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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #6,301
  • Apr 24, 2010 10:33am Apr 24, 2010 10:33am
Quoting wormboy
it's a deal then. I've never been to Italy before. Hopefully you're not a mafiosi lol. And oh ... if you promise me 2-3 gorgeous Italian ladies, I will teach you every single thing i know

Looks like I'm done trading for this month. I was contemplating yesterday if either I should trade light or stop trading completely till the UK parliamentary election is out of the way. I chose the latter since I'm about 1.6% in profit this month. Don't want to be caught with erratic moves where I might just surrender my profit completely. I'll start active...
hi wormboy, just out of curiosity, are u a full time trader? from the number of trades u made, i suppose u are?
  • #6,302
  • Apr 25, 2010 3:47pm Apr 25, 2010 3:47pm
Quoting wormboy
Here's one small description on the diamond that I find is easy for new guys to understand:
1. http://www.investopedia.com/articles...iamondBear.asp

Should give you a general idea.
Well written article with with the exception that none of the charts patterns shown do really represent a diamond. Like discussing an automobile using the pictures of an airplane.
  • #6,303
  • Apr 26, 2010 3:51am Apr 26, 2010 3:51am
Eu price rejection @1.3400 this could be a bearish continuation after broken 1.3450 support with a possible target of 1.3000 in mid term...major support now still remain 1.3250 looking like triple bottom which is yet to confirm from daily chart ..
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MY OPINION NOT FINANCIAL ADVISE
  • #6,304
  • Apr 26, 2010 4:06am Apr 26, 2010 4:06am
Quoting Artie
Thanks wormboy,
For me this is a great example of looking at what is, and not what might happen - and, assuming the trend will continue. I tend to get messed up looking for things to change instead of continuing.

you're welcome art.
don't worry, you're not alone on that, I get caught looking for reversal trades when there are none at times.
Thank You
  • #6,305
  • Apr 26, 2010 4:07am Apr 26, 2010 4:07am
Quoting yuan83
hi wormboy, just out of curiosity, are u a full time trader? from the number of trades u made, i suppose u are?

hi yuan,

yes, I trade currencies fulltime.
Thank You
  • #6,306
  • Apr 26, 2010 4:09am Apr 26, 2010 4:09am
Hi guys

okay so I have no open trades but thought I'd share my thought on cable as I see there is a strong possibility of it reversing short term.
There's a possible bearish rising wedge that might come into play.
Look for the breakout for the pattern to be valid. Good luck
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Thank You
  • #6,307
  • Apr 26, 2010 4:32am Apr 26, 2010 4:32am
Hi wormie

Damn me... i went short this morning from 1.5471 and just locked 7 pips... instead of letting it go and look now...
Still have to learn to let the trade go where it has to, instead of lock it ASAP!!!

maybe that is the most difficult thing of trading to learn.. how do u think?
I don't want a job, i want money!
  • #6,308
  • Apr 26, 2010 4:40am Apr 26, 2010 4:40am
Quoting wormboy
Hi guys

okay so I have no open trades but thought I'd share my thought on cable as I see there is a strong possibility of it reversing short term.
There's a possible bearish rising wedge that might come into play.
Look for the breakout for the pattern to be valid. Good luck
.hi worm..not sure if it gonna break or not but the chart still bullish here..as u said maybe after the election we can have clear view or wait for the breakout
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MY OPINION NOT FINANCIAL ADVISE
  • #6,309
  • Edited 4:53am Apr 26, 2010 4:52am | Edited 4:53am
Wormie (/DragonMaster!),
Dragon looks like it may be a buy..? Waiting to see how this forms up.
Not too long though. Only if it screams. Trying not to overtrade. (met daily goal)

No positions still?
X
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,310
  • Apr 26, 2010 4:58am Apr 26, 2010 4:58am
Quoting dario1002
Hi wormie

Damn me... i went short this morning from 1.5471 and just locked 7 pips... instead of letting it go and look now...
Still have to learn to let the trade go where it has to, instead of lock it ASAP!!!

maybe that is the most difficult thing of trading to learn.. how do u think?
hi dario

yep, like I told you before bro, trading is more self mastery than all this technical mumbo jumbo. Sure ta plays a part in trading, but it'll come to nothing without the proper mindset.
I hope you don't waste much of your time looking for the right "indicator" or technical approach bro. Channel your time & energy on trading psychology
Thank You
  • #6,311
  • Apr 26, 2010 5:01am Apr 26, 2010 5:01am
Quoting donfriday
.hi worm..not sure if it gonna break or not but the chart still bullish here..as u said maybe after the election we can have clear view or wait for the breakout
hi don
yea .. agreed it does look bullish, but as I pointed out, it might be a short term reversal whenthe ltl gives way thus making the wedge valid
Thank You
  • #6,312
  • Apr 26, 2010 5:03am Apr 26, 2010 5:03am
Quoting XTrade
Wormie (/DragonMaster!),
Dragon looks like it may be a buy..? Waiting to see how this forms up.
Not too long though. Only if it screams. Trying not to overtrade. (met daily goal)

No positions still?
X
Hi X .. yep dragon is bullish, tho it seems like a retest of 144 level might just be on the cards imho.

No positions. I'm just thinking out loud here with the analysis. I did mentioned over the weekend that I will take time off from trading till the election is out of the way. Will resume trading on May the 10th.
Thank You
  • #6,313
  • Apr 26, 2010 5:16am Apr 26, 2010 5:16am
Yes I understand, in that case was just reading this article and thought of reminding cable thread this election is of primary importance to trading GBP.
(i have not done so yet) perhaps you have already!
here it is

Start:
Quote
LONDON—It is as much part of the political system in Britain as the ceremonial opening of Parliament and the black oak door of Number 10, but there are signs that the U.K.'s centuries-old first-past-the-post electoral system could soon become a target for reform.

Quoting wormboy
Hi X .. yep dragon is bullish, tho it seems like a retest of 144 level might just be on the cards imho.

No positions. I'm just thinking out loud here with the analysis. I did mentioned over the weekend that I will take time off from trading till the election is out of the way. Will resume trading on May the 10th.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,314
  • Apr 26, 2010 5:52am Apr 26, 2010 5:52am
Quoting XTrade
Yes I understand, in that case was just reading this article and thought of reminding cable thread this election is of primary importance to trading GBP.
(i have not done so yet) perhaps you have already!
here it is

Start:
Thanks for the link X, much appreciated
Thank You
  • #6,315
  • Apr 26, 2010 5:58am Apr 26, 2010 5:58am
I am pretty much a technical trader & don't really pay much attention about fundies (main reason why I loiter the factory & dailyfx forum is try to pick the brains of the better fundamental traders).
So my question is this, what is the implications one think would have on the british economy if the uk does end up with a hung parliament?
Would really like answers/opinions out of trader's experience instead of the stuff you'd get to read in the ft lol.

Thanks.
Thank You
  • #6,316
  • Apr 26, 2010 6:15am Apr 26, 2010 6:15am
todays closing price will tell if this is a confirm breakout or fake cus of the momentum seems low at the moment...if confirmed this are my possible target..
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MY OPINION NOT FINANCIAL ADVISE
  • #6,317
  • Edited 6:29am Apr 26, 2010 6:17am | Edited 6:29am
No problem for the link. I may be able to dig up some more if you are interested.

In any case- it goes something like this - simply put -
A hung parliament increases pressure on GBP due to the political uncertainty it provides. However, much of the volatility because of "news/ talks" of the hung parliament have already appeared in the PA / volatility of the GBP.

A solid political party / adds Certainty / solidarity to the UK Government so-forth the people of the UK ( this can have affects such as increased spending- etc. helping the economy)- in turn adding strength to the GBP. This may help smoother trending.

In the middle - if the parliament is in fact hung the parties will simply go back to election- it will not remain so. Again increasing or leaving
volatility similar. Leaving pressure on GBP until the election is in fact complete

Edit: I am not British - So if there is a Brit Trader here who might add please do.

Quoting wormboy
I am pretty much a technical trader & don't really pay much attention about fundies (main reason why I loiter the factory & dailyfx forum is try to pick the brains of the better fundamental traders).
So my question is this, what is the implications one think would have on the british economy if the uk does end up with a hung parliament?
Would really like answers/opinions out of trader's experience instead of the stuff you'd get to read in the ft lol.

Thanks.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,318
  • Apr 26, 2010 6:35am Apr 26, 2010 6:35am
They'll be a huge uncertainty with a Hung parliament. However, there's a few successful countries in Europe with them..Sweden, Germany, Netherlands ...

Any prediction of an outcome will be difficult. But remember that Northern Ireland, Wales and Scotland will have very few Conservative/Labour/Liberal Dems representing them. They have their own national parties.

The worrying part for the GBP is if the Scottish National party wins 20 seats and they are needed for a hung parliament. We could hear whispers of North sea oil revenues going back to Scotland as part of a deal. Most North Sea Oil production is in Scottish territorial waters, not English.

The closest I can image in terms of USA is if Washington DC receives ALL the oil revenue from Texas, but hands only a pittance back. So you can imagine what Scots/Texans would think and want!

This is the most dangerous outcome in my honest opinion and I'll keep a close eye on the SNP votes. Any mention of lost Oil revenues could collapse the GBP.

Any other UK views welcome.
  • #6,319
  • Apr 26, 2010 6:50am Apr 26, 2010 6:50am
Jake - Thanks for adding this - truly insightful to read!
THat is definitely something of concern for GBP. Yet, my faith in USD is equally lacking as we have our own issues...!...
Quoting Jake Snake
They'll be a huge uncertainty with a Hung parliament. .....................
The closest I can image in terms of USA is if Washington DC receives ALL the oil revenue from Texas, but hands only a pittance back. So you can imagine what Scots/Texans would think and want!

This is the most dangerous outcome in my honest opinion and I'll keep a close eye on the SNP votes. Any mention of lost Oil revenues could collapse the GBP.

Any other UK views welcome.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,320
  • Apr 26, 2010 10:02pm Apr 26, 2010 10:02pm
My view:

If we can get over trendline, let's say 4h close, 78.6 is next target, whit 1,5760 as next target if fundies help in times...

Let's see, if not, expecting more ranging...

Take care!
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