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  • #3,321
  • Jun 10, 2010 7:56pm Jun 10, 2010 7:56pm
Saxon, the MA's crossed on A/U. I'll be taking a short around 8485 if I can get it.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #3,322
  • Jun 10, 2010 8:03pm Jun 10, 2010 8:03pm
Quoting Forextrader4
i will definitely buy usd/cad right now
I entered a long trade on the red vertical line candle, my take profit is manual as i am watching the market, but it should be around 25 pips. Good luck...
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  • #3,323
  • Jun 10, 2010 8:05pm Jun 10, 2010 8:05pm
If the tl breaks, grab some pips.
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Annoying Precision
  • #3,324
  • Jun 10, 2010 8:47pm Jun 10, 2010 8:47pm
That 4hr close put in a Dark cloud pattern below the trendline. I would be cautiously optimistic that this beast would head down for a little while to the other trend line.
  • #3,325
  • Jun 10, 2010 9:59pm Jun 10, 2010 9:59pm
Saxon,

You said one of your bachelors was in economics.

Without going into huge detail (if possible) , what is the problem with american finance and how would you fix it?

Also, we know that the majority of the world lives in a state of poverty while only a small percentage actually have it well off.

Is it possible for the world economy to transform to where everyone can live decently?

Thanks
Annoying Precision
  • #3,326
  • Jun 10, 2010 10:10pm Jun 10, 2010 10:10pm
Sorry, was celebrating my friend's graduation at dinner. Back now. Missed some of AU but still have GU left
  • #3,327
  • Jun 10, 2010 10:17pm Jun 10, 2010 10:17pm
Quoting MarcVUM
Saxon, the MA's crossed on A/U. I'll be taking a short around 8485 if I can get it.
Missed it....
  • #3,328
  • Jun 10, 2010 10:20pm Jun 10, 2010 10:20pm
Quoting Saxon
Missed it....
Oh well. I'm out now with 25... we need to look for something else now.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #3,329
  • Jun 10, 2010 10:43pm Jun 10, 2010 10:43pm
Quoting erikte279
Saxon,

You said one of your bachelors was in economics.

Without going into huge detail (if possible) , what is the problem with american finance and how would you fix it?

Also, we know that the majority of the world lives in a state of poverty while only a small percentage actually have it well off.

Is it possible for the world economy to transform to where everyone can live decently?

Thanks
Oh......There have been books written about both sides of your first question. Personally, since this is an opinion question. I don't really feel that there is too much wrong with the US Financial System. Yes there are items that I don't agree with, such as bailing out banks and what not, but for the most part it works, and works better than most. Over the past few years, there was, for lack of a better word, a bubble of overconfidence and a lack of checks and balances at all levels of our financial economy (Government, Banks, Private, Personal). When I was at GS I worked on their OTC Derivatives team and I would be shocked when PWM Sales Teams would come to me and ask me to explain to them the Derivative they are selling to a client; and these were Harvard boys. If your PWM rep doesn’t understand it, how would you expect the client to? But even so, I was creating and spitting out tons of this stuff. So there were really only a select few of us that could explain the nuances of these things. To make things worse, I would pile a bunch of these things (OTC Derivatives) along with some currency tilts and some equity exposures and sell it as a Structured Product. I could understand it, since we were making them, but I really don't think anyone else could. The cherry on top of the Sunday was that, when we dish these things out, we would then go out and pitch to out clients CDSs. And I kid you not, I got into 3 iterations of CDSs, So a Default Swap on a Default Swap on a Default Swap. I digress, but I think I painted a pretty good picture for you. We were overconfident that the risk would never catch up. So we got a well needed wake up call in 2008. Even with all that going on, we still operated in a great financial economy. If you wanted to start a HF, Pool or sell tranches on something, you could. Barriers to Entry (Economics) were minimal as compared to other financial economies. We are in a relatively free and protected system. The system is not broken, the players are. There needs to be a financial/educational responsibility on both side. Both the seller and the buyer REALLY need to be aware of what they are getting into. Some of these things are really sophisticated, and although having 2M in net worth makes you Legally a "Sophistocated" investor in the government's eyes, wealth by no means reflects comprehension an brain capacity. The government should let corrupt financial systems fail (Big Banks, Car Companies, etc...). A de-consolidation of financial assets would occur, barrier to entry would decrease, increased competition would spawn innovation, etc... you get the idea. People and Institutions need to be held accountable. If you as a private investor got into a mortgage way over your head and you are defaulting, then that is as much your fault as it is your brokers. You deserve to fail, the broker deserves to fail, Goldman Sachs deserves to fail for buying your mortgage pool, the investors that bought tranches in your mortgage pool deserve to lose their money for not fully understanding the risk of that tranche, Morgan Stanley deserves to fail for selling CDSs on those tranches, etc.... There is a chain or responsibility that everyone should share. If you burn your hand on the stove, will you do it again? If you burn someone else's (Tax Payers) hand on the stove and you get paid for it, will you do it again? Should be a clear picture. The system isn't flawed, the players are.

Your second question has been pondered for many years. The only person who came close to having a legitimate answer for that was Karl Marx, but human is flawed and we saw how that (Communism) worked out. I will try to get a better explanation for you. Watching GU right now though.
  • #3,330
  • Jun 10, 2010 10:43pm Jun 10, 2010 10:43pm
Quoting MarcVUM
Oh well. I'm out now with 25... we need to look for something else now.
GU is #1 on my radar
  • #3,331
  • Jun 10, 2010 10:44pm Jun 10, 2010 10:44pm
Quoting Forextrader4
i will definitely buy usd/cad right now
Good stuff, 20 pips in the bag. Great call, would be weary now though.
  • #3,332
  • Jun 10, 2010 10:47pm Jun 10, 2010 10:47pm
Quoting Saxon
GU is #1 on my radar
I really want GU to get to confluence FE 100, S/R and High
  • #3,333
  • Jun 10, 2010 10:50pm Jun 10, 2010 10:50pm
I wonder what London is going to do with all this, doesn't help that it's Friday Ideal would be one last push, then correct
  • #3,334
  • Jun 10, 2010 10:51pm Jun 10, 2010 10:51pm
Yes, have been looking at that too. 4hr spinning top, fib level, previous high..

my only hesitation is because of overall USD weakness. Like Shahab said earlier, there are resistances all around. And pairs have been plowing right through them.
  • #3,335
  • Jun 10, 2010 10:56pm Jun 10, 2010 10:56pm
Hopefully we get something like this where at TL interraction will get us though.
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  • #3,336
  • Jun 10, 2010 10:57pm Jun 10, 2010 10:57pm
Quoting Saxon
Hopefully we get something like this where at TL interraction will get us though.
Otherwise it might look somthing like the other colors
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  • #3,337
  • Jun 10, 2010 10:59pm Jun 10, 2010 10:59pm
Quoting Saxon
Otherwise it might look somthing like the other colors
Did Shahab's sell limit really miss by 1 pip on G/U?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #3,338
  • Jun 10, 2010 11:00pm Jun 10, 2010 11:00pm
Quoting Saxon
Great Call, I would give you a gold star on your bad-a*s-calls sticker chart, but since that doesn't exist I will give you this
Weekly piv ruined the fun
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  • #3,339
  • Jun 10, 2010 11:01pm Jun 10, 2010 11:01pm
Quoting MarcVUM
Did Shahab's sell limit really miss by 1 pip on G/U?
Guess it depends on your spread, but it could have for some people. PA passed it by 2 for me. It would have been good for 30+
  • #3,340
  • Jun 10, 2010 11:05pm Jun 10, 2010 11:05pm
Quoting Saxon
Guess it depends on your spread, but it could have for some people. PA passed it by 2 for me. It would have been good for 30+
My chart shows a high of 1 pip shy. Irregardless, it should fall a bit from here since it hit the bottom of the 200sma on H4. However, the MA's on M15 are starting to point to 3 o'clock.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
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