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  • #116,961
  • Jul 1, 2009 11:21am Jul 1, 2009 11:21am
that spike was such BS... unemployment numbers should strengthen the dollar today.. I'm still short... got some more lots @ 1.4180
  • #116,962
  • Jul 1, 2009 11:23am Jul 1, 2009 11:23am
Honestly my next short wasn't till about 43-4325 but it's a freebie on a spike like this so why not take it.
  • #116,963
  • Jul 1, 2009 11:23am Jul 1, 2009 11:23am
The stops above 1.4175 got run....2 minutes before London close! Next big set are probably above 1.4250. If price breaks back below 4170 there is a good chance for a full retrace back to 4120.
  • #116,964
  • Jul 1, 2009 11:23am Jul 1, 2009 11:23am
Quote
We are surely in a shorting area but....the way I trade I need more confirmation before jumping in the market. I have a very low tolerance for drawdowns

Drawdown isn't all bad if you use small lots and occasionally add to your position if it goes against you.... (just my 2 cents)
  • #116,965
  • Jul 1, 2009 11:26am Jul 1, 2009 11:26am
Quoting Patience
I hear ya but it wouldn't be in my interests to hold trillions of dollars worth of useless paper. Why don't they just unpeg their currency to make the playing field more fair.
They don't look at it that way. They might end up with piles of paper that's worth less (not worthless), but they will make up the difference on the other end in the end. It is a planned long term investment strategy. There's also more to it than just money. Having the world's reserve currency brings alot of Power. That's something money alone can't buy.
  • #116,966
  • Jul 1, 2009 11:26am Jul 1, 2009 11:26am
Quoting FX-Petra
The stops above 1.4175 got run....2 minutes before London close! Next big set are probably above 1.4250. If price breaks back below 4170 there is a good chance for a full retrace back to 4120.
Well it was a nice hit to my monthly 50% fib.
Nothing worth having is easy.
  • #116,967
  • Jul 1, 2009 11:27am Jul 1, 2009 11:27am
NEW YORK (Reuters) - Stocks rose on Wednesday as manufacturing data from key global economies pointed to improving economic conditions.
The data lifted natural resource and energy stocks as oil and commodities prices rose, helped by a weaker U.S. dollar.
U.S. manufacturing was slightly stronger in June and up from May, according to the Institute of Supply Management. Similar surveys from Europe also showed manufacturing contracting less than initially thought or in China's case, growing modestly.
"The energy and basic material stocks are leading the market higher this morning on a weaker dollar and strength in the Chinese manufacturing," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.
Crude oil futures climbed more than 1.6 percent back above $71 per barrel, helping shares of Exxon Mobil Corp (XOM.N), up 1.8 percent to $71.14, and Chevron Corp (CVX.N) up 2 percent to $67.57.
Stronger manufacturing PMI data from China boosted metal prices and helped shares in natural resource companies like Freeport-McMoRan Copper & Gold Inc (FCX.N), up 3.8 percent to $52.97, and Alcoa Inc (AA.N), up 1.3 percent to $10.46.
The data also offset figures from the ADP payroll report on Wednesday that showed a U.S. economy still struggling as private employers cut 473,000 jobs in June -- more than the 393,000 cuts expected from a Reuters survey but down from the 485,000 jobs lost in May.
The Dow Jones industrial average .DJI gained 127.95 points, or 1.51 percent, to 8,574.95. The Standard & Poor's 500 Index .SPX rose 12.08 points, or 1.31 percent, to 931.40. The Nasdaq Composite Index .IXIC added 25.82 points, or 1.41 percent, to 1,860.86.
  • #116,968
  • Jul 1, 2009 11:28am Jul 1, 2009 11:28am
Quoting woodlybog
Drawdown isn't all bad if you use small lots and occasionally add to your position if it goes against you.... (just my 2 cents)
Exactly. Also like to add don't use stop losses. You just have to make sure you have enough money and time to weather the storm, no matter how bad it gets.
  • #116,969
  • Jul 1, 2009 11:29am Jul 1, 2009 11:29am
Quoting 2+2=4ex
They don't look at it that way. They might end up with piles of paper that's worth less (not worthless), but they will make up the difference on the other end in the end. It is a planned long term investment. There's also more to it than just money. Having the world's reserve currency brings alot of Power. That's something money alone can't buy.
Yeah, but it's a scary thought. Guess I better send my daughter to Chinese language classes.
Nothing worth having is easy.
  • #116,970
  • Jul 1, 2009 11:31am Jul 1, 2009 11:31am
Quoting Patience
Yeah, but it's a scary thought. Guess I better send my daughter to Chinese language classes.
Funny you should mention that. I know that south American countries are starting to implement chinese language classes in their schools.
  • #116,971
  • Jul 1, 2009 11:35am Jul 1, 2009 11:35am
Quoting Patience
I hear ya but it wouldn't be in my interests to hold trillions of dollars worth of useless paper. Why don't they just unpeg their currency to make the playing field more fair.

As they are not a member of the G8, they apparently have no say in the agenda anyway.
The dollar fluctuation is the list of Chinas problems. What freaks them out is the pespective of the american buying power going south. If we dont buy their stuff they are screwed. They know Europe does not get even close to the voracity of american consumers. They will support the dollar, buy treasures, screw their people and do what ever they can to keep us going for as long as possible. We are the first class, they work on the machinery but at the end of the day we are in the same boat.
  • #116,972
  • Jul 1, 2009 11:36am Jul 1, 2009 11:36am
i am short at 1.4149 i am shorthing more but wow wow wow wow ill try to avg down to 165 to get out this is madness
Quoting 2+2=4ex
Funny you should mention that. I know that south American countries are starting to implement chinese language classes in their schools.
  • #116,973
  • Jul 1, 2009 11:42am Jul 1, 2009 11:42am
Quoting fabreu30
i am short at 1.4149 i am shorthing more but wow wow wow wow ill try to avg down to 165 to get out this is madness
Try to get your average above 4170 if you are looking to get out. That looks like the consolidation line. If it breaks below, we will go a good bit lower. If not, hello 4250.
  • #116,974
  • Jul 1, 2009 11:47am Jul 1, 2009 11:47am
Quoting Platypus
The dollar fluctuation is the list of Chinas problems. What freaks them out is the pespective of the american buying power going south. If we dont buy their stuff they are screwed. They know Europe does not get even close to the voracity of american consumers. They will support the dollar, buy treasures, screw their people and do what ever they can to keep us going for as long as possible. We are the first class, they work on the machinery but at the end of the day we are in the same boat.
dont forget that yuan is pegged to dollar
  • #116,975
  • Jul 1, 2009 11:52am Jul 1, 2009 11:52am
I love how factual data hardly does anything but someone makes a comment and price jumps 80 pips.
  • #116,976
  • Jul 1, 2009 11:53am Jul 1, 2009 11:53am
Quoting Patience
Yeah, but it's a scary thought. Guess I better send my daughter to Chinese language classes.
mule that shit fast dont shit long.. china dont have oil.. dont underestimate india..we may have to all learn to speak english
those who can, do. those who cant, talk about those who can
  • #116,977
  • Jul 1, 2009 11:54am Jul 1, 2009 11:54am
Quoting NoStops
dont forget that yuan is pegged to dollar
Thats not the point....what I'm trying to say is that China will never dump their reserves in the market. This people are not stupid folks, if we go down they go down also.
  • #116,978
  • Jul 1, 2009 11:58am Jul 1, 2009 11:58am
Quoting gatorinla
mule that shit fast dont shit long.. china dont have oil.. dont underestimate india..we may have to all learn to speak english
Yep, but imagine if they bought up all the oil/oil companies etc. They seem to be buying everything they can get their hands on (especially commodities).

Start learning Chinese Gator
Nothing worth having is easy.
  • #116,979
  • Jul 1, 2009 12:00pm Jul 1, 2009 12:00pm
Quoting egkid
I think we shouldn't go under 1.40 and wave 5 start here
too bad i closed early today after i leave 2 days open !!
  • #116,980
  • Jul 1, 2009 12:06pm Jul 1, 2009 12:06pm
Wow good thing i dumped those shorts and went to sleep last night. Just in the nick of time by the looks of it.
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