep your eyes on the helpers" - Mr. Rogers
  • #164,448
  • Mar 7, 2009 3:53pm Mar 7, 2009 3:53pm
Asking the wrong guy about that. The only reason I know as much as I know is because my account had never dealt with Forex earnings until me and so she had to take some classes or something for it and told me the simple version. The technical stuff I haven't a clue.

Damon

Quoting pipidiot
Thanks. Are gains filed under IRC 988 or 1256 ? I am confused between those two...
"Keep your eyes on the helpers" - Mr. Rogers
  • #164,449
  • Mar 7, 2009 4:13pm Mar 7, 2009 4:13pm
ignore the complete wick on the left shoulder and we have an inverse head and shoulders. ... 141.5 neckline


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  • #164,450
  • Mar 7, 2009 4:33pm Mar 7, 2009 4:33pm
We'll have to watch how it play's out. Here is a UsdJpy Weekly Chart. Lots of upper resistence coming and the current ascending weekly trendline to me seems way too step to hold once price hits the upper resistence.

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Quoting malcolmb14
ignore the complete wick on the left shoulder and we have an inverse head and shoulders. ... 141.5 neckline


Attachment
"Keep your eyes on the helpers" - Mr. Rogers
  • #164,451
  • Mar 7, 2009 4:47pm Mar 7, 2009 4:47pm
Quoting malcolmb14
ignore the complete wick on the left shoulder and we have an inverse head and shoulders. ... 141.5 neckline


Attachment
Don't mean to disrespect but wouldnt inverted/straight H&S signify the end/beginning of a trend and not a continuation sign ?
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #164,452
  • Mar 7, 2009 5:23pm Mar 7, 2009 5:23pm
For cable, short term, I'm biased to the upside, fib expansions drawn from 4hr chart. I see a bullish divergence developing, If it falls, I don't expect it to go below 1.3925-50 area.
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  • #164,453
  • Mar 7, 2009 5:51pm Mar 7, 2009 5:51pm
Quoting GodfreyH
For cable, short term, I'm biased to the upside, fib expansions drawn from 4hr chart. I see a bullish divergence developing, If it falls, I don't expect it to go below 1.3925-50 area.
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  • #164,454
  • Mar 7, 2009 5:59pm Mar 7, 2009 5:59pm
Quoting djambazov84
Don't mean to disrespect but wouldnt inverted/straight H&S signify the end/beginning of a trend and not a continuation sign ?

think about what an inverted head and shoulders means in reality and you will the answer you are looking for

I use VSA .... on both shoulders at 137.50 there has been stopping volume on a 60 min chart both time ... pros are buying at this level

an inverted head and shoulders means on left shoulder pros buying 137.5 , head they were willing to buy lower , and now we have another shoulder at 137.5 where it looks like pros are interested in buying again

would this signify end of trend or consolidation / accumulation ?

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  • #164,455
  • Mar 7, 2009 6:05pm Mar 7, 2009 6:05pm
Quoting damonl
We'll have to watch how it play's out. Here is a UsdJpy Weekly Chart. Lots of upper resistence coming and the current ascending weekly trendline to me seems way too step to hold once price hits the upper resistence.

Attachment

think we could see test 100 on Uj again yet .. seems on every dip there are buyers on a 15 min chart right now ...

we did some selling into the strength at about 98 .... but that was quickly absorbed by buyers

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  • #164,456
  • Mar 7, 2009 6:09pm Mar 7, 2009 6:09pm
Quoting GodfreyH
For cable, short term, I'm biased to the upside, fib expansions drawn from 4hr chart. I see a bullish divergence developing, If it falls, I don't expect it to go below 1.3925-50 area.
I am not sure what I am seeing here...mixed signals for me no doubt. Mayber garrison keeler will give me the answers

Bearish bar, but you will see a wierd colored trendline just below the the most recent bar.

1. This area did not get broke
2. The bar stoped before this area
3. That wierd colored line is both a daily and a weekly trendline.

I am not sure that it will be able to break to the downside. I will be looking to go long once the trendline zone is reached.

My evaluation is spot on with yours

Dare I say up tomorrow and down on tuesday, then up to 1.4600....oh..did I say that outloud?

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"Keep your eyes on the helpers" - Mr. Rogers
  • #164,457
  • Mar 7, 2009 6:10pm Mar 7, 2009 6:10pm
Quoting malcolmb14
think we could see test 100 on Uj again yet .. seems on every dip there are buyers on a 15 min chart right now ...

we did some selling into the strength at about 98 .... but that was quickly absorbed by buyers

Attachment
"Keep your eyes on the helpers" - Mr. Rogers
  • #164,458
  • Mar 7, 2009 6:15pm Mar 7, 2009 6:15pm
Quoting GodfreyH
For cable, short term, I'm biased to the upside, fib expansions drawn from 4hr chart. I see a bullish divergence developing, If it falls, I don't expect it to go below 1.3925-50 area.
Lo ve your country by the way greatest beaches especially Negril. MY Q to you? Why do you always focus on GU... Dont bash on me Im just a newbee.

Thank oyu for answering!

E
  • #164,459
  • Mar 7, 2009 6:36pm Mar 7, 2009 6:36pm
Quoting Estero
Lo ve your country by the way greatest beaches especially Negril. MY Q to you? Why do you always focus on GU... Dont bash on me Im just a newbee.

Thank oyu for answering!

E
Thanks...Cable is easier to trade than gbp/yen. I find it easier to establish a direction. Also less extreme volatility, and cross pairs have more ranging periods. Although gbp/yen moves better when its ready, you need a bigger stop loss.

Typically, my stop on cable is 1/2 what it would have been on gbp/yen, so the net gain is about the same as I don't need it to move as much.

Yes, cable is not as "sexy" as gbp/yen, but I'm not trading for excitement, I'm trading for a living.
  • #164,460
  • Mar 7, 2009 7:14pm Mar 7, 2009 7:14pm
This news may help push the GU and GY down this weekend..

Gap down?

http://www.forexcrunch.com/bad-briti...sks-the-pound/




Quoting GodfreyH
Thanks...Cable is easier to trade than gbp/yen. I find it easier to establish a direction. Also less extreme volatility, and cross pairs have more ranging periods. Although gbp/yen moves better when its ready, you need a bigger stop loss.

Typically, my stop on cable is 1/2 what it would have been on gbp/yen, so the net gain is about the same as I don't need it to move as much.

Yes, cable is not as "sexy" as gbp/yen, but I'm not trading for excitement, I'm trading for a living.
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