EURUSD

it is right that you follow your plan ...

Fair enough, it's all about opinions. Although I wouldn't place too much credence on such random anecdotal evidence.

The facts regarding unemployment and repossessions tell a vastly different story to the one you are relaying. Behind every statistic on the NFP data and every home being foreclosed, there is often a very tragic human tale of suffering. These tales of suffering will only increase in the coming months.

Fully agree!

I think folks are overlooking a key element here...the media. While I'll know it's only "part" of the picture, in the US, it's a large part. Take for instance the first two years of the Bush administration. We were breaking every economic indicator record there is month after month. Then the largely left leaning media had to put a stop on it and embarked on the "bash Bush" campaign. Even when the numbers were still going up, for the remaining 6 years we heard NOTHING but doom and gloom for the economy.

This, in my humble opinion, caused a massive decline in consumer confidence and I think ultimately helped pave our way here. Now that the Dems are in control, I suspect that even as the recession deepens, we'll hear how much better it's getting OR, as in right now, we won't hear much of anything from the media about it.

As we had a discussion lately about software we use and what we can do with it i was wondering if it is posible to open position for example 0.2 lots and set T/P or S/L only for a part of that possition in case you wish the rest to stay open for a better price. I checked that with my secind account (demo) and result was negative. When you try to modify order any change you make is always made for that specific trade. So if we wish to have possibility of automated closing of our trades its simply better to open few trades and set T/P manually for each of them.
But closing part of trade manually is nice chance to take some profit if you think that trend may change or you simply wish to have some part of profit secured before you reach desired price.

As for eur/usd its getting bounced from 2725 and if it keeps that way we may see a down movement. Just my opinion to the current situation.

Good analysis.

Looking at your charts I see you are using MT4 platform with Elliott Waves indicator. Could you post the indicator for us traders to use with our MT4 platform?

You are imagining things. deregulation let's the crooks run everything. Enron was the canary in the coalmine; Bush fired Donaldson from SEC saying he wasn't business friendly and Cox turned a blind eye to everything. You think the global economy collapsed because of US media? Think again...by the way, UN investigation Bush for war crimes...next big media event.

what? Bush is going to be investigated for war crimes? I didn't know that.

Anyway I've watched a number of interviews and news stories showing actual people suffering big time from the recession in the US. A lot of those people don't seem to understand why it is happening to them and why the economy is so bad.

I don't know how widespread it is but man, I talked to my uncles in the US and they were essentially millionaires. Now they are struggling to keep their own house.

They are realestate agents and mortgauge brokers. (Both qualifications each one of them has).

They basically said that in California in Sacramento and Frisco it is basically like a depression. In Frisco there are so many of those car dealerships closing.

Another uncle said that business is great for him as an auto mechanic in Frisco. He said that he believed that people were more interested in fixing their old cars then buying new ones. So i guess the mechanic auto industry is recession proof. Good for him. But he is angry about all of these bailouts--especially the bailout of GM and Chrysler. He believes that both car companies are crap and should have died long ago. (Poor quality cars that break down all the time--much more so than Japanese cars)

All of those uncles also said that at the shops--it is basically dead--hardly anyone shopping compared to the boom times. That goes for both Frisco and Sacramento.

I live in Australia so hearing about all of these things is very interesting to me.

I can say just about anything I want to because I am on almost everyones ignore list.

People in general fail to see the big picture unless they are personally affected. By this I mean if you go out to eat chances are you will only see that the establishment is busy or not. You won't know that some of the patrons saved for several weeks to go out that night when a year ago they went whenever they wanted.

The big picture is that the economy is in a failed state of affairs. People all over are suffereing. Worried not only about how they are going to make the rent/mortgage but how they are going to eat. Some are already past the wondering how they are going to make payments or eat and are dumpster diving.

I work with a foundation that assists indigent people. I see it everyday where I live. I don't have to ask why anymore. I just make sure we take care of whoever comes through the door.

Oh I see, and the folks in Washington (Both Sides) aren't CROOKS?? LOL

And if you read my post, you'd see I said "only "Part" of the problem" not it "Caused" the collapse. At any rate, I'm not here to get into a debate or argument. It was just something I've witnessed over the years.

Sorry if it offended anyone. Not my intent.

As is usual from you, very wise words....

You are now off my ignore list, but only for a day or so

how 'bout that euro...

seems to have all but ignored the lame industrial orders

There isn't one that I know of.

You can learn about it here: http://www.elliottwave.com/

is it a good idea to short @2750?

No! Unless you see a bearish divergence...im still long targetting 2820 +

suffering from insomnia....common symptom when adjusting to the fx active timeframes (it is 4:30 am here). i am done trading until i get some good sleep so i thought i might as well crank out the wine and continue reading this thread for entertainment.

i have read most posts regarding the current recession. as i am a victim indirectly (independent but still living with parents)...i have seen what it has to offer. having worked in a big electronics store when i was first funding my account (right in the middle of sillicon valley) where employment was through the roof at all times and now, nothing...not to mention the dwindling sales experienced monthly. Best example of how hard this recession hit is Circuit City which is pretty much gone now but was serious competition for the store i worked in (Fry's Electronics). I turn on the local news every night and im reminded time and again...unemployment levels are through the roof (as expected...sillicon valley is all about technology and as that department suffers big time....so goes the jobs). Even my own sister who is younger then me yet a college graduate living on her own with some roomates who are in college suffers from the impacts of this recession(she pays 1k by herself per month which is insane at her age but she makes all her money working...for a goverment funded company..hah). As she is a full time employee...she still wants to go back to college/university to get a law degree but the school itself cannot offer the program she wanted anymore (night hours as she is a full time employee)...it got its funding cut by the federal goverment so they cannot afford that program among with many others. Even a simple walk to buy ciggarates from the neighborhood 7-11 is full of surprises...sometimes right outside the store are people asking for money..this is in no way a surprise but for example the last time around...the dude looked like he was all bussiness...probably just lost his job and home or something..really sad to see. Of course I gave him some money picturing I could be in his shoes if i did not find my calling in Forex.

Still....these are the people affected by the recession. it is roughly 6million people out of 300million people that lost their jobs and possibly another 30-50million who get affected indirectly by this recession no matter how you interpret it. I recall when gas was almost 5 dollars a gallon...this reporter interviews this lady on tv asking how shes being affected by high price gas and she was so oblvious she didnt even realize how expensive it was until asked.

Yes times are bad...yes we as traders feel the pain..probably more so then the average population as we know the dirty details of this mess probably more then the people on wallstreet. (maddoff is their entertainment). yes the person affected by this recession will do what is only human nature..suffer or complain. but the people not affected...the ones who kept their jobs and homes and still can afford to go out or buy whatever they usually buy...do you think they care about the person who lost his job and home? Time and time again I have seen this is not the case and view that other unlucky individual as a nuisance at best. Not only that...they keep up their normal daily habits..buy this..buy that..go see this movie...go see that movie..and so on. You walk through malls where I live, you go to the movies where I live or restaurant any given weekend...there are so many people theres barely any breathing room.

After having had no too good a start to the day, I am considering 1.2775, for another short, not getting in at 1.2775, but after it is rejected from there, should it be rejected. (1.27600) may be the rejection!!

at 2759 short again

I missed this upwards move, so now I am waiting for a retracement.

Short up to 2757.