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  • #78,521
  • Mar 22, 2009 12:25pm Mar 22, 2009 12:25pm
DX (US Dollar Index) Daily and Weekly Charts:

On the Weekly chart we see that the market made a Doji and then fell south. We have hit the "Zero line" on the CCI as well as the 200 SMA. We could get a bounce here as a 'zero line rejection' with 200 SMA as support.

On the Daily chart we have made a 'Harami' candlestick formation as well as a 'HOOK' from Extreem reading of less than -200

As long as the Low of Week is not taken out we should be looking at DX going higher.
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  • #78,522
  • Mar 22, 2009 12:33pm Mar 22, 2009 12:33pm
Quoting candlesticks
DX (US Dollar Index) Daily and Weekly Charts:

On the Daily chart we have made a 'Harami' candlestick formation as well as a 'HOOK' from Extreem reading of less than -200
As your daily chart shows 200 sma is around 2.00 points lower???? And extreme readings on oscillators can always get more extreme too.
  • #78,523
  • Mar 22, 2009 12:58pm Mar 22, 2009 12:58pm
Quoting candlesticks
DX (US Dollar Index) Daily and Weekly Charts:

On the Weekly chart we see that the market made a Doji and then fell south. We have hit the "Zero line" on the CCI as well as the 200 SMA. We could get a bounce here as a 'zero line rejection' with 200 SMA as support.

On the Daily chart we have made a 'Harami' candlestick formation as well as a 'HOOK' from Extreem reading of less than -200

As long as the Low of Week is not taken out we should be looking at DX going higher.
also note that on the weekly there is a bearish divergence. index made a new second higher high but CCI made a lower high. question is whether that divergence has already played out but since this happens at the extreme end of a trend it could be regarded as a trend direction shift.

keyword here is "COULD"
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #78,524
  • Mar 22, 2009 1:53pm Mar 22, 2009 1:53pm
I'm worried. During this week end, nobody argued over whether or not the gap should be traded.

Is everybody ok?
Not all sins are created equal
  • #78,525
  • Mar 22, 2009 1:59pm Mar 22, 2009 1:59pm
Quoting Jay Walker
I'm worried. During this week end, nobody argued over whether or not the gap should be traded.

Is everybody ok?

LOL, i guess everyone agrees that it should
Traders are smartasses
  • #78,526
  • Mar 22, 2009 2:39pm Mar 22, 2009 2:39pm
żżGap up or down??


Poll is open...


My idea, up... but it is the result on my coin in the air, to be honest.
  • #78,527
  • Mar 22, 2009 2:53pm Mar 22, 2009 2:53pm
Quoting jackdan
żżGap up or down??


Poll is open...


My idea, up... but it is the result on my coin in the air, to be honest.
Right now it is up --- against my expectation of course,
1.3619 on Oanda.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #78,528
  • Mar 22, 2009 2:58pm Mar 22, 2009 2:58pm
I'm not very familiar with gap trading...

What time frame do you watch?

Do you just watch the candle chart for that timeframe and then play the first reversal after the longest candle?

Also this would just be the "gap" from NY close to Sydney open, right?
  • #78,529
  • Mar 22, 2009 3:06pm Mar 22, 2009 3:06pm
Quoting F.x.
I'm not very familiar with gap trading...

What time frame do you watch?

Do you just watch the candle chart for that timeframe and then play the first reversal after the longest candle?

Also this would just be the "gap" from NY close to Sydney open, right?
No, its the gap from NY close until most brokers open, I think that is around 3 PM PST. Oanda started moving @ 11:30 PST with no gap as usual.
Usually I set a trade @ 3PM to close the gap.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #78,530
  • Mar 22, 2009 3:09pm Mar 22, 2009 3:09pm
All this speculation, much easier just watching for abit getting a feel for the day, jumping in and out a few times then logging off when bored and repeating when required that Long Term Worrying 24/7!!!

Gap, just the movement over the weekend the Gap fills @70% of the time, last time I played that I halved my account in no time so I'm classing it as high risk and not bothering tonight. The Risk being it downtrends lower and you hold on the hope it'll fill the gap then DOOMED!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #78,531
  • Mar 22, 2009 3:17pm Mar 22, 2009 3:17pm
Quoting Turveyd
Gap, just the movement over the weekend the Gap fills @70% of the time, last time I played that I halved my account in no time so I'm classing it as high risk and not bothering tonight. The Risk being it downtrends lower and you hold on the hope it'll fill the gap then DOOMED!!
Playing the gap in my experience is very little risk, and it closes at least 95 % of the time or more.
And losing half of your account trying to close the gap looks to me as poor money management. There are S/L's to protect you from that.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #78,532
  • Mar 22, 2009 3:26pm Mar 22, 2009 3:26pm
Quoting Jay Walker
I'm worried. nobody argued over whether or not the gap should be traded. Is everybody ok?
you happy now?
FUBAR...
  • #78,533
  • Mar 22, 2009 3:26pm Mar 22, 2009 3:26pm
Oanda is gapping this 60 pips to the upside.

So much for my S/L its gonna fill 30 pips above my S/L great way to start the week.
+ Charts Happen
  • #78,534
  • Mar 22, 2009 3:30pm Mar 22, 2009 3:30pm
Quoting Passholder
Oanda is gapping this 60 pips to the upside.

So much for my S/L its gonna fill 30 pips above my S/L great way to start the week.
???????????????
New voice message: Why are you calling me? If I need you, I'll call you!
  • #78,535
  • Mar 22, 2009 3:31pm Mar 22, 2009 3:31pm
Just opened up my trading platform and see my stop loss set for 1.2594 and see the current price at 1.2624 with a massive drawdown showing that will fill at 5 PM.

Price was 50 pips under my S/L minutes before the NY close. Now not only do I I get stopped out but will get stopped 30 pips above my S/L.

Yes I am whining a bit over it.
+ Charts Happen
  • #78,536
  • Mar 22, 2009 3:31pm Mar 22, 2009 3:31pm
Quoting KillerWhale
???????????????
What dont you understand whale
+ Charts Happen
  • #78,537
  • Mar 22, 2009 3:31pm Mar 22, 2009 3:31pm
Quoting Passholder
Oanda is gapping this 60 pips to the upside.

So much for my S/L its gonna fill 30 pips above my S/L great way to start the week.
Why not go short now?
  • #78,538
  • Mar 22, 2009 3:33pm Mar 22, 2009 3:33pm
Quoting F.x.
Why not go short now?

What are you talking about ??
+ Charts Happen
  • #78,539
  • Mar 22, 2009 3:35pm Mar 22, 2009 3:35pm
Quoting Passholder
What are you talking about ??

You just said Oanda is gapping 60 pips up right now so why not place a short now?
  • #78,540
  • Mar 22, 2009 3:36pm Mar 22, 2009 3:36pm
I'd blame it all on Jay
Traders are smartasses
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