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  • #93,221
  • May 6, 2009 3:32pm May 6, 2009 3:32pm
Hi Bling,

I recommend J. J. Murphy's "Technical Analysis of the Financial Markets.."

If you could only have one reference book that might be the one. Between that and reading through the abundant TA threads on this and other forums you will be an expert.

Also, for comparison if it helps, here is how I have begun my education in forex trading:

- did all the "lessons" at babypips.com and began demo trading concurrently (Oanda)
- bought, read the following: (my ratings based on 5 = excellent)

- JJ Murphy (4.5/5)
- Kathy Lien, "Day Trading and Swing Trading the Currency Market (5/5)
- Agustin Silvani, "Beat the Forex Dealer" (4/5)
- B. Baumohl, "The Secrets of Economic Indicators" (still reading, but good)
- "Globalizing Capital: A History of the International Monetary System (3/5)
- "New Market Wizards" 3/5
- Connie Brown "Fibonacci Analysis" 3/5
- "Trading in the Zone 0/5

I had a subscription to The Economist & its great, but it comes every week and I couldn't keep up with it and also much of it you find online anyway...

Best of Luck, amigo!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #93,222
  • May 6, 2009 3:36pm May 6, 2009 3:36pm
Hi,
can anyone let me know what PM and TF are?
Thanks
  • #93,223
  • May 6, 2009 3:37pm May 6, 2009 3:37pm
Quoting Alado
Hi,
can anyone let me know what PM and TF are?
Thanks
PM - Private Message
TF - Time Frame
Pip what you see; See what you pip!
  • #93,224
  • May 6, 2009 3:38pm May 6, 2009 3:38pm
Well it has been a good day, for longs, and shorts.
My 'prediction' for today as a reversal day helped in my trading. I switched from a short term trader to a long term today precisely for that reason. Don't listen to people who say you can't trade predictions. Although a prediction mind set is a way to ruin in my opinion.

The journey took off as planned exactly at the low. The double bottom formed perfectly, the trip saw many scrambling and many scrambling back. Shorts should have had a good day trading reversals, longs trading support. We covered bull territory and a lot they were, then saw some bears along the way. There is still a little more opportunity to be had, but longs be careful at this stage. It's low volatility time and with the steam out the engine for now the journey is best continued tomorrow. Looking to shoot some arrows at bears should we take off tomorrow into new territory. Oh and I did see some traders hiding behind bushes cra**ing in their pants as the journey turned into a wild safari. Certainly had me ready to chuck some hot potatoes out the window. Fortunately they turned to delicious french fries.
  • #93,225
  • May 6, 2009 3:43pm May 6, 2009 3:43pm
Quoting gatorinla
doing a little watching the big picture today. i dont know if my lines are accurate or not.. if they are the gate was open for eu and it didnt run in the last few days. we are below the trendline now and sitting on a fib now as this is written 3322 eu. for some strange reason the usd-index (current 83.88) and the eur-index (114.67) are both resting on a near a jan low fib.. the strange thing is both are heading south as i write this. dont makes much sence to me.. a few other observations the chf is also sitting on a fib now (currently 113.25) using...


Hey, ok if news says its a bubble and we need to hang on ....which way are you thinking we are going????
  • #93,226
  • May 6, 2009 3:53pm May 6, 2009 3:53pm
Quoting gatorinla
doing a little watching the big picture today. i dont know if my lines are accurate or not.. if they are the gate was open for eu and it didnt run in the last few days. we are below the trendline now and sitting on a fib now as this is written 3322 eu. for some strange reason the usd-index (current 83.88) and the eur-index (114.67) are both resting on a near a jan low fib.. the strange thing is both are heading south as i write this. dont makes much sence to me.. a few other observations the chf is also sitting on a fib now (currently 113.25) using...
Agree with you there, were pointing up for now but will we still be up after tomorrow? Im not taking anything but scalps until weve got through all the news, theres just too much data out tomorrow !
  • #93,227
  • May 6, 2009 3:53pm May 6, 2009 3:53pm
Quoting gatorinla
doing a little watching the big picture today. i dont know if my lines are accurate or not.. if they are the gate was open for eu and it didnt run in the last few days. we are below the trendline now and sitting on a fib now as this is written 3322 eu. for some strange reason the usd-index (current 83.88) and the eur-index (114.67) are both resting on a near a jan low fib.. the strange thing is both are heading south as i write this. dont makes much sence to me

im still just scalping.. cover your ass..
Could it be a historical trend for May months. With the ECB decision out tomorrow, 95% experts expect a rate cut, but with very recent signs of a steadying of economy we could be in for a surprise. The rate cut has to be factored in the Euro price. If we are sitting near support tomorrow on the Euro I will be a buyer. If sitting near resistance I will scalp.
The shift away from the dollar for me has already begun. then again, I have been expecting that for months and it didn't happen.
  • #93,228
  • May 6, 2009 3:58pm May 6, 2009 3:58pm
Quoting Atlast
Could it be a historical trend for May months. With the ECB decision out tomorrow, 95% experts expect a rate cut, but with very recent signs of a steadying of economy we could be in for a surprise. The rate cut has to be factored in the Euro price. If we are sitting near support tomorrow on the Euro I will be a buyer. If sitting near resistance I will scalp.
The shift away from the dollar for me has already begun. then again, I have been expecting that for months and it didn't happen.
True the rate cut is most likely already priced in, however traders will be paying attention to the ECB's stance on quantative easing! A large QE program could crush the Euro!
  • #93,229
  • May 6, 2009 4:00pm May 6, 2009 4:00pm
Quoting PipLand
True the rate cut is most likely already priced in, however traders will be paying attention to the ECB's stance on quantative easing! A large QE program could crush the Euro!
Don't think that will happen from my reading today
  • #93,230
  • May 6, 2009 4:13pm May 6, 2009 4:13pm
what i think dont matter. there is lots of news, this thing may wip-saw all day..http://www.forexfactory.com/index.php?tomorrow=1. you still have to wait..next week should be clearer.. sometimes adp is wrong. nfp friday will settle it.. then they might revise the previous month.. you got banks rates, stress test and numerous other things going on.. if it happens most are negative toward either currency or equitys hang on... we keep getting leaks all day today that more banks need money..
those who can, do. those who cant, talk about those who can
  • #93,231
  • May 6, 2009 4:18pm May 6, 2009 4:18pm
Looks like the market is about to throw me another gift before I go to bed. This time in the most favourable position.
  • #93,232
  • Edited 4:45pm May 6, 2009 4:24pm | Edited 4:45pm
Quoting Atlast
Could it be a historical trend for May months. With the ECB decision out tomorrow, 95% experts expect a rate cut, but with very recent signs of a steadying of economy we could be in for a surprise. The rate cut has to be factored in the Euro price. If we are sitting near support tomorrow on the Euro I will be a buyer. If sitting near resistance I will scalp.
The shift away from the dollar for me has already begun. then again, I have been expecting that for months and it didn't happen.
if most of the news points in one direction.. historical is the right word. last summer was historical. if eur positive oil going up will eventually crush ralley... if dollar positive it will eventually pull e-zone out of depression.. either that or the war with russia if oil drops to low. *L*
those who can, do. those who cant, talk about those who can
  • #93,233
  • May 6, 2009 4:25pm May 6, 2009 4:25pm
Quoting gatorinla
we keep getting leaks all day today that more banks need money..
this may end up being the "Elephant in the room," so to speak; nobody really wants to know or talk about it.
Pip what you see; See what you pip!
  • #93,234
  • Edited 5:25pm May 6, 2009 4:36pm | Edited 5:25pm
Pivots for today, same old fib as the last two days, no reason to change it imo as price is still contained well within the existing anchors.

The zone between the Dp and the Central is a measly 16 pips wide and also contains the 50% level. 21sma converging with the xx00figure, the 3302 QP, and the 38%fibo...

Pretty boring prospects...
Attached Image


This could be a good night to keep your powder dry, get a life, and do something else.

Nursing a couple new shorts from 3350 and 3332.
Attached Image
FUBAR...
  • #93,235
  • May 6, 2009 4:37pm May 6, 2009 4:37pm
Quoting SeerEye
this may end up being the "Elephant in the room," so to speak; nobody really wants to know or talk about it.
.. thats why im almost afraid to scalp...

for those with steel ones gu is making a double top.. if and its a big if...dollar news is good for dollar.. there is a lot of real estate below..
those who can, do. those who cant, talk about those who can
  • #93,236
  • May 6, 2009 4:38pm May 6, 2009 4:38pm
Bought.
G/night everyone. Hopefull tomorrow I wake up with my SL still in place and partial profits already taken.
  • #93,237
  • May 6, 2009 4:47pm May 6, 2009 4:47pm
Quoting Atlast
Bought.
G/night everyone. Hopefull tomorrow I wake up with my SL still in place and partial profits already taken.
What's is target price? What's your rational?
  • #93,238
  • May 6, 2009 4:48pm May 6, 2009 4:48pm
this cycle lines working pretty well
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd050609-6.gif Size: 40 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #93,239
  • May 6, 2009 7:09pm May 6, 2009 7:09pm
http://www.gold-eagle.com/editorials...tch050309.html

A breakout of the consolidation pattern is set to occur, but the daily chart suggests further sideways action until the breakout occurs. A break of the USD below 83.5, followed by 83 sets up the possibility for a decline to the 78-79 level.
  • #93,240
  • May 6, 2009 7:12pm May 6, 2009 7:12pm
I have no friggin idea what to do, and it has been not like this since October 2008.

Anyone here to make a pree-dick-tion where this baby go now? lol. come on guys lighten up the room
Its all in the mind.
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