EURUSD

I always wondered about that. Lots of people I know won't take a government check even if they're due one. Do people in AK turn down theirs?

http://jamie-online.com/random-jamz/...6/facepalm.jpg


Not only is it late friday, but look at the 1H selling pressure regardless of anything else.

First it's not actually a "government check" per se... the Ak constitution requires that Ak resources be utilized for the benefit of Alaskan residents. So it's more accurate to think of it as a fund that belongs to the people and the government administrates and oversees. Believe me, plenty of salivating poiticians have tried to get their grubby paws on the principal or the earnings over the years for various reasons. Unsuccesfully...

Secondly, it's not a "turn down" thing. You just would not apply each year if you didn't want it, and we know people that really don't "need" it so they simply don't apply.

Others don't really need it but do apply and deposit it straight into savings for kids college fund. Others donate the whole thing to local charities and so on... lots of options. But it really is "our" money. The thing is that there's really nothing lese anywhere in the ciountry I know of that's quite like it, so David Letterman and his ilk tend to be regarded as the authorities on the thing. ((What's that say about the average american these days? ))

Most of us tho raising families in the pre-pipeline or construction phase that didn't have high paying jobs with the state or oil companies scratched along the best we could any way we could. That was us. My first job in mid 70's after my discharge from my $650 month army job was $2.85 hr sweeping parking lots... with a wife, kid and a 8 mpg pickup truck to feed.

The last thing I did with my last army check was buy a 60lb bag of beans and a 50lb bag of rice... that had to last a looooong time. When the oil boom inflation hit, it was all most of us could do to hang on for dear life. So those few hundred a bucks a head per year came in handy for quite a while.

I still remember cashing in an old Coke bottle at the grocery store one time for a dime ((for those of you that remember that sort of thing)) so that we could buy a dented can of tomato sauce from the salvage bin to put on our brown rice and soybeans to go with the rabbit my wife shot...

On other words, Been there, Done that, and got very little patience these days for snot nosed know it all video game champions still shaving their half dozen whiskers that enjoy telling me how it Really is...

That's why I get such a kick out of these a$$hole politicians from Podunk USA preaching to the media addicts of how stupid this or that Alaskan example of something is.

The vast majority of them haven't ever been there, couldn't find it on a map, and still think it's a foreign country. Oh well... we just consider the source.

Well, well, two of the largest down range bar all week and it happened near beginning of Euro session and near end of US session, i.e from beginning to end bracketed by 2 large range bars. That must be saying something. Lets see what next week brings.

Man, that sounds pretty groovy. I did kinda the same time in the Ozarks. Not as cold but cold enough specially when you gotta walk thru the snow to the outhouse. I still buy 50# bags of rice & beans, tho. Old habits. Its good to know the value of a dollar and what it can and can not buy.

Have a good weekend, amigo.

Have a good weekend everybody. Here's a good article which sums up US China fiscal relations nicely:

The US-China Ponzi scheme

By unwittingly tying together their fortunes as they pursued their own interests, the 2 nations have put themselves on an economic path of mutually assured destruction

http://articles.moneycentral.msn.com...oo.aspx?page=1

Here's a trading idea for the upcoming week. These moves which show up on the candles as downward spikes have had a lot of accuracy in predicting upward moves. Long at open of market maybe good for 35 to 40 pips?

A good link. I wonder if it is right or wrong?

I always start with naked charts then gradually i start adding indicators one by one and finally find my charts nothing but noodles bowl

.. and I do exactly the opposite ... I start with a saved template full of indicators ... then I feel these indis give me nothing except cluttering the chart and scattering my mind to decide correctly coz so many elemets is there to take care of, so I start removing them one by one untill a nacked chart remains ... then I say "ahah .. it's ok now"

daily

EUR/USD rebounded strongly last week and reached as high as 1.4165 before treating mildly. The developments argue that price actions from 1.4337 are merely consolidation in the larger rise from 1.2456, probably in form of triangle, and in turn suggests that EUR/USD has not topped yet. Initial bias is neutral this week and some pull back might be seen. But downside should be contained above 1.3832 support and bring another rise. Above 1.4196 will indicate that whole rally from 1.2456 is resuming for 1.4337 and above.

In the bigger picture, recent development suggests that rise from 1.2456 is still in progress, but there is no change in the view that it's the third leg of consolidation pattern that started at 1.2329. Also, note that the possible five wave structure indicates that it's the last leg of such consolidation. Having said that, while another high above 1.4337 is likely, upside should be limited by cluster resistance at 1.4622/45 (61.8% retracement of 1.6039 to 1.2329 at 1.4622 and 61.8% projection of 1.2884 to 1.4337 from 1.3747 at 1.4645) to conclude the whole consolidation. On the downside, below 1.3832 support will be the first signal that rise from 1.2456 has completed and will turn focus to trend line support (now at 1.3617) for confirmation.

In the long term picture, as we're favoring the case that price actions from 1.2329 are merely consolidation in the larger down trend, the fall from 1.6039, therefore, is expected to resume after completing the consolidation. Below 1.2329 will confirm that such down trend has resumed for at least a test on 1.1639 key long term support. We'll hold on to this long term bearish view as long as 1.4867 resistance holds .

Probably

Daily Chart

Probably

4Hours Chart

wasnt a very good week for me !

Thanks Ali. I don't think you left out any possibility. WTF.

Ps. Just tell us where is the beef.

That is what happens when you read a lot of trading websites over the weekend

thats not me thats some freak analyst on some freaking website

personally i dont read much crap and better you avoid it too hehehe

Dow Jones 4H Chart

http://fofoa.blogspot.com/2009/06/dead-end.html

Snippet -
'A leveraged system of paper gold forward sales was set up to keep the price of gold (DOWN) under control, so that OTHER people's PHYSICAL gold could be shipped to Arabia at a low DOLLAR price. This would satisfy "the owners of the oil in the ground" and SECURE the "CHEAP flow" of oil to the US who had the SOLE privilege of creating those dollars out of thin air'.

Another interesting article on Dollar Collapse - A Tremendous Secret
http://www.dollarcollapse.com/iNP/view.asp?ID=102

Snippet -
There's a rumor that I was reluctant to mention when it first started circulating, because it seemed a little too far down the tin foil hat / black helicopter road. But in this context it seems pretty reasonable. According to widely-followed newsletter writers Harry Schultz and Bob Chapman:


”Some US embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of US cash to purchase currencies from those govts, quietly. But not £’s. Inside the State Dept there is a sense of sadness & foreboding that ‘something’ is about to happen, unknown re a date—just that within 180 days, but could be 120-150 days.”

Bob quotes another source that “Panasonic has told their people to be back in Japan by Sept 09.”

Harry Schultz’s remarkable take on the situation:

“My HSL suspicion is that the elite plan another FDR style “bank holiday” of indefinite length, perhaps very soon, to let the insiders sort-out the bank mess which is getting more out of their control every day. Insiders want/need to impose new bank rules. Widespread nationalization could result, already under way. It could also lead to a formal US$ devaluation, as FDR did by revaluing gold (& then confiscating it). But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IMF basket of currencies (which seems more likely)—& much in the news recently.

Any kind of bank holiday will push the US$ lower, which may be a bonus benefit to their ongoing scenario of letting the $ fall. Such a fall would get the devaluation they want without having to declare it. In sum, the insiders want more bank & system control, fewer banks & a lower US$. A bank holiday would suit all their needs."