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  • #164,141
  • Nov 21, 2009 12:16pm Nov 21, 2009 12:16pm
Hey! Yeah I'm up early...had to clean house...brother's flying in and mom's flying in...so have to have the place respectable! LOL!

The blue line's are fib extensions..

Quoting All Work
X.Oden

Your up early today! (A little fiesty!!-I'll stay in the corner to protect my backside.) What is the blue line on your chart? Is it a Pivot line?

All Work
In Charts We Trust!
  • #164,142
  • Nov 21, 2009 12:17pm Nov 21, 2009 12:17pm
I already did, look a few pages back.


Quoting swingtrader
as you are senior member i will appreciate if you can post your take on EURO for next week,specially for monday.i have short position open.thankyou
In Charts We Trust!
  • #164,143
  • Nov 21, 2009 12:18pm Nov 21, 2009 12:18pm
Did this earlier today, you are correct, but I already re-entered friday, so I have to stick it out to see...my bias for now is still short EURO...

The crosses are flat...no doubt....


Quoting caldera
It seems that at the moment there is a lot of indecision in the market... i would not make any predictions, except state that in the last 10 days the price has not decisively broken above 1.5 or below 1.48... if at any point it were to have continued down it should've done so at the end of last week you only need to look at the other USD crosses and the dollar index... something is preventing the dollar from strengthening... On the other hand Gold is at an all time high and i have seen that in general when gold is up the Euro follows... and the...
In Charts We Trust!
  • #164,144
  • Nov 21, 2009 2:43pm Nov 21, 2009 2:43pm
just looking back a bit... we've had a fairly similar pattern previously during the uptrend on the daily chart...

the last two days have produced hammer like candles... i think friday was important in the way it tested the 1.48 level without a follow through... i think some caution needs to be exercised before settling for a long or short...
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  • #164,145
  • Nov 21, 2009 3:11pm Nov 21, 2009 3:11pm
Quoting caldera
just looking back a bit... we've had a fairly similar pattern previously during the uptrend on the daily chart...

the last two days have produced hammer like candles... i think friday was important in the way it tested the 1.48 level without a follow through... i think some caution needs to be exercised before settling for a long or short...
Exactly, this same thing has occurred throughout the uptrend, it's normal. Just about 200 pip retrace from the top on a 1500 pips uptrend and the trend is suddenley gone b/c of a 13 % retrace? That's not even the first FIBO! LOL.
I would be more concerned about a possible default on debt by the Ukraine, if the rumors come to fruition...then it would decline beyond the current range.
  • #164,146
  • Nov 21, 2009 3:18pm Nov 21, 2009 3:18pm
I agree about the caution. The Last Coke Coke's channel is gives me temporary comfort. I beleive that we/it will TEND to stay in the channel. Caldera's chart and the repeating formations is very interesting. I have a target of 1.52250ish to the upside. (No time element has been used.) I'm not a longterm position trader, but I see upside potential; or we will break the channel and go lower and maybe test the underside of the channel.

All Work
All Work & No Play!
  • #164,147
  • Nov 21, 2009 3:50pm Nov 21, 2009 3:50pm
Quoting Atlast
I have seen some excellent posts recently. This forum is a great place to dull the boredom of everyday trading and a chance for all, newbies and veterans to learn IMO and to develop some friendship along the way.


So, ATLAST I have come to the end of the journey when I started here with one goal in mind only, to give a little as I had taken so much from the internet in my education over the years without giving back (only now there is just too much of it that the gems get lost in the heap of grabage that has built up).

I want to say a [b]thank...
Atlast, thank you for all your consistently positive posts here. I will miss reading your thoughts about the market and I know many others will, too. I wish you all the best in trading and in life.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #164,148
  • Nov 21, 2009 4:07pm Nov 21, 2009 4:07pm
Quoting TheLastCoke
At this point the range of the triangle is only 200 pips. Next two weeks are critical, where we could see a new year high or a change on the daily uptrend.

This is a good chart, it really proves that money management and same execution every time is the road to success...
  • #164,149
  • Nov 21, 2009 4:17pm Nov 21, 2009 4:17pm
Quoting The Fool
Atlast, thank you for all your consistently positive posts here. I will miss reading your thoughts about the market and I know many others will, too. I wish you all the best in trading and in life.
Hear, hear. Well that's a damn shame treacle. Need a few more humble, experienced posters like yourself around here. I think I can safely say "life's a bitch" in response to your post but I also wish you the best in trading and in life. Can I also add that it was good while it lasted
Nothing worth having is easy.
  • #164,150
  • Nov 21, 2009 4:49pm Nov 21, 2009 4:49pm
Just for you, Patience.

Inserted Video
  • #164,151
  • Nov 21, 2009 5:27pm Nov 21, 2009 5:27pm
Quoting Jade Gate
Just for you, Patience.

http://www.youtube.com/watch?v=OHSPX3snyy4
Nice

Must check my email and see if you've sent me any pearls of wisdom. Just flicking through the charts. Weekly candle on USDX looks good. Few weeks of $ strength to test 78.00 level? What say ye?

Attached Image (click to enlarge)
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Nothing worth having is easy.
  • #164,152
  • Nov 21, 2009 5:33pm Nov 21, 2009 5:33pm
Yup. You got it. Lower highs, lower lows on EU, higher highs, higher lows on UCHF. UCHF is in a nice basing pattern. NZD has already broken the daily trend line in place for the last year with a close well below. Market was loading up AU for short cover on Friday. Bullish engulfing weekly candle on Eur/Aud. GU is showing a serious dose of risk off rather than risk on, and the cup n handle on EG looks like following through for north.

Do think we are headed into the xmas bonus season early. Hold on for the ride, could be quite a thriller this year.

Usual cautions et al.
  • #164,153
  • Nov 21, 2009 7:04pm Nov 21, 2009 7:04pm
Quoting Jade Gate
Yup. You got it. Lower highs, lower lows on EU, higher highs, higher lows on UCHF. UCHF is in a nice basing pattern. NZD has already broken the daily trend line in place for the last year with a close well below. Market was loading up AU for short cover on Friday. Bullish engulfing weekly candle on Eur/Aud. GU is showing a serious dose of risk off rather than risk on, and the cup n handle on EG looks like following through for north.

Do think we are headed into the xmas bonus season early. Hold on for the ride, could be quite a thriller this year....

Don't forget about the weekly bearish engulfing on the pound and the aussie.

Cheers.
"Timing Is Everything. Really I Swear It Is"
  • #164,154
  • Nov 21, 2009 7:42pm Nov 21, 2009 7:42pm
Here's a fond farewell song for Atlast, notch....all the FF friends who, for whatever reason, move on into the twilight....

Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #164,155
  • Nov 21, 2009 9:09pm Nov 21, 2009 9:09pm
Quoting All Work
X.Oden

Your up early today! (A little fiesty!!-I'll stay in the corner to protect my backside.) What is the blue line on your chart? Is it a Pivot line?

All Work
I don't know about some of these people here, but I tally my pip gain and loss in accordance with my broker, since that is where it matters. They add the pips by how much lots I have open. If I've got 1 standard lot open, and I'm down 4 pips, my broker counts that as 40 pips in the negative, per my total pip count. And since that's who's holding my money, that's who's pip tally I'll respect.
All that is left in FF is just plain garbage. "Cloggie"
  • #164,156
  • Nov 21, 2009 9:57pm Nov 21, 2009 9:57pm
http://www.investopedia.com/terms/p/pip.asp

By far the most common interpretation of "pip" is the last decimal point reported for the value of a given pair, excluding fractional pips. For E/U, this is 1/100 of one cent, or $0.0001. If you make a long trade and price goes from $1.5010 to $1.5020, then you gained 10 pips. The size of your trade has absolutely no bearing and no relation on the number of pips that the price has moved.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #164,157
  • Nov 21, 2009 10:16pm Nov 21, 2009 10:16pm
I count all my pips straight. When I say I made 100 pips, that means price went from 1.5000 to 1.5100 or 1.4900 as seen in my scoresheets.

But if you think about what Investopedia says and what you just mentioned, then making 100 pips on EURUSD and 100 pips on USDCHF at the same time is the same as making 100 pips which makes no sense.....

Pips should be measured in units taken at the time of the trade.

Ex....if I place a 2 lot trade on a 1:100 margin, then I technically made 200 pips whether the 2 lots was placed on one pair or two pairs....when you count up the gains, a 100 pip standard lot trade = $1000 while a 100 pip standard lot trade taking 2 positions or 2 units equals $2K.....

Thus if measured in units which I feel is the correct way to asses pips....means also that if you typically trade 2 units of .10 lots or 2 units of 1 lot is always double the number of pips earned by units played.....because when you count the dollar amount, the value adds up to the pips earned....

I think the whole concept of 100 pips is a 100 pips was measured in the beginning with no thought to the number of lots played as well...which then gives a false sense of the actual value earned and the last time I checked, we pay our bills in $$$ not in pips....






Quoting The Fool
http://www.investopedia.com/terms/p/pip.asp

By far the most common interpretation of "pip" is the last decimal point reported for the value of a given pair, excluding fractional pips. For E/U, this is 1/100 of one cent, or $0.0001. If you make a long trade and price goes from $1.5010 to $1.5020, then you gained 10 pips. The size of your trade has absolutely no bearing and no relation on the number of pips that the price has moved.
In Charts We Trust!
  • #164,158
  • Edited Nov 22, 2009 12:43am Nov 21, 2009 10:23pm | Edited Nov 22, 2009 12:43am
Hi X.,

pips are pips. If you want to measure your score in pips relative to the size of your trade, I am not going to hold it against you, but that is likely to be considered erroneous by many. It all boils down to the bottom line anyway. That mofo never lies.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #164,159
  • Nov 21, 2009 11:15pm Nov 21, 2009 11:15pm
I'm bearish for the week but waiting for levels. See blog. Have a good pipping week, guys.
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  • #164,160
  • Nov 22, 2009 12:58am Nov 22, 2009 12:58am
Well I believe the correct way to count pips is straight up, not multiplying by the number of lots , and if you want to do it based on lots than count a monetary value not pips..and at the very least be consitent...as in not counting pips depending on number of lots when you have a winning trade and multiple lots...and straight up regardless of lots when the trade is a losing trade...if you know what I mean, b/c you are only fooling yourself, people are not dumb. This is my first and last post on this subject of pips, as it does not help anyone to make money.
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