The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #88,741
- Apr 23, 2009 2:21am Apr 23, 2009 2:21am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,770 Posts
- #88,743
- Apr 23, 2009 2:22am Apr 23, 2009 2:22am
I would be wary of such bold predictions based only on "reasonable" macroeconomic fundamentals. Forex is a beast with a mind of its own and will often defy conventional economic wisdom for no apparent reason at all (there is always some reason actually, but with trillions of dollars entering and leaving the market everyday, buying or selling based on indicators, news, price action, etc. it is virtually impossible to explain "why" price does what it does).
Just my two cents.
Geitner speaks and everyone thinks voila all our troubles are over.
Ofcourse the market will retrace moves but eventually it will go to where it is supposed to be.
IMO effects of the bubble that lasted 2/3 years will be felt for a long long time..ofcourse scalpers will make pips from 5 minute movements but its also good to step back and look at the big picture.
If the chart below was a 30min time frame how would you interpret it?
Some drink at the fountain of knowledge. Others just gargle !
- #88,744
- Apr 23, 2009 2:24am Apr 23, 2009 2:24am
- | Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts
- #88,745
- Apr 23, 2009 2:27am Apr 23, 2009 2:27am
- Joined Oct 2008 | Status: sideline is a position | 105,146 Posts
those who can, do. those who cant, talk about those who can
- #88,746
- Apr 23, 2009 2:28am Apr 23, 2009 2:28am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,770 Posts
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #88,747
- Apr 23, 2009 2:29am Apr 23, 2009 2:29am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,770 Posts
Opinions are like a$$holes - mine says we are going up to test 3050 again and maybe 3080. The Fast moving stoch crossed the slow on the 1H and the RSI stayed above 40, so the trip up isn't over yet. However, the strength isn't there. I'm looking for shorts at 3050 - 3080 with a target of 2950.
That's my story and I'm sticking to it.
what you doing playing around forex? you could make millions
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #88,748
- Apr 23, 2009 2:33am Apr 23, 2009 2:33am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,770 Posts
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #88,749
- Apr 23, 2009 2:36am Apr 23, 2009 2:36am
- Joined Oct 2008 | Status: sideline is a position | 105,146 Posts
those who can, do. those who cant, talk about those who can
- #88,750
- Apr 23, 2009 2:37am Apr 23, 2009 2:37am
For the short term longs out there.
Attachment
Yesterday saw the resis at 1.2980 break to the upside creating a support which has already been tested in Asia trade hours. If that breaks today look at area around last daily low - S1 for support, if that breaks the shorts are winners.
However, there are trends in play, the bearish channel since 06 Apr, which is still intatct and a begining of a short term upward channel reaching for the 61.8 fib at 1.3190. However, on the upside, look for resis at R1/38.2 fib (1.3060 area) and R2/50%...
- #88,753
- Apr 23, 2009 2:43am Apr 23, 2009 2:43am
- | Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts
- #88,760
- Apr 23, 2009 2:54am Apr 23, 2009 2:54am
- Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
the new longs from 1.2980 are working perfect...
refining target to 1.3125
refining target to 1.3125