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  • #76,861
  • Mar 18, 2009 8:41am Mar 18, 2009 8:41am
Quoting SunTrader
There is one pivot point and the others are upper (resistance) and lower (support) levels.

On a monthly basis the pivot is 1.2757

At 1.3143 there is resistance level - a mid level between R1 and R2, if that is what you are referring to? Maybe what some call M3 or M4?
Res at 1.3143 ?? When was that formed last hour ?

Face it open up a 4H chart and see that they blew through 1.3070 which was signifigasnt in early Jan. The next real RES level is 1.3330 the double top from end of DEC.
+ Charts Happen
  • #76,862
  • Mar 18, 2009 8:46am Mar 18, 2009 8:46am
Quoting sed
Is that money that AIG pay to european institute contribute to stronger euro?
No America just prevented Europe from going bankrupt. Overleveraged banks, FED please call in all margin calls, I want to see how these entities cope.
  • #76,863
  • Mar 18, 2009 8:46am Mar 18, 2009 8:46am
If your scalping (i am new) this is what my Fib looks on my 5 min chart. I am short @ 1.3123, (looked like a double top)T/P @ 1.3075 area. Just curious if anyone agrees, I am in a Demo account and practicing. Thank you for any input.
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  • #76,864
  • Mar 18, 2009 8:47am Mar 18, 2009 8:47am
Quoting dysan4x
In 2006 there was approximately 300 financial institutions that moved the currency markets as they needed. Forex is very manipulated by big money making money. They move trillions a day to make .5% in any direction they need it. It isn't a conspiracy theory, it is the truth.

The trades that we make...wouldn't move the market a pip.
Oh yeah, I don't doubt that. Retail traders are nothing compared to the bigger participants.

But what i was getting at is that those 300 financial institutions are not always going to ALL trade in one direction or another. They are battling it out with each other as well. So yes one or two might move it one way...but then another 6 might want price to go the opposite direction. So they battle and price easily moves this way or that.
  • #76,865
  • Mar 18, 2009 8:57am Mar 18, 2009 8:57am
Quoting dysan4x
In 2006 there was approximately 300 financial institutions that moved the currency markets as they needed. Forex is very manipulated by big money making money. They move trillions a day to make .5% in any direction they need it. It isn't a conspiracy theory, it is the truth.

The trades that we make...wouldn't move the market a pip.
For one pip moving in EU you have to change 30 Million $
  • #76,866
  • Mar 18, 2009 8:58am Mar 18, 2009 8:58am
Quoting nms4716
If your scalping (i am new) this is what my Fib looks on my 5 min chart. I am short @ 1.3123, (looked like a double top)T/P @ 1.3075 area. Just curious if anyone agrees, I am in a Demo account and practicing. Thank you for any input.
As mention
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  • #76,867
  • Mar 18, 2009 8:59am Mar 18, 2009 8:59am
Quoting lloydblankfe
No America just prevented Europe from going bankrupt.
just in case you have not noticed yet: in europe, only some (economically smaller) countries have problems, where the USA are completely bankrupt.
  • #76,868
  • Mar 18, 2009 9:06am Mar 18, 2009 9:06am
Quoting nms4716
If your scalping (i am new) this is what my Fib looks on my 5 min chart. I am short @ 1.3123, (looked like a double top)T/P @ 1.3075 area. Just curious if anyone agrees, I am in a Demo account and practicing. Thank you for any input.
1H and 4H are much better to use, especially if you are a beginner. The small timeframes vary from broker to broker quite a bit.

Oh and my opinion on the current Euro surge? Well, take this with a grain of salt: Only way US stocks can rise in the near future - and they just did - is that US Treasury/FED inflationary policy starts to take effect. They have been buying "troubled assets" <- newspeak for forfeited debt left and right, pumping money into the system. This means increased $ supply which will eventually result in EUR rising against the USD. Only things that tell you this in real time are rising stocks and falling T-bond yields, rest of the indicators you find on the FF front page lag one or two months behind the reality.
  • #76,869
  • Mar 18, 2009 9:06am Mar 18, 2009 9:06am
....hoping for a run up to 1.3186, and then????
Good Trading. (keep it simple).
  • #76,870
  • Mar 18, 2009 9:08am Mar 18, 2009 9:08am
i think it win retrace now
  • #76,871
  • Mar 18, 2009 9:17am Mar 18, 2009 9:17am
Quoting 01donatas
i think it win retrace now
It may well do, but I am expecting it to retrace at 1.3186(& hoping!).
Good Trading. (keep it simple).
  • #76,872
  • Mar 18, 2009 9:17am Mar 18, 2009 9:17am
time is coming to short this thing!
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  • #76,873
  • Mar 18, 2009 9:18am Mar 18, 2009 9:18am
Quoting Forbes55
time is coming to short this thing!
hit R3 resistance to the pip
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #76,874
  • Mar 18, 2009 9:21am Mar 18, 2009 9:21am
Quoting Forbes55
time is coming to short this thing!
While I agree, I lotta folks have been losing a lotta money saying that.

Don't have Bias, trade what you see. Be careful.
  • #76,875
  • Mar 18, 2009 9:23am Mar 18, 2009 9:23am
Next week or so, when EURUSD start to sell off the same argument will be used in the opposite direction

Long at 1.2910 TP @1.3130 where i have reversed

Quoting pit73
just in case you have not noticed yet: in europe, only some (economically smaller) countries have problems, where the USA are completely bankrupt.
  • #76,876
  • Mar 18, 2009 9:23am Mar 18, 2009 9:23am
Quoting JasonGuillen
While I agree, I lotta folks have been losing a lotta money saying that.

Don't have Bias, trade what you see. Be careful.
I only say this when time come!
ROBOT FOREX
  • #76,877
  • Mar 18, 2009 9:23am Mar 18, 2009 9:23am
Dear Forbess

I hold a short from 1.2570 ,, and with each up I said time to short again and no,,it is up and up

I was thinking that the last thing in this up movement is the 1,3090 Area,,,,I hope a daily close today down it

On monthly basis,,it must go down,,,,right ??




Quoting Forbes55
time is coming to short this thing!
  • #76,878
  • Mar 18, 2009 9:27am Mar 18, 2009 9:27am
Quoting lloydblankfe
No America just prevented Europe from going bankrupt. Overleveraged banks, FED please call in all margin calls, I want to see how these entities cope.

At the end of the day, the yankees are the ones that provoque all that mess, by giving away loans to "ninja's" poeple of their country, and after it selling the shit stuff to other countries, european in between...

So it is quite understanding that usa have to assume it's responsability in that finacial disaster...

my 4 cent's...
  • #76,879
  • Mar 18, 2009 9:29am Mar 18, 2009 9:29am
Quoting JasonGuillen
While I agree, I lotta folks have been losing a lotta money saying that.

Don't have Bias, trade what you see. Be careful.
Did a buy after London open now a sell after New York open. I am not in sync with the market at the moment.
Forex Price Action Hacked - Price Action Rockstar
  • #76,880
  • Mar 18, 2009 9:29am Mar 18, 2009 9:29am
Quoting mohfaid
Dear Forbess

I hold a short from 1.2570 ,, and with each up I said time to short again and no,,it is up and up

I was thinking that the last thing in this up movement is the 1,3090 Area,,,,I hope a daily close today down it

On monthly basis,,it must go down,,,,right ??
I never hold a position more than 6 hours, usually close within 1-3 hour
and I don't advise to hold short position from 2570 any more!
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