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Nearly Naked (Simple Trades)

  • #2,781
  • Jun 6, 2010 7:21pm Jun 6, 2010 7:21pm
There doesn't seem to be an end in sight for the drop on A/U! Craziness
Coming up on Weekly S1 at 8122.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,782
  • Jun 6, 2010 7:30pm Jun 6, 2010 7:30pm
Quoting MarcVUM
There doesn't seem to be an end in sight for the drop on A/U! Craziness
Coming up on Weekly S1 at 8122.
It is crazy, for me unless it can get back above 8186 in the next 30 minutes there is no retrace for this pair in sight. EU and GU showing more promise for a retrace currently.
  • #2,783
  • Jun 6, 2010 7:32pm Jun 6, 2010 7:32pm
Here is the only potential friction I have for AU in the next little while
Attached Image (click to enlarge)
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  • #2,784
  • Jun 6, 2010 7:48pm Jun 6, 2010 7:48pm
Quoting Saxon
Here is the only potential friction I have for AU in the next little while
Are you in short?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,785
  • Jun 6, 2010 7:55pm Jun 6, 2010 7:55pm
Quoting MarcVUM
Are you in short?
No positions yet, u?
  • #2,786
  • Jun 6, 2010 7:58pm Jun 6, 2010 7:58pm
Quoting Saxon
No positions yet, u?
I played the gap on A/U for 10 and then went short and grabbed 10. Pretty lame for the amount it has moved but my broker was charging me 4 pips for 3 hours after the open so I wasn't about to take too much risk. Now I'm down to a 2 pip spread and am considering another quick trade before calling it quits tonight.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,787
  • Jun 6, 2010 8:00pm Jun 6, 2010 8:00pm
Quoting MarcVUM
I played the gap on A/U for 10 and then went short and grabbed 10. Pretty lame for the amount it has moved but my broker was charging me 4 pips for 3 hours after the open so I wasn't about to take too much risk. Now I'm down to a 2 pip spread and am considering another quick trade before calling it quits tonight.
Calling it quits? Leaving so soon?
  • #2,788
  • Jun 6, 2010 8:02pm Jun 6, 2010 8:02pm
Quoting Saxon
Calling it quits? Leaving so soon?
I don't need to press my luck and I'd like to spend some time with the wife. Just need a quick 5 - 10 pipper than I'll call it quits.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,789
  • Jun 6, 2010 8:57pm Jun 6, 2010 8:57pm
I think it might retrace now. 0.8106 was my line in the sand. It might begin its retrace for a good 100-200 pips.
  • #2,790
  • Jun 6, 2010 8:58pm Jun 6, 2010 8:58pm
Quoting aragorn123
I think it might retrace now. 0.8106 was my line in the sand. It might begin its retrace for a good 100-200 pips.
What made you pick 8106?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,791
  • Jun 6, 2010 9:01pm Jun 6, 2010 9:01pm
Quoting aragorn123
I think it might retrace now. 0.8106 was my line in the sand. It might begin its retrace for a good 100-200 pips.
I'm hoping for purple target area, but you might win ths one
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  • #2,792
  • Jun 6, 2010 9:02pm Jun 6, 2010 9:02pm
Quoting MarcVUM
What made you pick 8106?
8106 is close to 81"00" but seeing how PA is pushing right through "00", I would be more comfortable with a 3rd touch of previous low S/R (purple target area)
  • #2,793
  • Jun 6, 2010 9:03pm Jun 6, 2010 9:03pm
Quoting Saxon
8106 is close to 81"00" but seeing how PA is pushing right through "00", I would be more comfortable with a 3rd touch of previous low S/R (purple target area)
NU would be second touch
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  • #2,794
  • Jun 6, 2010 9:05pm Jun 6, 2010 9:05pm
UJ almost to S/R as well
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  • #2,795
  • Edited 9:30pm Jun 6, 2010 9:09pm | Edited 9:30pm
Quoting MarcVUM
What made you pick 8106?
It is the 161.8% extension for fibs from 0.8549 to 0.8274. I was looking at 0.8168 (138.2%) and 0.8106.

It previously bounced off 161.8% as well (0.8065) for the fib drawn from 0.9404 to 0.8577.
  • #2,796
  • Jun 6, 2010 9:22pm Jun 6, 2010 9:22pm
Quoting aragorn123
It is the 161.8% extension for fibs form 0.8549 to 0.8274. I was looking at 0.8168 (138.2%) and 0.8106.

It previously bounced off 161.8% as well (0.8065) for the fib drawn from 0.9404 to 0.8577.
Ah ha. Looking like that's it. nice little M15 candle to support it.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,797
  • Jun 6, 2010 9:32pm Jun 6, 2010 9:32pm
Hi guys,

Here is the level you may want to short, If we get any one of these level I'm thinking of a long term position ,From what I'm seeing the minimum target on daily/weekly chart is .77 followed by .72 and may be .65 . I think we will get to .72 there in 4-6 weeks.I highlighted the FE level on the last crazy move in 08, note that the FE level precisely showed the target for the move
Attached Image(s) (click to enlarge)
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  • #2,798
  • Jun 6, 2010 9:40pm Jun 6, 2010 9:40pm
I agree that it will go lower till around 0.72xx. This is assuming the weekly doesn't confirm 0.8065 as swing low.

I feel if this bounce from 0.8095 might go till 0.8450 before dropping again.
  • #2,799
  • Jun 6, 2010 9:48pm Jun 6, 2010 9:48pm
Quoting shahab8b
Hi guys,

Here is the level you may want to short, If we get any one of these level I'm thinking of a long term position ,From what I'm seeing the minimum target on daily/weekly chart is .77 followed by .72 and may be .65 . I think we will get to .72 there in 4-6 weeks.I highlighted the FE level on the last crazy move in 08, note that the FE level precisely showed the target for the move
Thanks for the charts Shahab. Great analysis
  • #2,800
  • Jun 6, 2010 9:51pm Jun 6, 2010 9:51pm
I also agree with Shahab on the retrace. White ovals are places I'm looking to sell as long as they align with my favorite MA's. If it reaches the 200sma on M15 I suggest you sell heavy!

Btw...I know my chart is not naked. Don't remind me!
Attached Image (click to enlarge)
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
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