EURUSD

why are people longing this pair????? LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1

Eu keeps going up to 3580 and back to 3560 but the CHF will not pierce 802....its kissing it but not going thru...

I would not SHORT EU until this happens....

I have a small LONG at 3610 and was looking for a retrace....hasn't happended yet.......may not!

EDIT: Looks like CHF did but Eu not moving thru 3560 area...so confused with this PA

I would wait for 1.3530 for longin'....
it's a strong support i think... at least for scalping 10-20 pips away...

What the flying hell??? How oversold can it get? Eh, price is never wrong, I suppose.

I will return in hour... I hope encounter signals to enter again... maybe long at 1.3630 looking for retracement to 1.3740...

guys,

thanks for someting. i go sleep now (00h07min in brasil)


see you later..

Gator
I need your help here; I when long at 3614 waiting for a retracement to 3640 or maybe 3650 but it does not look good, what do you think; should I add some shorts to compensate.
Sorry to bug you
Thanks

man i have no answer. i did what i was doing early in the trade. i posted most of it. its almost midnight now as far as this trade is concerned. i dont think were going up.. there are many who will differ with what i say. i think your next chance for a bounce is at the lettered line we are currently at.. then the finale number on that chart 3483 plus a few.. if we bounce or how far i do not know.. i expected a bounce since 591 was hit friday... but even knowing this i would not long... but im not scalping..im not day trading.. im trading a simple position. that it will get to point a before point b...and with a trend since dec 4 it has only missed 1 time.. you have to figure out what type of trader you are and talk to someone with that style. if you mix styles you will lose.. personaly i would close the long.. but as said someone else may better answer that question.. you were looking for 24 pips.. you should of closed it when you were -12... your r/r suck. it sounds like your m/m does also.. practice with fake money before you trade then practice some more. you wont listen.. i already know this.... few do... that why most fail.. gold fever

High Unemployment, Banking Rules To Curb Credit Access Further
By DARRELL A. HUGHES
Of DOW JONES NEWSWIRES


WASHINGTON -- The American Bankers Association said Wednesday high unemployment, combined with a federal law that retools banking disclosure rules, has contributed to consumers facing higher interest rates and less access to credit.
"Increased unemployment is highly correlated with consumers' inability to pay off their credit cards," said ABA Vice President and General Counsel Kenneth Clayton. "This in turn means card companies suffer higher losses, which makes less capital available for them to provide new loans."
Clayton added, "Default rates are driving what's happing in the market more than the CARD Act, but the CARD Act does influence [as well]."
ABA held a conference call Wednesday afternoon to discuss implications of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, which is set to take effect Feb. 22.
Clayton said credit card companies have two choices: attempt to price ahead, at the beginning of an account, or to not lend at all.
The Credit CARD Act will limit a companies' ability to change a borrowers interest rate, regardless of a consumers' diminished credit worthiness. The law also would require more disclosure to customers and prohibit banks from raising interest rates on current balances unless a customer is at least 60 days behind in a payment, among other regulations.
Ahead of the law, Clayton said firms are increasing pricing across the board for all borrowers--those risky or not--in anticipation of expected losses stemming from broader economic conditions, particularly the bleak job market. Credit-card companies have been slipping new fees and practices into customer contracts, closing accounts, switching cards with fixed interest rates to variable rates and introducing cards that have an annual fee.
There is evidence that new loans that are being issued have higher interest rates--partly because of the economy and the credit card law, said Nessa Feddis, ABA's senior counsel for regulatory compliance. Still, the higher rates are "consistent" with statements Fed Chairman Ben Bernanke made regarding anticipated higher rates and limited access to credit, Feddis said.
On the other hand, ABA's Clayton said firms are developing new products and tailoring existing credit card products to meet consumer expectations and demand. He cited an example by one credit card firm that would lower a borrower's interest rate by a quarter of a percentage point when the customer stays under the credit limit and makes on-time payments for three consecutive months.
However, Clayton said ABA is not in the position to project what the credit market would look like five years from now. "Ultimately, consumers will drive what the market looks like," he said.
Other things that are likely to drive the market include various economic changes, such as lower unemployment, Clayton said.
ABA heralds the federal law as regulatory reform that provides consumers with additional protections and enhances their financial empowerment.
While the first phase of the Credit CARD Act is to take effect Feb. 22, Clayton said more disclosure rules regarding other types of credit products are slated to be issued in the summer and fall of this year, respectively.
"We are in a period of transformation," Feddis said.

Thanks Gator

so, with respect to your trading style, you do not consider the movemtn up to 1,3778 a retracement?
forget about that, figured out myself

I'm not sure about California theyre actually talking about blocking the Fed Reserve and reinstating cold based currency. Weird things happening over there. The issue here is a larger one though, The US and the EU even though they are union state based are different in nature. When a State in the US fails or has budget problems or financial problems it doesnt affect the USD all to much because there is a larger picture.

The Strength of the Euro on the other hand is determined by each member state, so greece port italy spain etc can have catastrophic impact on the currency itself.

The Oversold USD seems to be based on market sentiment, im not sure exactly what is happening but i feel like a lot of banks are driving the rate down on purpose right now. Sooner or later there will not be enough buyers
for the USD left and i can see as stated previously the 3300 area supports turning into long sideway channels setting up for an outbreak.


@ Dean:

Bloomberg had a great interview with an Economist who specializes on the Euro.

Btw
http://img96.imageshack.us/img96/4276/picture4hi.png

This is a 4H chart of the Eur/USD normally i dont like using Ichimoko and prefer to classical technical analysis such as RSI MACD BBands, Stochaslo and other lagging indicators.

But you can clearly see how a breakout happened once it burst below the Kumo creating very strong sell signals all the way down to 3700 continuing the correction to the 1.38 resistance region and dropping again only to rebounce.

The currency seems to be highly volatile right now. I tend to avoid trading news like the plague so ill try to scalp some 50-100 pips tommorow before the PPI and the unemployment claims reports are being released.

If those are anywhere positive btw be prepared to setup proper stop losses as i can already see the pair acting more erratic than usual

In actuality there is no such thing as oversold or overbought. Price can continue in one direction til it hits bottom or is completely sold out. Normally, price will stop and retrace before another surge/wave. Indicators indicate overbought or oversold based on past data, so they can sometimes be helpful hints, but nothing more.

yes... you simply dont have any buyers that high.. at least not enough to push it higher.. once we got there. all moves have a beginning and end. there are several points between such as the middle.. the move tells you ahead of time where it should be.. when it gets to the point you thought would be the middle it will say... "hey this is the middle i want to finish" if you were right you will see this.. if it dont make it that does not mean you were wrong. many things can affect it.. but the one and only thing that can stop it is not enough buyers... this is meant for bull side. inverse for bear side.

Ditto, just drop the indy's until you understand the PA. The indicator should be used for confluence not entry/exit unless it is confluent with a say a S/R level, TL, pin bar...something.
I'd say more stalk your trade on a longer timeframe chart, then when it's getting close to your pre-determined entry zone. Go ahead and get your favorite indy going and just double check for confluence.

my .02 pips

that's a nice and descrete way to put it

point taken. so, viewing this image in a larger scale, and thinking about investors in forex, then this should mean there is a kind of natural ending for this downtrend, as there is an endpoint for any uptrend. what i mean is, how long do investors hold their positions? finding sellers below 1,2x seems hardly imaginable, so the final wave of such a trend is getting slowed down?

my psychic tells me that greece is primed for a rebound because olives will almost go extinct making them rarer than gold and traded on commodities so olives will push the euro up so buy euro guys!

Does this look delusional?

investors are a puddle on the surface on the earth as seen from space. commerce controls eu... forex is 4 trillian per day... we combined including buffet soros ect. are just a pimple on an elephants ass.. lets say u.s. stops buying ez products.. in this case eu would drop like a rock.. because no need to convert usd into euros...it would mean no euro demand..no demand price drops..