An easy trade here. We have a bearish hourly bar off a re-test of .8500. Pretty much my favourite type of set up. Length of that bar is the tp1 and sl, plus a few buffer pips. If it doesn't work I'll eat my hat. Chart:
Attachment
EUR/GBP - What a great pair to trade!
- #661
- May 27, 2010 4:21am May 27, 2010 4:21am
- | Joined Aug 2008 | Status: great minds discuss ideas | 118 Posts
- #662
- May 27, 2010 4:25am May 27, 2010 4:25am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #663
- May 27, 2010 4:36am May 27, 2010 4:36am
- | Joined Aug 2008 | Status: great minds discuss ideas | 118 Posts
Do you think if we get a decent close below .8450 then it's a clear run, 200 plus pips?
http://1.bp.blogspot.com/_8texnURUcC...oggerForex.bmp
- #664
- May 27, 2010 5:06pm May 27, 2010 5:06pm
- Joined Mar 2007 | Status: Trader | 8,618 Posts
I looked and on 22nd June last year the price briefly touched .8400. So we are at an interesting level. On the chart below I have marked .8500, .8450 and .8400.
We can see the price re-tested .8500 and posted a bearish engulfing bar. This has since retraced and formed (for now) a lower high.
I couldn't draw the upper trend line in the chart without squashing it up but believe me, if we go all the way up it's at about .9000. That's what happened last June.
Downside we have .7200 ish.
In the meantime we might be living in a grey box...
We can see the price re-tested .8500 and posted a bearish engulfing bar. This has since retraced and formed (for now) a lower high.
I couldn't draw the upper trend line in the chart without squashing it up but believe me, if we go all the way up it's at about .9000. That's what happened last June.
Downside we have .7200 ish.
In the meantime we might be living in a grey box...
Gone to a better place
- #666
- May 28, 2010 3:12am May 28, 2010 3:12am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #667
- May 28, 2010 3:23am May 28, 2010 3:23am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #669
- May 28, 2010 5:14am May 28, 2010 5:14am
eyeing these 2 levels for short 8535 and 8558
first chart is blurry but its a zoom out....2nd chart is a closer-up
smikey what do u think abt that shooting star on swissy weekly?
i still see support 1425 area for another leg up 1770 possibly
swissy selling off right now
first chart is blurry but its a zoom out....2nd chart is a closer-up
smikey what do u think abt that shooting star on swissy weekly?
i still see support 1425 area for another leg up 1770 possibly
swissy selling off right now
it had seemed so obvious at the time
- #670
- May 28, 2010 6:11am May 28, 2010 6:11am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Nice charts, thanks for posting. Just the opposite of my view, though. I'm currently loading longs off .8500 with an initial target of .8570, hoping for .8900 or even .9000.
Anyway you know the game. Turn on a sixpence like a London taxi if the price action tells me to.
I am very much liking the Swissie short opportunities. Coincides with a toppy looking dollar index. Double top actually. For once I agree with a CNBC article here: http://www.cnbc.com/id/37349789
Here is some more food for thought: http://www.forexfactory.com/showpost...postcount=3229 Of course the guy is completely bonkers but a retest of that line looks likely at 1.3 area before the bears take over again.
Is it all fitting into place? As clear as mud... Have a great weekend.
Anyway you know the game. Turn on a sixpence like a London taxi if the price action tells me to.
I am very much liking the Swissie short opportunities. Coincides with a toppy looking dollar index. Double top actually. For once I agree with a CNBC article here: http://www.cnbc.com/id/37349789
Here is some more food for thought: http://www.forexfactory.com/showpost...postcount=3229 Of course the guy is completely bonkers but a retest of that line looks likely at 1.3 area before the bears take over again.
Is it all fitting into place? As clear as mud... Have a great weekend.
Gone to a better place
Well this may sound asinine, but I'm underwater on two trades low lot buys at
8578, 8540, I made some pips buying back in at 8486 and 8469. The asinine part comes in the form of the U.S. and Brit holiday, depending on movement I may be able to punch out of these trades on Monday.
You see I sinned badly and decided to average in against the trend
, so punch out now and break even for the week or let it ride with a stop loss of 8400. Time will tell 
8578, 8540, I made some pips buying back in at 8486 and 8469. The asinine part comes in the form of the U.S. and Brit holiday, depending on movement I may be able to punch out of these trades on Monday.
You see I sinned badly and decided to average in against the trend
, so punch out now and break even for the week or let it ride with a stop loss of 8400. Time will tell Never been vouched
- #672
- May 28, 2010 9:41am May 28, 2010 9:41am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #673
- May 28, 2010 9:53am May 28, 2010 9:53am
good call on long again smikey....i see push to 8570 likely now
was gonna ask u if u keep positions over the wkend, but i guess u answered alrdy
i shorted GU with the EG push up....swissy doing nothing, trying for the DP though
thks for the guppy article, dollar chart does look primed for south.....only in June?
was gonna ask u if u keep positions over the wkend, but i guess u answered alrdy
i shorted GU with the EG push up....swissy doing nothing, trying for the DP though
thks for the guppy article, dollar chart does look primed for south.....only in June?
it had seemed so obvious at the time
Well, with this last spike I just did something that has been making me money, I closed my trades for a loss, but hit my weekly profit target. If I had let the trade hit my stop loss it would have been no profits for the week, break even meaning zero. So I beat the greed, this time. Funny how one can easily revert back to bad habits or go against one's own signals. I love taking a loss, repeat ten times 
Got to love it!
Got to love it!
Never been vouched
- #675
- May 28, 2010 10:19am May 28, 2010 10:19am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #676
- May 28, 2010 11:47am May 28, 2010 11:47am
argghhh....we were marching up nicely @ 8542 when Spain got downgraded frm AAA to AA+.....swissy jumped and euros got sold all around
dow has rejected 200day MA @ 10270....same with S&P.....are we headed south nxt week?
dow has rejected 200day MA @ 10270....same with S&P.....are we headed south nxt week?
it had seemed so obvious at the time
- #677
- May 28, 2010 12:08pm May 28, 2010 12:08pm
BULLET: SPAIN: Of Fitch's decision to downgrade Spain AA+
SPAIN: Of Fitch's decision to downgrade Spain AA+ from AAA, with a
stable outlook - Win Thin of Brown Brothers Harriman maintains that a
multiple notch downgrade would have been justified. He reminds that
S&P downgraded Spain one notch to AA from AA+ with a negative outlook
in late April. "Spain so far, has gotten off relatively easy," he says.
Moody's is the last rating agency to keep Spain as a triple A credit.
"We don't think that can last, and we stress again that we see multiple
downgrades ahead for Spain - Greece and Portugal are small countries,
but Spain is about five times their size with regards to GDP." Thin also
voiced the lament of traders everywhere Friday - "We commend the rating
agencies in general for the impeccable timing of their announcements,
coming today in holiday-thinned conditions as both US and UK shut down
ahead of Monday holidays." One US trader was more concise -
"D&*! Fitch - great timing".
SPAIN: Of Fitch's decision to downgrade Spain AA+ from AAA, with a
stable outlook - Win Thin of Brown Brothers Harriman maintains that a
multiple notch downgrade would have been justified. He reminds that
S&P downgraded Spain one notch to AA from AA+ with a negative outlook
in late April. "Spain so far, has gotten off relatively easy," he says.
Moody's is the last rating agency to keep Spain as a triple A credit.
"We don't think that can last, and we stress again that we see multiple
downgrades ahead for Spain - Greece and Portugal are small countries,
but Spain is about five times their size with regards to GDP." Thin also
voiced the lament of traders everywhere Friday - "We commend the rating
agencies in general for the impeccable timing of their announcements,
coming today in holiday-thinned conditions as both US and UK shut down
ahead of Monday holidays." One US trader was more concise -
"D&*! Fitch - great timing".
it had seemed so obvious at the time
For nothig smikester !Its my pleasure, but I think archimede helped you.
Meybe the price not going 200 pips up.He met a resistence and was formed 2 classical divergences.
Anyway its friday and it's good to wait until Monday
Meybe the price not going 200 pips up.He met a resistence and was formed 2 classical divergences.
Anyway its friday and it's good to wait until Monday
- #680
- May 28, 2010 2:06pm May 28, 2010 2:06pm
For nothig smikester !Its my pleasure, but I think archimede helped you.
nah....smikey makes his own calls.....i just give my 2 cents, which isnt worth much
marco, i like ur analysis though....esp. elliot wave stuff
holding my shorts over the wkend....a first
have a great weekend, you all
it had seemed so obvious at the time