The WoRmHoLe

Hey wormboy! checking out ya thread i gotta get my mind back on some other trades ive been taken over by cable these days! lol

I hear you bro. Take a look at dragon. Loving every minute of trading that beast. Least it's a bit more "predictable" than cable since yesterday lol.

the spread kills me on that ive not had much success with it and plus im very concerned that the BOJ will announce quantative easing measures so im staying well clear lol.

Im thinking about shorting EG soon, for a long term trade, waiting for it to get a bit higher seeing if it can break .9500, i'll prob short it from there with a nice signal

Im also holding cable long look to add tomorrow for a 1.5+ target

Crap. Looks like we're in a tug of war here lol. Buy you a pint if I win

There's still no clear direction to trade this pair at the moment unless it involves scalps. Will be waiting for a tradeable direction.
Good luck

check the volumes across the TF's for the clues before it takes off

looks to me a break of yesterdays lo willl yeild handsomely short, looks like they are letting the late longs to get in line for the gilatine

Orion : Thanks for the heads up mate

This is a follow up to post #456 & 459.
At the moment with the visible formation of the 3 mountain tops on the 4hourly, my bias remains bearish. The formation will be deemed invalid should price breach magenta line. A break below low blue line will be a strong signal of a further fall, with 133.25 level support standing in the way.
On the daily, just like the 4hourly, should price breach the magenta zone, we are back into consolidation. A break below the skyblue zone will signal further drop. Bullish continuation will be deemed valid if 141.7 resistance level is taken out.
Open short positions for this beast is still intact. Good luck

Okay, I'm off. See you guys London session. Tomorrow is the first freaky friday of the year. Dunno if it's possible to top what had already been a freakish week so far.

I got a good scalp going. Broken 15 MIn DTL gives way for maybe 80 + Pips here.

AJ

Testing the intermediate trendline. If it holds, I will add to my long.

AJ

One dip late, but we still caught it.

Watch out for the crows. Good luck

We have a Classic Bullish Falling 3 method playing out on the 4 Hr chart. A very nice one, also. Look for this pair to break exsisting high.

AJ

Looks promising. A close above 139.5 level will most likely push this beast up.
Let's see.

GBP_USD Spot.png

30 minutes to go....back to back patterns,at Round Number and at Ressistance Ppreviously......but its Friday is it worth it........ and something i dont understand,triple/double witching day.......

baz

For the Fundies:
USD Weakness Explained

Many traders fall error to the belief that their trading strategy is fool-proof. Anyone watching the value of the USD these past few weeks would no doubt fall victim to this fallacy by going long on the greenback in expectations for it to continue acting as a safe-haven. Even pros make this mistake. The sad truth is that the USD has been artificially held high simply because the U.S. economy is believed to be the support of the global economic system.


I’ve been telling my clients lately that the recent weakness will end soon and the Dollar will go bullish again in the near future. I still believe this to be true, but often I have to ask myself if it’s because I am also banking on the USD being the international safe-haven.


What is occurring right now with the Dollar is a covering of various Dollar position. This can be understood more simply as stating that investors the world over had previously bought up the USD as world stocks plummeted and currencies began to act erratically. In search of a safe-haven, most investors inevitably landed on the USD, considering the historical strength of the American economy. Now that we have a rebound in economic data from the U.S., the Dollar seems to be taking a hit. The truth is that the USD is not weakening, merely returning to a more realistic price level before attempting to reflect its true value.


If the market were to hit a more stable equilibrium tomorrow, the USD would not continue on its downward path. It would begin to strengthen from the positive economic news and American market bullishness. The trouble is in knowing when that equilibrium has been met. Considering the deep recession we are all currently experiencing, there is a possibility that the light still cannot be seen at the end of the tunnel, but we’re getting closer. If positive data continues to be released, traders should not necessarily bank on the Dollar getting stronger until much of the rest of the world has caught up.


Summing things up, the Dollar is losing strength not because it has any weakness that other currencies don’t, but because Wall Street has begun a small rebound and investors are pulling money out of the forex market. Take notice that the EUR is not necessarily gaining ground because of positive economic news, as its news is far worse than what’s coming from the States. It is merely the beneficiary of unwinding Dollar trades. Once the balance between the stock and forex market has been reached, traders will see the real value of world currencies begin to emerge. Until then, expect the unexpected.

Thanks Dave. Refreshing to get some fundies insight at last.

Okay. Took a position for dragon. In for the long haul hopefully.
Albeit premature, the inverted H&S on multiple timeframes have me convinced to take this trade; 6 hours (post #496 4 hour). And on the 6hr, it seems price failed to breach and close below tl4 so atm the bearish continuation is fading fast. The overlay also shows that usd jpy had managed to close above the 95. level (28th Oct 08 support).
Should price close below tl4, I will end this trade. And as usual stops will be amended periodically.
Let's see how this unfolds.

[email protected] [email protected] [0.3 lotsize]
PO @139.75 [email protected] [0.1 lotsize]
PO @142.20 [email protected] [0.4 lotsize]

Good luck