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  • #9,161
  • Edited 2:50pm Jun 14, 2010 2:47pm | Edited 2:50pm
Quoting clockwork71
Is that a serious question? Italy of course.
Not so far...

2 seconds after I posted this Italy scored!!
  • #9,162
  • Jun 14, 2010 2:49pm Jun 14, 2010 2:49pm
Quoting TraderDavo
I was wondering about the "swings" or recent bullish action on the EU and GU. Then I zoomed out and realized that they are simply pushing it back to a logical place to short the hell out of it again.

Im looking at 1.24-1.25 on the Euro and 1.48-1.50 on the GBP. I think we will see them both by mid to late next week, perhaps early the week after that. Next target after that - 1.15 then 1.00. I am literally thinking of this "swing" as the lehman brothers "pause" back in 2008. We temp recovered before a 3X fall. Thats what is coming.

hello...
I have been looking at the same numbers on the charts, but was not sure of the timeframe for the pullbacks. I'll take a closer look using your time estimates.

I am looking for a strong short entry on the EUR so that I can make back a bit of the losses from this month.
  • #9,163
  • Jun 14, 2010 3:17pm Jun 14, 2010 3:17pm
Quoting clockwork71
Is that a serious question? Italy of course.
It was a serious question - for a while there it looked like Paraguay was going to get the upset. Now its looking like a draw...

PS: Surprised you were watching CNBC and not ESPN -- You must have 2 tvs!
  • #9,164
  • Jun 14, 2010 3:43pm Jun 14, 2010 3:43pm
Quoting jharvey407
I have been looking at the same numbers on the charts, but was not sure of the timeframe for the pullbacks. I'll take a closer look using your time estimates.

I am looking for a strong short entry on the EUR so that I can make back a bit of the losses from this month.
Look at the GBP chart I posted on pg 607. That is (at least IMO) what is going to happen. Pullbacks to those levels are logical because they are good psych levels and they will meet quite a bit of "confluence" with just about every style of trader out there (good fibs, P/Z, trendline, SMA, etc).

I think we bounce back and forth on a slow rise to those numbers.
  • #9,165
  • Jun 14, 2010 4:06pm Jun 14, 2010 4:06pm
Heads up on the Yen. Almost all are currently printing or close to printing pins, and many are at important trend,retrace or S/R levels. EJ and GJ look the best for me right now.

Can't post a chart but take a look.
  • #9,166
  • Jun 14, 2010 4:30pm Jun 14, 2010 4:30pm
Quoting InfinitySL
It was a serious question - for a while there it looked like Paraguay was going to get the upset. Now its looking like a draw...

PS: Surprised you were watching CNBC and not ESPN -- You must have 2 tvs!
No, actually I was passing by the tv when I saw the market falling. I actually was working outside most of the day.......

I am truly surprise Paraguay almost pulled it off. I wouldn't have shed many tears for Italy.

I am glad Holland won, but looked a touch flat for them......maybe just the first game jitters or something?
  • #9,167
  • Jun 14, 2010 4:35pm Jun 14, 2010 4:35pm
Quoting jharvey407
I keep hearing that the swings in the market are being caused by uncertainty about Europe, but I'm not sure I really understand how uncertainty about Europe can be causing the market swings.

One thing you have to understand is this: The markets are led around by pansies. Panic mongering at all levels. Most of these people wouldn't understand real fear if it looked them dead in the eye.

Greece gets downgraded? Oh my God....the world is falling apart.

Tomorrow, it will be someone like Warren Buffet saying he's bullish on America, and the morons are buying stock based on something like that.

You have to understand these people in general have no idea why they are buying something. One thing that I have learned over the years: The markets are nothing more than a casino for most people.

I hate to keep it that simple, but it's mainly about people being a waste of space. Take a look at all the fund managers on the television. 95% of them are saying the same kind of things. Not an original thought amongst them. These are the "smart money guys" you are up against by the way.....
  • #9,168
  • Jun 14, 2010 4:45pm Jun 14, 2010 4:45pm
I normally don't ask other people's opinion on setups, but since I've come to respect Chris a lot over the pages of this thread, I'd like to ask your thoughts on these three instruments:

CADJPY - looks like another reversal off of the 90.0 resistance area

GOLD - a break in the structure of higher lows would make this very interesting

SILVER - made a bearish pin bar on a day when risk appetite seems to have ruled and is failing to produce a higher high. Suggests weakness to me

A pip for your thoughts Chris?
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  • #9,169
  • Jun 14, 2010 5:16pm Jun 14, 2010 5:16pm
Quoting TraderDavo
Look at the GBP chart I posted on pg 607. That is (at least IMO) what is going to happen. Pullbacks to those levels are logical because they are good psych levels and they will meet quite a bit of "confluence" with just about every style of trader out there (good fibs, P/Z, trend line, SMA, etc).

I think we bounce back and forth on a slow rise to those numbers.
I remember seeing that chart when you posted it. I have a bit different view of the chart. I think that 1.4800 is going to be a difficult level to break.

I'll be watching.
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  • #9,170
  • Jun 14, 2010 5:35pm Jun 14, 2010 5:35pm
Quoting o990l6mh
I normally don't ask other people's opinion on setups, but since I've come to respect Chris a lot over the pages of this thread, I'd like to ask your thoughts on these three instruments:

CADJPY - looks like another reversal off of the 90.0 resistance area

GOLD - a break in the structure of higher lows would make this very interesting

SILVER - made a bearish pin bar on a day when risk appetite seems to have ruled and is failing to produce a higher high. Suggests weakness to me

A pip for your thoughts Chris?
I really like that CAD/JPY chart. On the political side, the new PM of Japan has been making it abundantly clear that he wants a weaker Yen. I say this is a great set up.

Silver is volatile, but I would agree. But take a look at the Gold chart I have been watching - it's a weekly.....I had this in my weekly newsletter I send to my peeps in the forum......
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  • #9,171
  • Jun 14, 2010 5:44pm Jun 14, 2010 5:44pm
Quoting clockwork71
I really like that CAD/JPY chart. On the political side, the new PM of Japan has been making it abundantly clear that he wants a weaker Yen. I say this is a great set up.

Silver is volatile, but I would agree. But take a look at the Gold chart I have been watching - it's a weekly.....I had this in my weekly newsletter I send to my peeps in the forum......
Thanks Chris, I appreciate your thoughts as always.

I've placed pending orders on Silver and CADJPY, as for gold I'm waiting for the right setup to appear.
  • #9,172
  • Jun 14, 2010 7:26pm Jun 14, 2010 7:26pm
Quoting clockwork71
One thing you have to understand is this: The markets are led around by pansies. Panic mongering at all levels. Most of these people wouldn't understand real fear if it looked them dead in the eye.

Greece gets downgraded? Oh my God....the world is falling apart.

Tomorrow, it will be someone like Warren Buffet saying he's bullish on America, and the morons are buying stock based on something like that.

You have to understand these people in general have no idea why they are buying something. One thing that I have learned over the years:...
  • #9,173
  • Jun 14, 2010 7:46pm Jun 14, 2010 7:46pm
Quoting clockwork71
One thing you have to understand is this: The markets are led around by pansies. Panic mongering at all levels. Most of these people wouldn't understand real fear if it looked them dead in the eye.

Greece gets downgraded? Oh my God....the world is falling apart.

Tomorrow, it will be someone like Warren Buffet saying he's bullish on America, and the morons are buying stock based on something like that.

You have to understand these people in general have no idea why they are buying something. One thing that I have learned over the...
Hi Chris,

Your call about the markets being driven by automatons is very true. IMO I find it incredibly coincidental that the Chinese had miraculously strong export growth figures last month just in time to put a short term floor under the Euro into which they recently diversified part of their forex reserves and furthermore to stop what is fast becoming a painful cheapening of higher quality Euro zone exports into their main export markets. Nothing like a bit of Commie propaganda with a side order of lead painted toys.

Don't be surprised to see the Chinese numbers start to fall along with their property price valuations over the next 2-3 months once the Euro has a slight consolidation period. The real news is yet to come and it very well may hit the euro out of the park.

R.E Holland - to me they are just warming up mate. As an Arsenal supporter I feel required to point out that Robin Van Persie is coming off little to no match practice in almost 8 months and knowing a player of his class will shine when it matters. Holland are a good chance to get into the final stages without doubt. Australia on the other hand, ouch!
  • #9,174
  • Jun 14, 2010 7:50pm Jun 14, 2010 7:50pm
Quoting 4xAddict
Hi Chris,

Your call about the markets being driven by automatons is very true. IMO I find it incredibly coincidental that the Chinese had miraculously strong export growth figures last month just in time to put a short term floor under the Euro into which they recently diversified part of their forex reserves and furthermore to stop what is fast becoming a painful cheapening of higher quality Euro zone exports into their main export markets. Nothing like a bit of Commie propaganda with a side order of lead painted toys.

Don't be surprised to see...
I too am an Arsenal fan, and agree - RVP will get it together as time goes on. They didn't look bad....just a little rusty.

Very interesting point about the Chinese. But you and I both know they wouldn't lie, right? lol

Chris
  • #9,175
  • Jun 14, 2010 7:51pm Jun 14, 2010 7:51pm
Quoting o990l6mh
Thanks Chris, I appreciate your thoughts as always.

I've placed pending orders on Silver and CADJPY, as for gold I'm waiting for the right setup to appear.
Honestly, my thoughts on gold is more that we are going to see a pullback. I wouldn't be brave enough to short it.....

I was saying if I was long - I would tighten stops is all.
  • #9,176
  • Jun 14, 2010 7:57pm Jun 14, 2010 7:57pm
Two charts caught my eye. The US markets going limp would have been the first tell.....
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  • #9,177
  • Jun 15, 2010 2:30am Jun 15, 2010 2:30am
Quoting clockwork71
Two charts caught my eye. The US markets going limp would have been the first tell.....
I really like the AU one - Really looks like a no brainer
  • #9,178
  • Jun 15, 2010 6:48am Jun 15, 2010 6:48am
Quoting VitaminBeer
I really like the AU one - Really looks like a no brainer
Did anyone else take this entry?

I put a sell order a few pips below the pin, but it's not looking so great right now. It is starting to form a PIN in the other direction. I guess we'll have to see what the day holds.
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  • #9,179
  • Jun 15, 2010 6:54am Jun 15, 2010 6:54am
Quoting jharvey407
Did anyone else take this entry?

I put a sell order a few pips below the pin, but it's not looking so great right now. It is starting to form a PIN in the other direction. I guess we'll have to see what the day holds.
i think it showed us the way to go, expecting bearish bar at todays close. (i took very small position in aud/sgd)

btw. as a german guy i have to say i really liked to see how germany played.. maybe its just because im not that objective, but i think it was the best first game of a team until now.. looking forward to see brasilians today and spain
  • #9,180
  • Jun 15, 2010 7:45am Jun 15, 2010 7:45am
Quoting aserbfx
sky on weekly and on daily.
finally some buyers show up. double bottom.
but a relative small pin...
ups, i mean: up. some more buyers showed up...
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