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  • #240,561
  • May 11, 2010 5:31pm May 11, 2010 5:31pm
Quoting Al-Agha
Sounds very kind and professional.

Cheers,

TY mate
  • #240,562
  • May 11, 2010 5:34pm May 11, 2010 5:34pm
Well, think about it for a second. If people like us could skim money off the Forex market with impunity, the big players would suffer unacceptable losses. They rely on our fear and uncertainty to shake us out of good positions and ride the bad ones too long. If I am to achieve my long term goal of financial independance trading FOREX and commodities, then I definitely have to grow bigger b*lls, overlook short term fluctuations (1-3 days) and really discipline myself to follow the big guys. Do you think any giant hedge funds were covering on Friday?. Look at the volume. It was just the retail crowd and the market movers love that kind of stuff cause these gaps scare the heck out of the little guy. That keeps us from taking the ride from 1.26xx-1.29xx down to 1.23. I have to admit that the EU chatter, the gap, and the recent steep declines have me second guessing my feeling that this week will end with the EUR/USD in the low 1.20's. However, based on my technical analysis, that is exactly where I think we will be by Thursday.
  • #240,563
  • May 11, 2010 5:38pm May 11, 2010 5:38pm
) some imp levels to watch for
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_PNF_110510.jpg Size: 53 KB
  • #240,564
  • May 11, 2010 5:45pm May 11, 2010 5:45pm
next target short term 2610 then 2600
Former Trader Of the Year of the 95% losing club! Retired
  • #240,565
  • Edited 5:46pm May 11, 2010 5:45pm | Edited 5:46pm
This Euro is so tempting me to make new entries and over-leverage in the process.

Its breaking through the 1.2629 trendline support. If we get a close on the 4H below 1.2576 people watch out because it will have a lot of room to move down.
  • #240,566
  • May 11, 2010 5:47pm May 11, 2010 5:47pm
Quoting Rgali1
next target short term 2610 then 2600
LOL . I like this ^^

2610 > 2520
  • #240,567
  • May 11, 2010 5:49pm May 11, 2010 5:49pm
Can you people imagine the shock if we'd have the same thing that happened last Thursday in the stock market happen on the euro? A massive spikedown would have everyone crapping.
  • #240,568
  • May 11, 2010 5:54pm May 11, 2010 5:54pm
Quoting clambill
Can you people imagine the shock if we'd have the same thing that happened last Thursday in the stock market happen on the euro? A massive spikedown would have everyone crapping.
As far as I understand it the issue is not weaker Euro, but high yields in bond markets. They, EU & Co., want to calm markets ie bond market. Who said anything about getting Euro back to 1.6, I haven't read anything about that in any respectable media. So, yes your wish may come true & we have a big drop in Euro all the way to parity with USD. N.B. Don't tell Skyzer about this, we need liquidity.
Prices oscillate, trends persist. Trend is your friend.
  • #240,569
  • May 11, 2010 5:55pm May 11, 2010 5:55pm
does anyone agree it's time for long.. i see double bottom on 1H/TF
  • #240,570
  • May 11, 2010 5:58pm May 11, 2010 5:58pm
Quoting jsspmk
As far as I understand it the issue is not weaker Euro, but high yields in bond markets. They, EU & Co., want to calm markets ie bond market. Who said anything about getting Euro back to 1.6, I haven't read anything about that in any respectable media. So, yes your wish may come true & we have a big drop in Euro all the way to parity with USD. N.B. Don't tell Skyzer about this, we need liquidity.
Whatever the outcome, it will be unprecedented. We will either see a move below parity or the dissolution of the euro. It can't be neither.
  • #240,571
  • May 11, 2010 5:59pm May 11, 2010 5:59pm
Quoting ak4x
Yes, but I'm a frugal sucker.

Besides, there's a history here between me and chalk.

mrs ak is ringin the dinnerbell... later


((BTW...the 5m chart looks like my definition of "Relentless" from that last high back up a'rd the 2750ish psych level... and remember S1 at 2610))
Thanks AK.....go grab some good eats!
  • #240,572
  • May 11, 2010 5:59pm May 11, 2010 5:59pm
Quoting ak4x
mrs ak is ringin the dinnerbell... later
Hehe, so after all there is a person who u listen to.
  • #240,573
  • May 11, 2010 6:00pm May 11, 2010 6:00pm
Quoting chetz
does anyone agree it's time for long.. i see double bottom on 1H/TF
If your trading DEMO go ahead and see how it works out. If your on a LIVE account keep away from that BUY button.

Always trade with the trend.

You may ignore it today, and earn a little but tomorrow it may come back and kick take away the gains and then some.

Wait for confirmation of the uptrend and if you see confirmation pick the trade.
  • #240,574
  • May 11, 2010 6:03pm May 11, 2010 6:03pm
going up :
Attached Image (click to enlarge)
Click to Enlarge Name: Schermafbeelding 2010-05-12 om 01.03.09.png Size: 44 KB
  • #240,575
  • May 11, 2010 6:04pm May 11, 2010 6:04pm
Quoting chetz
does anyone agree it's time for long.. i see double bottom on 1H/TF
That's countertrend, but taking a stab with a tight stop sometimes doesn't hurt.
  • #240,576
  • May 11, 2010 6:05pm May 11, 2010 6:05pm
Quoting chetz
does anyone agree it's time for long.. i see double bottom on 1H/TF
You know, of the 37 books I read on trading and the 24 videos I looked on trading, I think the single most important thing I did to learn more about price movements was to try to develop my own trade setups using technical analysis (I like Ed Ponsi' book Forex Patterns and Probabilities and Mastering the Trade by John Carter for ideas on trade setups) and testing them with real-time prices with small amounts of money for months. I saw the strength and weakness of all kinds of different methods for months at a time. And I can tell you this, the euro is weak. I mean, look at the size of the retracements last week and even this week. After going down from 1.30, instead of making a huge up move, it simply went into a consolidation phase (flat trading range). It barely has any strength to move up.
  • #240,577
  • May 11, 2010 6:05pm May 11, 2010 6:05pm
Quoting Swamp Owl
This situation now makes me doubt, I'm happy with my shorts now but when almost everybody is so convinced EUR is going down, down, down and even desperate housewives and Tiger Woods's grandmother is short to get rich in a flash, because it can't go wrong - damn, didn't we see that on "USD is going to hell" 6 month ago?
you are wise to be sceptical. Think DOT COm bubble and many many more, some examples;

Cable at 1.35 was apparently going straight to Parity.
Oil over $145 was "destined" for $200.
E/U in 2008 was heading straight for parity.

It certainly rings alarm bells with me when everyone is long or short
  • #240,578
  • May 11, 2010 6:06pm May 11, 2010 6:06pm
Quoting ido370
going up :
Attachment
That was a spike at Tokyo opening. Dips buying
  • #240,579
  • May 11, 2010 6:08pm May 11, 2010 6:08pm
Quoting T@rantula
That was a spike at Tokyo opening. Dips buying
ah, my mistake. already closed it. no pips lost :S i'm gonna sleep now, tomorrow another great day
good luck trading!
  • #240,580
  • May 11, 2010 6:08pm May 11, 2010 6:08pm
Quoting ido370
ah, my mistake. already closed it. no pips lost :S i'm gonna sleep now, tomorrow another great day
good luck trading!
Ty good luck to u 2
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