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  • #246,361
  • May 21, 2010 9:13am May 21, 2010 9:13am
The thing to keep in mind about the Dow, is that the level typically gets priced in when the futures values start being broadcast earlier in the morning.

So, a low opening doesn't necessarily equate to a dollar push when the Dow opens.

Dow opened over -100, but EUR dropped little and then rose. Gold dragged the USD down as it's $-17.00.

Dow recovered quickly and the EUR was already in line.

Can't always take things at face value.
Capital Preservation is key to long term wealth accumulation
  • #246,362
  • May 21, 2010 9:16am May 21, 2010 9:16am
Quoting 2+2=4ex
Until then I think its ludacrious to say we are in an up trend.
We're in an uptrend as high as H4 now, naturally D1+ is still bear country.
(If you use HH/HL to qualify an uptrend that is)
  • #246,363
  • May 21, 2010 9:17am May 21, 2010 9:17am
  •  crmcwi
  • | Joined Mar 2010 | Status: Entrepreneur, Programmer, Analyst | 35 Posts
Quoting AlexC
The fact is the bank's money managers are always intervening. Yesterday was a planned short squeeze.
very true alex. when I was on the CME floor (albeit briefly) the traders always spoke of the big black "I" (intervention).
  • #246,364
  • May 21, 2010 9:19am May 21, 2010 9:19am
S&P heat map

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Manage your risk accordingly and you're half done your home work.
  • #246,365
  • May 21, 2010 9:21am May 21, 2010 9:21am
Wonder if gbp/usd could possibly target 1.4500-50 today.
They think they are smarter than I am.
  • #246,366
  • May 21, 2010 9:23am May 21, 2010 9:23am
My initial TP was .4480, but after (6) large up candles, I took profit and will wait for a down candle to close before placing another LONG entry order.

I'd like to see it though.
Capital Preservation is key to long term wealth accumulation
  • #246,367
  • May 21, 2010 9:26am May 21, 2010 9:26am
Eurusd is in an triangle. http://chart.ly/vagsfc BTW, Eurusd is by far the slowest pair in the market today. I've been waiting for price action to reach near 1.26 for hours.

Cleaning up off EurAud and EurNzd = 2300 pips this week from those two pairs alone. Not counting the other pairs I've traded this week.

EurUsd trend looks to be turning. If price continues to bounce off the upper trendline, expect shorts.
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  • #246,368
  • May 21, 2010 9:30am May 21, 2010 9:30am
Quoting MuddBuddha
My initial TP was .4480, but after (6) large up candles, I took profit and will wait for a down candle to close before placing another LONG entry order.

I'd like to see it though.
euro completed 5 mini wave leggings on the 5minutes. developments frmo here should be interesting. looks like you killed the market when you sold lol!
  • #246,369
  • May 21, 2010 9:33am May 21, 2010 9:33am
Yeah, it's kinda dragging.

EUR/JPY and GBP/USD have all made decent moves. I've only had one trade on the EUR/USD today.

Most $ has been off the GBP.
Capital Preservation is key to long term wealth accumulation
  • #246,370
  • May 21, 2010 9:34am May 21, 2010 9:34am
Quoting Ted1983
We're in an uptrend as high as H4 now, naturally D1+ is still bear country.
(If you use HH/HL to qualify an uptrend that is)
I don't know what H4 chart you're looking at, but I don't see an uptrend.
  • #246,371
  • May 21, 2010 9:37am May 21, 2010 9:37am
Would they do it again today? Maybe last 2 days pump was

due to the 1$ T. package vote today, who's gonna voted then

if EUR drop to nothing.. Would they leave it alone now, since package approved and let Market

to determine FX rates?
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #246,372
  • May 21, 2010 9:37am May 21, 2010 9:37am
Sorry, Jest, it just hit me what you meant.

No, that was my TP pn the GBP from an earlier trade this morning.

Sorry about that.
Capital Preservation is key to long term wealth accumulation
  • #246,373
  • May 21, 2010 9:39am May 21, 2010 9:39am
Quoting 2+2=4ex
I don't know what H4 chart you're looking at, but I don't see an uptrend.
This one showing the uptrend on the 4 hourly timeframe.
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  • #246,374
  • May 21, 2010 9:43am May 21, 2010 9:43am
Quoting Ted1983
This one showing the uptrend on the 4 hourly timeframe.
higher highs and higher lows ok but not a break of a former higher high = retrace in and down trend.
Trade on your own risk Plan your trade&trade your plan dont be a
  • #246,375
  • May 21, 2010 9:45am May 21, 2010 9:45am
Quoting Trading Cat
higher highs and higher lows ok but not a break of a former higher high = retrace in and down trend.
I always thought a trend was a series of HH/Hls.
I'd count 2450 as break of previous high anyway, which is lower blue horizontal line the chart I posted.
  • #246,376
  • May 21, 2010 9:47am May 21, 2010 9:47am
Quoting Ted1983
This one showing the uptrend on the 4 hourly timeframe.
That H4 chart doesn't show a higher high AND it only goes back to May 12. How is that an uptrend??
  • #246,377
  • May 21, 2010 9:47am May 21, 2010 9:47am
Quoting ubaidahsan
you are right bro but it is looking a same scenario which we are looking since past 2 days market made low and then range bound and in US session break out up side and then playing slow its smelling that it could send back us to 26xx or higher in Chicago and will close there what are your thoughts about it??in H1 it has to come down to go up but you can see since past 2 days it comes down 5-10% and then turn from there and go up up up

Ub
The same scenerio today also , apparently a bo expecting but as market in a bull mode the bo not happen & bounce from the tl . if so at least eu can expect near tl now 1.2465 to bounce but as hs h1 may also bo to 1.2333 area too . so risk remains & though next to 1.2333 if bounce only can expect .
H1 bull to counteract first but keeping h4 bull rally & so next bull resume .
shorts on till return to the neck for validation.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #246,378
  • May 21, 2010 9:49am May 21, 2010 9:49am
Quoting Ted1983
I always thought a trend was a series of HH/Hls.
Higher highs and higher lows over the last 3 days doesn't qualify for a trend.
  • #246,379
  • May 21, 2010 9:51am May 21, 2010 9:51am
Quoting Ted1983
I always thought a trend was a series of HH/Hls.
I'd count 2450 as break oa previous high anyway.
fair enough there are different interpretations out there so I guess your will suit you the other is for others. Any way the daily trend or weekly is more important when speaking about trend then any other smaller time frame. For me all of this aint matter since I usually trade only intra day or at least try to limit it to this.
Trade on your own risk Plan your trade&trade your plan dont be a
  • #246,380
  • May 21, 2010 9:52am May 21, 2010 9:52am
Quoting 2+2=4ex
I don't know what H4 chart you're looking at, but I don't see an uptrend.

Is this UP or DOWN? Pick your POISION!
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