Greed and impatience are our greatest enemies.
- #180,652
- Jan 13, 2010 1:57pm Jan 13, 2010 1:57pm
- Joined Aug 2008 | Status: Fear makes us see who we really are | 4,822 Posts
Btw, eurusd and usdchf are both going UP at the moment writing.
They both have breakout triangle forming on 1hr tf, opposite way ofc
They think they are smarter than I am.
- #180,653
- Jan 13, 2010 2:15pm Jan 13, 2010 2:15pm
- Joined Aug 2007 | Status: Trader | 2,616 Posts
Unless we have a last minute rally in the equity market we should be heading on down from here
- #180,657
- Jan 13, 2010 3:13pm Jan 13, 2010 3:13pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
A few things to keep in mind today.
1)In the early am American time there was the committee meeting with the great grandaddy CEO's of Goldman sucks, Morgan Stanley, JP Chase and another I forget. Before the meeting the Eur/Usd was at the weekly high and as the meeting progressed, we saw a sharp decline off the highs, to the current resistance of the range we are in.
2)Haiti is a MASSIVE CATASTROPHE. If you have been following the aftermath of the earthquake at all, you will understand. It is only normal for the markets to take a breather while the world concentrates on that. The way it directly affects the dollar is, whether a weaker or stronger dollar would help Haiti short term, since a huge part of the relief effort is coming from the US. The cost to aid that country now, it cannot even be imagined right now so again...weak dollars or strong dollars is better to aid Haiti?
3)Oh the technical analysis.
Simple really. We are range bound between 1.4465(previous strong resistance) and 1.4550. The one attempt to break higher today failed miserably. While on the daily charts we may have a bear flag in the making, on the hourly chart nothing is certain until that range is broken. Only 2 ways to trade this range.
1)buy at the low or sell at the high.
2) wait for breakout of range and join whichever direction the trend broke(breakout and retest of breakout side would be best as you never know when its a false break...don't want to enter prematurely).
As a final side note, since the failed attempt to break higher, we have not properly retested the low of the range. One could even say a bear flag is developing on the 15min or hourly chart. Regardless, I am inclined to believe we will at least retest the lows of the week before anything else.
Good pippin all.
1)In the early am American time there was the committee meeting with the great grandaddy CEO's of Goldman sucks, Morgan Stanley, JP Chase and another I forget. Before the meeting the Eur/Usd was at the weekly high and as the meeting progressed, we saw a sharp decline off the highs, to the current resistance of the range we are in.
2)Haiti is a MASSIVE CATASTROPHE. If you have been following the aftermath of the earthquake at all, you will understand. It is only normal for the markets to take a breather while the world concentrates on that. The way it directly affects the dollar is, whether a weaker or stronger dollar would help Haiti short term, since a huge part of the relief effort is coming from the US. The cost to aid that country now, it cannot even be imagined right now so again...weak dollars or strong dollars is better to aid Haiti?
3)Oh the technical analysis.
Simple really. We are range bound between 1.4465(previous strong resistance) and 1.4550. The one attempt to break higher today failed miserably. While on the daily charts we may have a bear flag in the making, on the hourly chart nothing is certain until that range is broken. Only 2 ways to trade this range.
1)buy at the low or sell at the high.
2) wait for breakout of range and join whichever direction the trend broke(breakout and retest of breakout side would be best as you never know when its a false break...don't want to enter prematurely).
As a final side note, since the failed attempt to break higher, we have not properly retested the low of the range. One could even say a bear flag is developing on the 15min or hourly chart. Regardless, I am inclined to believe we will at least retest the lows of the week before anything else.
Good pippin all.
Different opinions highly valued, ignorant to slander.
- #180,658
- Jan 13, 2010 3:28pm Jan 13, 2010 3:28pm
- Joined Oct 2008 | Status: Let the market come to you | 2,670 Posts
A few things to keep in mind today....
