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  • #111,661
  • Jun 17, 2009 4:48pm Jun 17, 2009 4:48pm
Quoting TheFisherman
Nah! I lot of people saw it short. I think Obama's speech was the key. When Bernie the clown and Geithner fail to keep dollar underwater here comes Obama! I think we should expect Obama speech almost everyday from now.
If Obama has something to do about it expect a retrace
Close your eyes when you feel you are going under.
  • #111,662
  • Jun 17, 2009 4:50pm Jun 17, 2009 4:50pm
Quoting dfhetrick
sorry guys and gals, I don't even know how this thread shit works, I'm not a computer guru let alone a forex trader. I'm making my profits with a simple system and losing them just as quick. I'll keep trying to figure this out in the meantime thanks for your patience.

Im new it takes time and patience
  • #111,663
  • Jun 17, 2009 4:55pm Jun 17, 2009 4:55pm
I'm new to this thread, I have been trading the GBP/JPY, but am looking at this pair because it is less volatile. I've been trading live for 5 months and am still struggling to reach consistency. Im ranging between -5% and 5% return of my account. That's just a brief introduction about myself.

I was looking at the 4h chart for this pair and noticed a descending channel, then took a look at the daily and that's were I ask for your opinion. Do you think a H-S pattern is forming on the daily chart?

What do the fundamentals say? I dont use much fundamentals in my trading, but I believe they play an important role with this pair.
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On a journey to consistency.
  • #111,664
  • Jun 17, 2009 5:16pm Jun 17, 2009 5:16pm
Quoting dfhetrick
so who else saw this coming? All techs said short. Don't laugh as I still admit to be a rookie. Any advice is welcome without the sarcasm you guys relish on.
Saw it coming? Nobody has a crystal ball. And all that listening to news, rationalizations, etc. can do for you is to quietly build a bias in you that can turn out to be completely WRONG! Turn off the TV, radio, and cancel your subscription to the newspaper. Then, without others messing with your head, JUST FOLLOW WHAT YOU SEE ON THE CHARTS. As you saw, good moves give time to get in and participate, and like this one, are preceded with all the right signals, thus allowing you more confidence at entry. In the case of this one the signals were: 1) PA moving up out of range and up from tradeband, 2) PA breaking thru S/R area (mR1=1.3874 in this case), 3) Tradeband bouncing up from 89 moving average, 4) CCI cross, 5) relative volume spike(s).
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  • #111,665
  • Jun 17, 2009 5:20pm Jun 17, 2009 5:20pm
Quoting dfhetrick
sorry guys and gals, I don't even know how this thread shit works, I'm not a computer guru let alone a forex trader. I'm making my profits with a simple system and losing them just as quick. I'll keep trying to figure this out in the meantime thanks for your patience.
i am on d opinion u re on high risk by doin that.
  • #111,666
  • Jun 17, 2009 5:21pm Jun 17, 2009 5:21pm
Wednesday's trading session saw EUR-USD price move higher on the day. The bullish "Harami" candlestick formation held and high of Tuesday 1.3932 was taken out to the up side.

At this stage it is still difficult to predict if we have found short term support at 1.3748 for the prices to go much higher. We have resistance coming in the form of down trendline on the daily chart. Only if we can break above this down trendline and stay above it can we be looking at the prices to continue higher. Barring that we could see EUR-USD make a complicated 'Head & Shoulders" pattern only to head south.

I will watch carefully the Price Action and the Chart Patterns that develop over the Asian session to get a sense of what the market wants to do. If we are unable to break above Wednesday's High 1.3984 in the Asian session, I would be looking for a retracement to 1.3884 (6.18%) area (see 4 Hour chart) to get a push for a continuation of this bull move.

With Wednesday out of the way with its full fundamental calendar, Thursday brings a number of key reports that will move the market.

For the EuroZone we have Swiss (CHF) Libor Rate, British (GBP) Retail Sales. In the Americas we have Canadian (CAD) CPI/Core CPI, United States (USD) Unemployment Claims and Philly Fed Mfg Index.
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  • #111,667
  • Jun 17, 2009 5:23pm Jun 17, 2009 5:23pm
Quoting dfhetrick
sorry guys and gals, I don't even know how this thread shit works, I'm not a computer guru let alone a forex trader. I'm making my profits with a simple system and losing them just as quick. I'll keep trying to figure this out in the meantime thanks for your patience.
Hi dfhetrick,

I just wanted to thank you for complaining about my comments to the FF management. Now that I have received an infraction, I feel as if I have grown and that I am ready to move on and post here in a more mature manner...or not. And of course, when I said "Stop losses are for effete english fags," I was only joking. In later posts I apologized to Atlast and to the thread at-large for any offense that may have been taken at my remark.

Meanwhile, thank you for all your valuable posts here and please feel free to keep up the good police work.

Best Regards and Happy Trading,

The Fool
"If The Fool persists in his Folly he will become wise." - William Blake
  • #111,668
  • Jun 17, 2009 5:23pm Jun 17, 2009 5:23pm
i'd short the double top thats about to happen, maybe
ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #111,669
  • Jun 17, 2009 5:33pm Jun 17, 2009 5:33pm
Quoting candlesticks
Wednesday's trading session saw EUR-USD price move higher on the day. The bullish "Harami" candlestick formation held and high of Tuesday 1.3932 was taken out to the up side.

At this stage it is still difficult to predict if we have found short term support at 1.3748 for the prices to go much higher. We have resistance coming in the form of down trendline on the daily chart. Only if we can break above this down trendline and stay above it can we be looking at the prices to continue higher. Barring that we could see EUR-USD make a complicated...
Good analysis!!
"Simplicity is the ultimate sophistication" leonardo da vinci
  • #111,670
  • Jun 17, 2009 5:57pm Jun 17, 2009 5:57pm
Thinking about mr. elliot!! If 4th wave plays out, i'm gonna bet on the 5th! Comments?
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"Forex = Money Tree"
  • #111,671
  • Edited Jun 19, 2009 9:58am Jun 17, 2009 5:59pm | Edited Jun 19, 2009 9:58am
EUR support resistance
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-------------------

S + R = $$$

.
  • #111,672
  • Jun 17, 2009 6:16pm Jun 17, 2009 6:16pm
Heres the days movement.

Went up on asian till london open. London went into consolidation till the USD news on new york open, then it went up again on new york.

I made a cool 60pip on the asian though. wasn't at my pc after London.
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prepare for worst & expect the best
  • #111,673
  • Jun 17, 2009 6:17pm Jun 17, 2009 6:17pm
Quoting notch
72% probability that this zone is the low of the week.

  • #111,674
  • Jun 17, 2009 6:20pm Jun 17, 2009 6:20pm
Quoting notch
1.4175 by Friday.
  • #111,675
  • Jun 17, 2009 6:24pm Jun 17, 2009 6:24pm
how come you quote yourself??
  • #111,676
  • Jun 17, 2009 6:28pm Jun 17, 2009 6:28pm
Quoting Liger86
i'd short the double top thats about to happen, maybe
You talkin about the yoorow? what TF?
FUBAR...
  • #111,677
  • Jun 17, 2009 6:30pm Jun 17, 2009 6:30pm
Quoting 2+2=4ex
how come you quote yourself??
vanity!
  • #111,678
  • Jun 17, 2009 7:08pm Jun 17, 2009 7:08pm
i love it when the bBIG charts screw up my little screen
hang on to your bread......unless you want toast
  • #111,679
  • Jun 17, 2009 7:14pm Jun 17, 2009 7:14pm
some fundamental insight
http://www.michael-hudson.com/articl...ingEmpire.html
When China and other countries recycle their dollar inflows by buying US Treasury bills to “invest” in the United States, this buildup is not really voluntary. It does not reflect faith in the U.S. economy enriching foreign central banks for their savings, or any calculated investment preference, but simply a lack of alternatives. “Free markets” US-style hook countries into a system that forces them to accept dollars without limit. Now they want out.
http://www.reuters.com/article/compa...BrandChannel=0
The presidents of Russia and China on Wednesday agreed to boost the use of their national currencies, the rouble and yuan, in bilateral trade.
  • #111,680
  • Jun 17, 2009 7:19pm Jun 17, 2009 7:19pm
How's everybody holding up?

Did some "scalping" on H1 today. Entered at 3902 and exited at 3946.

I'm waiting...

My current orders (not entries folks, orders) are

Long on D1 @4052 (reviewed daily)

Long on Monthly @4536 (reviewed monthly)

And in the not-likely-to-happen-probably-won't-but-I'm-putting-in-a-f@#king-order-anyways is a short order on the weekly chart at 3020. (reviewed weekly)

All are based on Parabolic SAR (PSAR or Pissar), no T/P is used and S/L will be based on either new PSAR data, latest low (for long entries) or latest high (for short entries) at my discretion based on what my MM can handle.
Not all sins are created equal
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