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  • #80,201
  • Mar 26, 2009 8:38am Mar 26, 2009 8:38am
Quoting william5
Geithner opens his pie hole in 23 mins.


  • #80,202
  • Mar 26, 2009 8:45am Mar 26, 2009 8:45am
Quoting william5
Geithner opens his pie hole in 23 mins.
Traders, get ready for a repeat of yesterday!!
If you value your equity, please don't trade during Geithner's speech.
If you are a new or inexperienced trader, I would advice taking an hour off until after the speech.
  • #80,203
  • Mar 26, 2009 8:47am Mar 26, 2009 8:47am
Quoting altrader
I am currently long until the 121 fib level.

See chart below.

I see that we had a bouce at the 61.8% level and I expect price to go up so I'm going to attempt to t/p at 3647.

Entry at 3604.

Stop loss at 3570.

Will see what happens.

When and if i end up being 20pips profit I will probably take half of my position size off the table and move my stop to entry.
stopped out...

edit: to summerise my day:

Trade 1: Went short when I should not have--not patient enough
Trade 2: Went long when I should not have--not sure what the heck I did wrong here. I waited for pull back and got screwed.

Day = Crap Trading Day for me. I'm out until tomorrow.
I am down 2.54% for the day.
  • #80,204
  • Mar 26, 2009 8:49am Mar 26, 2009 8:49am
Quoting gammase1
Hi EMDA,

I think you should listen to Arthur regarding China, as he has run a business over there. He is better informed on the country than you or I.

China are many years away from being a self-sufficient economy and they cannot magic domestic demand out of thin air. This will take time, a lot of government spending on improved social and physical infrastructure. China's consumption share of GDP is only 37%, which is the smallest in the developed world, roughly half the level of the US. Obviously, Chinese consumers need to spend more and US...

Hi

yes.. I don't know about China so much... I'm only expressing one opinion... I'm making a future conjecture... for very long term...

But the important facts that can affect my trading is.. FED buying treasuries.... to me means that China doesn't want to buy more... or any other country... Hillary Clinton went to speak with China to ask them to buy more... helping US to recover and so.. they US citizens start to consume again and then China could export to them... And China said No thanks.

I admit I'm not an expert in China but it is interesting to have an eye on what is happening there and will be learning each day. So Arthur... any information about China you can share here is very welcome
  • #80,205
  • Mar 26, 2009 8:51am Mar 26, 2009 8:51am
Sometimes you get the bear and sometimes the bear gets you. The bear won this time.
Left Wing, Right Wing, same bird
  • #80,206
  • Mar 26, 2009 8:55am Mar 26, 2009 8:55am
Quoting altrader
stopped out...

edit: to summerise my day:

Trade 1: Went short when I should not have--not patient enough
Trade 2: Went long when I should not have--not sure what the heck I did wrong here. I waited for pull back and got screwed.

Day = Crap Trading Day for me. I'm out until tomorrow.
I am down 2.54% for the day.
Sounds like my luck last night... went up 50 pips then down 100...
Designer by day Trader by night.
  • #80,207
  • Mar 26, 2009 8:55am Mar 26, 2009 8:55am
Now that's what I call an ecconomy of word.
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  • #80,208
  • Mar 26, 2009 8:59am Mar 26, 2009 8:59am
Anyone know where we can watch the Geithner speech online?

Thanks,

Steve
  • #80,209
  • Mar 26, 2009 9:01am Mar 26, 2009 9:01am
Quoting emda
Hi

yes.. I don't know about China so much... I'm only expressing one opinion... I'm making a future conjecture... for very long term...

But the important facts that can affect my trading is.. FED buying treasuries.... to me means that China doesn't want to buy more... or any other country... Hillary Clinton went to speak with China to ask them to buy more... helping US to recover and so.. they US citizens start to consume again and then China could export to them... And China said No thanks.

I admit I'm not an expert in China but it is interesting...
first rule when you hear something about china is :
It is not true. The fact being proposed to you NOW has already been consumed in the past, if you search for it you will find it somewhere between 2 or 3 months before.

second rule :
if that fact which is being proposed to you NOW has anything to do with any conference , meeting or any congress of the chinese single ruling party , you can safely disregard as untrue or unfounded.

third rule:
if there are good numbers about economy , divide them by 3 or 4 depended on the first or second rule. if there are bad numbers multiply them by a factor of 4 or 5 dependent on the first and second rule.

Warning ,
now they do control also information coming from Hong Kong.
  • #80,210
  • Mar 26, 2009 9:02am Mar 26, 2009 9:02am
I do not know much because i do not have time to study because i work a

real job and average 12 to 16 hour day/night so it is better to listen..
Warning, lack of trading is dangerous to your survival......
  • #80,211
  • Mar 26, 2009 9:03am Mar 26, 2009 9:03am
Amazing what you can find if you open your eyes.
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Forex Price Action Hacked - Price Action Rockstar
  • #80,212
  • Mar 26, 2009 9:09am Mar 26, 2009 9:09am
possible variant
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  • #80,213
  • Mar 26, 2009 9:10am Mar 26, 2009 9:10am
Quoting mmeador
Sounds like my luck last night... went up 50 pips then down 100...
ohh yeah, yesterday was a tough one. I made my pips before the treasury sec spoke so I was ok....but geez...if I was trading when he was talking, I would have been out of luck also I think. (although I would have had a stop loss but still)

Tough gig, but got to respect the money management. losing 2.54% isn't too bad. I can make some of that back tomorrow maybe and if necessary next week. (I hope)
  • #80,214
  • Mar 26, 2009 9:12am Mar 26, 2009 9:12am
Quoting stevep314
Anyone know where we can watch the Geithner speech online?

Thanks,

Steve
bloomberg video should have it:
http://www.bloomberg.com/news/worldwide/

Click on bloomberg TV from the menu on left. Use internet explorer browser.
  • #80,215
  • Mar 26, 2009 9:12am Mar 26, 2009 9:12am
found it:

http://www.c-span.org/Watch/C-SPAN3_wm.aspx

Steve
  • #80,216
  • Mar 26, 2009 9:18am Mar 26, 2009 9:18am
Man I got duped on that spike up 1 hour ago...Went long and wham! down it goes.
  • #80,217
  • Mar 26, 2009 9:19am Mar 26, 2009 9:19am
Anyone?
  • #80,218
  • Mar 26, 2009 9:19am Mar 26, 2009 9:19am
Quoting altrader
ohh yeah, yesterday was a tough one. I made my pips before the treasury sec spoke so I was ok....but geez...if I was trading when he was talking, I would have been out of luck also I think. (although I would have had a stop loss but still)

Tough gig, but got to respect the money management. losing 2.54% isn't too bad. I can make some of that back tomorrow maybe and if necessary next week. (I hope)

I was trading well after his speech. I was expecting a strong break through 1.6 Got caught in the same trap you did today.
Designer by day Trader by night.
  • #80,219
  • Mar 26, 2009 9:21am Mar 26, 2009 9:21am
Just wait for a clear doji or Pinocchio nose.

Also negative divergence on the 1hr add another reason for the plunge
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  • #80,220
  • Mar 26, 2009 9:22am Mar 26, 2009 9:22am
So beware longs!

I have my shorts all open!

Closed some at 1.3522!

Now I will do nothing!! Or drop like a rock or go to 1.40, no more time to do anything else!

GL all
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