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  • #121,141
  • Jul 13, 2009 8:30pm Jul 13, 2009 8:30pm
Quoting MackS10
Could test the lows here towards 1.3900 if we don't see a push higher.
There is also divergence in MACD (12,26,9) of 5M. I go for a few pips
  • #121,142
  • Edited 8:53pm Jul 13, 2009 8:33pm | Edited 8:53pm
Quoting stewrigh
Believe it or not I used to think, and part of me still does, that the Euro will eventually die and be replaced by national currencies again.
So, I take it, you can't see the UK joining the Euro then? Trichet is welcoming us with open arms ...

I'm not expecting a lot at the moment either. Just more chop and I've been taking little bites here and there. For me, it's basically done it's average yearly range so I guess we are awaiting what NewstraderFX calls the next "MFE". Will be interesting to see which way they are going to swing it for the Xmas rally.

CB's seem pretty okay with current levels except SNB of course. BoJ might start getting a bit agitated if it drops much more.

Anyway, hope you are doing well.
Nothing worth having is easy.
  • #121,143
  • Jul 13, 2009 8:36pm Jul 13, 2009 8:36pm
Quoting MackS10
Could test the lows here towards 1.3900 if we don't see a push higher.
I agree but I think this pair is still chop suey/consolidating as we have not seen any real breakouts. I'm settling for 1.3930 and then I'll wait for PA again.

Happy pipping
  • #121,144
  • Jul 13, 2009 8:58pm Jul 13, 2009 8:58pm
Quoting ThePipsMaker
I agree but I think this pair is still chop suey/consolidating as we have not seen any real breakouts. I'm settling for 1.3930 and then I'll wait for PA again.

Happy pipping

i like the song chop suey ! lol
  • #121,145
  • Edited 9:17pm Jul 13, 2009 9:03pm | Edited 9:17pm
Quoting Platypus
Every time the market stay in this kind of tight range means that the big boys are waiting for data to be inputed. Equities rallied today because of that lady comments on CNBC sqwack box. Forex did not followed the euphoria, so I think its fair to be prepared for another leg down before any serious up move. Despite my bias I would trade accordly to what happens...good luck to all
the ladys comments where earlier then the rally.. much ealier as in at least 4 hrs i dont recall the time line but it was a large space of time.. and even after after her comments the eu dropped.maybe 69/70 pips. but there was much talk about goldmen later by others...i dont know if she was the reason because they did play her over many times. but i watched it live while trading
those who can, do. those who cant, talk about those who can
  • #121,146
  • Jul 13, 2009 9:11pm Jul 13, 2009 9:11pm
Quoting Patience
So, I take it, you can't see the UK joining the Euro then? Trichet is welcoming us with open arms ...

I'm not expecting a lot at the moment either. Just more chop and I've been taking little bites here and there. For me, it's basically done it's average yearly range so I guess we are awaiting what NewstraderFX calls the next "MFE". Will be interesting to see which way they are going to swing it for the Xmas rally.

CB's seem pretty okay with current levels except SNB of course. BoJ might start getting a bit agitated if it drops much more....

Not in the near term(10 yrs) but never say never. I don't think we'll join the Euro for 2 reasons.

Labour couldn't join without a vote and the British public wouldn't vote for it.

And the next government will probly be Tory and they wouldn't even try to join.
  • #121,147
  • Jul 13, 2009 9:17pm Jul 13, 2009 9:17pm
Quoting gatorinla
the ladys comments where earlier then the rally.. much ealier as in at least 4 hrs i dont recall the time line but it was a large space of time.. and even after after her comments the eu dropped.. but there was much talk about goldmen later by others...
I'm talking about equities, she started to manbojambo about banks being in good shape etc and when the market opened it gapped up. She is considered a guru and her firm advise some big fishes. I dont believe a word she said but she have the power to move things around
  • #121,148
  • Jul 13, 2009 9:17pm Jul 13, 2009 9:17pm
Note: I post the same thing on the cliff notes thread so if read it there... don't read it here.

Typical Monday.

So... I put my pivot point on the chart.

I look for any news of substance... not much on Mondays.

I put the most important psych level... the 00 on the chart.

You'll also notice the Options barrier.

You never know how large the player is that is guarding that level but this market was thin... and it is a Monday so I was guessing they didn't have to be that big.

The overall trend is down so I decided to play shorts.

I took scalps any time price neared the psych level.

It worked.

When I start the day I'll only take one of two in order to test the waters.

Then... as the PA starts to wane I'll add more.
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  • #121,149
  • Jul 13, 2009 9:20pm Jul 13, 2009 9:20pm
Quoting Platypus
I'm talking about equities, she started to manbojambo about banks being in good shape etc and when the market opened it gapped up. She is considered a guru and her firm advise some big fishes. I dont believe a word she said but she have the power to move things around
remember what we talked about the mortgage crap.. many not able to be refinaced.. she touched on that.. if people did not read between the lines on that god help them..
those who can, do. those who cant, talk about those who can
  • #121,150
  • Jul 13, 2009 9:28pm Jul 13, 2009 9:28pm
Quoting gatorinla
remember what we talked about the mortgage crap.. many not able to be refinaced.. she touched on that.. if people did not read between the lines on that god help them..
Again she is playing the banks game.

People just don't know that banks are up to their gills with houses. I'm very curious VERY VERY VERY curious to know for how long they will be able to cover up. Off course they are traying by all means to buy time but the clock is ticking.
  • #121,151
  • Jul 13, 2009 9:37pm Jul 13, 2009 9:37pm
Quoting Platypus
Again she is playing the banks game.

People just don't know that banks are up to their gills with houses. I'm very curious VERY VERY VERY curious to know for how long they will be able to cover up. Off course they are traying by all means to buy time but the clock is ticking.
if i recall correctly she mentioned all the ccc pulling cc lines in multiple tens of billions... so these people will be spending less.. maybe short term she can fool the traders.. long term i dont see it..oh well...less credit we buy less beamers.. i took it as she expects everyone to ask for a cheaper mortgage.. if so what will her books say then when all the houses are valued at half price.

oh and the amount gov. was giving banks to refi seemed extremily small..
those who can, do. those who cant, talk about those who can
  • #121,152
  • Jul 13, 2009 9:38pm Jul 13, 2009 9:38pm
Note: Chart on Cliff Notes thread. Don't reread it.

I know... different pair... same shit.

Pair trending south. (From last week)

No real news just profit taking.

The chart tells the story.
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  • #121,153
  • Jul 13, 2009 9:41pm Jul 13, 2009 9:41pm
Quoting Platypus
Again she is playing the banks game.

People just don't know that banks are up to their gills with houses. I'm very curious VERY VERY VERY curious to know for how long they will be able to cover up. Off course they are traying by all means to buy time but the clock is ticking.
boy if goldmen dont knock the cover off the ball!!!! it will be a long day
those who can, do. those who cant, talk about those who can
  • #121,154
  • Jul 13, 2009 9:53pm Jul 13, 2009 9:53pm
Quoting Platypus
Again she is playing the banks game.

People just don't know that banks are up to their gills with houses. I'm very curious VERY VERY VERY curious to know for how long they will be able to cover up. Off course they are traying by all means to buy time but the clock is ticking.
NEW YORK, July 13 (Xinhua) -- The dollar fell slightly against most major currencies on Monday as financial stocks jumped and drove the entire market up.

U.S. bank stocks rise after Meredith Whitney, founder of Meredith Whitney Advisory Group LLC, gave positive comments on Goldman Sachs and Bank of America. Rising stocks improved risk appetite in currency trading, driving the dollar lower.



Investors are waiting for some governmental economic reports and quarterly results of major U.S. banks, including Citigroup, Goldman Sachs, JP Morgan & Chase and Bank of America. Results of Intel and Johnson & Johnson are also due later this week.



Risk appetite in currency trading has been rising in the previous weeks, helped by some positive economic data. But a worse-than-expected non-farm payroll report and consumer sentiment report released recently sparked fresh worries over economic recovery. The market is looking for trading clues from new economic data and profit results.



The euro bought 1.3977 dollars in late New York trading compared with 1.3947 dollars it bought late Friday. The pound rose to 1.6211 dollars from 1.6192 dollars.



The dollar fell to 1.1532 Canadian dollars from 1.1631 Canadian dollars, and fell to 1.0831 Swiss francs from 1.0845 Swiss francs. It rose to 92.82 Japanese yen from 92.34 Japanese yen.
  • #121,155
  • Jul 13, 2009 9:54pm Jul 13, 2009 9:54pm
Quoting gatorinla
boy if goldmen dont knock the cover off the ball!!!! it will be a long day
A practical example :

My father in law use to be "prime", 2 years ago he got greedy and bought a second house ( despite my advise) because you "never loose money in real state". Well the second house he bought is already gone and he is having second thoughts about the house he lives in because he is paying a big mortgage in a house that lost a big part of its value. Basically what he will end up doing is leting his house get forclosed and buy something cheap in a 50 and older community.

Thats the chimestry on how a "prime" is transformed in a "sub-prime" in no time
  • #121,156
  • Jul 13, 2009 9:56pm Jul 13, 2009 9:56pm
Quoting gatorinla
boy if goldmen dont knock the cover off the ball!!!! it will be a long day
I really believe that the market psyche will bear itself tomorrow in a very big way. If they knock the cover off, mainstream U.S. could wonder how wall street is so privalidged with gov handouts while mainstreet pays dearly. ( I don't give much cred to mainsteet USA myself ). Plus, anyone that has been paying attetion knows the largest banks earnings are fairy tales anyway. What if sneaky GS has already shorted their own stock, anounce realistic earnings and sobering guidence? Market Crumblepalloza! What I am trying to say is GS's earnings will be an excuse for a major and overdue move in either direction. I have a short bias, and favor facing reality sooner rather than later so we can all move on. What ever happend to the "kitchen sink " quarter? EUR/USD to 1.32.
  • #121,157
  • Jul 13, 2009 10:02pm Jul 13, 2009 10:02pm
Quoting Platypus
A practical example :

My father in law use to be "prime", 2 years ago he got greedy and bought a second house ( despite my advise) because you "never loose money in real state". Well the second house he bought is already gone and he is having second thoughts about the house he lives in because he is paying a big mortgage in a house that lost a big part of its value. Basically what he will end up doing is leting his house get forclosed and buy something cheap in a 50 and older community.

Thats the chimestry on how a "prime" is transformed...
many will... if they still got the means to put down or pay cash for the house down the street ect. if they can pay cash or borrow enough while credit still good.. buy the other house and walk away from the one they are in..this will not get better for many years.. maybe decades... its happening.. some are getting a bigger house for the same note... waiting 7 years and get fresh new credit..dont even have to go bankrupt.. just a charge back.. gone in seven
those who can, do. those who cant, talk about those who can
  • #121,158
  • Jul 13, 2009 10:04pm Jul 13, 2009 10:04pm
Quoting Platypus
A practical example :

My father in law use to be "prime", 2 years ago he got greedy and bought a second house ( despite my advise) because you "never loose money in real state". Well the second house he bought is already gone and he is having second thoughts about the house he lives in because he is paying a big mortgage in a house that lost a big part of its value. Basically what he will end up doing is leting his house get forclosed and buy something cheap in a 50 and older community.

Thats the chimestry on how a "prime" is transformed...
Off course this is not a problem that is happening only with my father in law. All over the country people are thinking the same, paying big mortgages for a house that worth 20 or 30% less than what they payed. Off course everybody is hanging on hoping for the market to come back!! Lets see how long they can hold untill they give up.
  • #121,159
  • Jul 13, 2009 10:12pm Jul 13, 2009 10:12pm
Quoting gatorinla
many will... if they still got the means to put down or pay cash for the house down the street ect. if they can pay cash or borrow enough while credit still good.. buy the other house and walk away from the one they are in..this will not get better for many years.. maybe decades... its happening.. some are getting a bigger house for the same note... waiting 7 years and get fresh new credit..dont even have to go bankrupt.. just a charge back.. gone in seven
Did you ever noticed that banks are dragging their feet to kick people out of their foreclosed houses?

They blame the legal system for the delay but this is pure BS...if it was for their best interest they will make the system work pretty quick.

The problem is that a empty house get vandalised, the pool gets green, the grass grows etc When somebody is still there even if they dont pay the mortgage this kind of things don't happens,

And the ultimate goal of slowing down the foreclosure process is that that banks can still keep it in their balance shits...sorry sheets

thats the only reason house prices are still not in total colapse YET....
  • #121,160
  • Jul 13, 2009 10:12pm Jul 13, 2009 10:12pm
Quote
Originally Posted by Platypus...


Ouw man... that's sad.. sorry to hear that.

But having land and house is much better than having nothing.
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