EURUSD

I'm short once again at 4850, looking for a small profit @4810

No! My broker is better then yours!

There's some news, we have a kind of consolidation (posibly both way after) but anyhow on hour base myself still defenitly short.

I wish it starts the descend, but I know that when I am wishing I am not trading as I should.

Okay,

Oanda story...here goes...

I always thought that it was an advantage to having an account
with a few bucks that could be used 24/7 to hedge forex exposure,
even on the weekends. That's what originally drew me to oanda.

The said they'll take the other side of a trade, day or nite, any day of the week.
Sure, spreads are wide but they stay fixed on friday nite, Saturday, and thru to Sunday afternoon.

Well, one Saturday (This was atleast a couple years back) I'm looking at XE and TenFore
and see the Euro/Yen is out of whack with Friday's close. Not by a little bit either, but by about 200 pips.
Price had closed near the top of the range on friday on light volume.
Now, euro was quoted off about 70 pips and the Dollar Yen was down about one full yen.

Okay, so ordinarily when I see something like this I just go, Baahh, it's the weekend.
I just figure mkt will account for it and maybe gap a little on the sydney open
and fill and that will be the end of it. But, this time I got this inkling that this was different
and there was a stong change the gap could really play out.

So I wait all day Saturday, all the way until about 3 o'clock in the morning Saturday nite/Sunday morning.
Check the indicative rates at the other sites again. Even look at Dukey.
Same thing. E/J down 2 yen from Friday's settle.

So I go in to oanda, look at the spread, it's wide like normal on a Saturday, and I sell 2 lots.

I figure, they won't mind and if I'm wrong about this, it's my fault for trading weekend gaps
off of bullshit prices that don't reflect anything. My risk, my coin.

Then, I can't sleep.

I stay up all nite looking for anywhere else on the web that has "weekend indicative forex quotes".
Bangladesh, Bank of the North Pole, anywhere -I don't care, just something to confirm
that I didn't just screw myself.

Okay so, Sunday afternoon hits.

Now ordinarily there will be a little movement around 1 or 2 oclock eastern
and then a little more as wellington and sydney come online.
This time it was like 11AM and the oanda prices had moved about 30 pips
and covered about twice my spread.
Was very unusual to see any movement that early on in the day.
So I wait. By around 4 o'clock, Oanda is indicating about a 50 pips gap in EJ
when the other platforms wake up.

So I'm thinking cool, 50 pips less a fat weekend spread, 2 lots, that rocks !

Okay, so market wakes up and immediately the Dollar Yen takes a dive.
I'm 130 pips in the green. I geek out and close both lots.

Euro starts dropping. Yen drops some more. Goes right to the actual price
that was being indicated on the weekend boards, more than 200 pips from Fridays close.
I was already flat and out half way thru the move, but over the next couple weeks
the yen crosses took a dive. It could have been enormous.

I had the perfect entry. On a Saturday yet. Could not have been planned better.
And I let it get away beacuse I was thinking "hit and run" instead of home run.

I never tried to pull that trick again, although I watched for weekend gaps
for 2 or 3 months after that.
Was always afraid the market, or even Oanda would try to take those pips back,
one way or the other, so I would look, but I didn't want to touch.


So, moral of the story is, don't eat the yellow snow...or something....

i know it's a wrong room, but to relieve your boredom, there's a nice selling opportunity on eur/gbp, currently just below .9000. Loss/Profit relationship is very nice.

Back to the trade....

This is starting to look like a reverse head/shoulders with a double bottom
centered near the confluence of 2 main pivot points.

To complete pattern and form some symmetry, I'm looking for atleast one, maybe two more tests
of the 4820 area. If that prints before the move back to unchanged,
then the next time 60 prints, where all these sell orders are accumulating right now,
I fear it will bust thru it and press for 149.

Also, the data/news is coming out, so the trade is about to become a no trade for me.

EU is still in an established uptrend...on the Weekly and Daily tf, Trendline has been broken and retraced..(giving a nice SHORT trade) forming an anticipated GARTLEY with its ''D'' leg going up to 1.5244/1.5330 zone. from where its anticipated to go short giving a nice bearish crown trade...hr

On the 4hr tf, price played a trickish game by narrowly escaping the 78.6 (1.4604) mark before taking off. (A variation of Harami cf would have brought us in anyway, but we've learnt to stick to rules). Watch for a minor resistance @ 1.5223...

On 1hr tf, an earlier butterfly pattern gave a SHORT trade (nice one) which has now retraced, broken the bearish TL and now setting up for a BULLISH CROWN REVERSAL trade.

So my bias is LONG and will be looking to go long from the 1HR tf.....wait for a BULLISH CROWN set up...retrace to 38.2/78.6 fib then reversal cf to go LONG...

What a delicious day! All I've managed to do today, was to lose 22 pips.

Splendid!

Nope, for future reference, there is no 'wrong room".

That's a good call that concerns the Euro as much as any other and I think it's fine to post it here.

I like to show the swissy, to confirm some of the PA in Euro, due to correlation factors.

The yen drives just about everything and even though there are rooms designated
just for that, when it is moving, it will affect the Euro.

When Jay Walker has a semi, it can affect the Euro and it needs to be posted here.

As long as we don't let it get out of hand and keep the posting content for the majority of the time
focused on the Euro, I for one don't think were doing any damage to FF,
the EUR/USD thread, or anyone/anything else.

Of couse we don't want recipies for chicken pot pie or the like, but even then,
if it is related to what we trade and how we trade it, and it's not spam and it's not 2 members arguing
or some such, we collectively should be able to keep house, have a good time,
trade, share, help each other and get along, all without pestering Twee
and all without compromising the integrity of the thread. Post on !!


Now if anyone feels I'm wrong about this, please feel free to tell me to go stuff myself.

http://open.salon.com/blog/jodi_kast...1234879851.jpg

Chicken Pot Pie Recipe.

hang in there

whoever took that trade should be happy right now with quick cash

wonder if cable will drag euro behind

I agreed, that was a GOOD CALL ! Nice work.

I believe cable is going north, so I've just bought poor fiber @4846 hoping correlation will bring me some pips.

Expect to see the Euro at 1.4950+ this week.

HEY EVERY ONE..

can any one USE .. BROCO live Station Mt4??????


thanks
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cheer vib

can his be a valid trend line?

do what?