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  • #259,121
  • Jun 16, 2010 11:42pm Jun 16, 2010 11:42pm
Quoting EuroTrader
I am from Europe and I must say that here no one want to live the euro currency ....even we have problems. The euro zone will become stronger because everybody like the idea to have a bigger economical zone without boundaries ...this is way I don't see that the euro will disappear........
seconded
  • #259,122
  • Jun 16, 2010 11:43pm Jun 16, 2010 11:43pm
Throwing my 1.618 pips into the Trendline hashover... said this before frequently, but not in some time now...

When price trades SIDEWAYS thru any angled TL WITHOUT also breaking Hzl S/R (horizontal s/r) such as is currently happening with price meandering a'rd 20 pips HIGHER than the most recent hourly Low, and about 70 pips LOWER than the most recent hourly High, then it's hard to say it broke anything except maybe on some smaller TF's.

Sideways is Sideways and if some ANGLED line gets in the way and Price doesn't even sneeze, hiccup, or burp when it crosses it, then I'd just erase the thing and get it off my charts. Watch it sure, if you want... but trade it? Not me.

Looking at it this way... with price currently HIGHER than the last hourly Low, HIGHER than the 50% swing fib level (2258ish) that it bounced off of nicely, what TL that represents AN ACTUAL S/R LEVEL that you can put a price on got BROKEN that justifies a Trade entry based on "broken" TL's...?

I've never bought into that argument and had an Ah-Ha moment when first reading this post by Bemac (one of the best and most helpful traders at FF...) from back in the day about this issue... sort of. I recommend reading the entire post as I can't quote more than few lines here.

It settled my Mind forever about angled lines and how I regard them.

Quoting Bemac
...In ancient Trading Days, any S/R Line had to be, at least, 1 Day Old...

Which do you think they Respected, (Horizontal {Prev Hi/Lo} or angle calculated) AND {at that time, who do you think it was that was observing them?} Yeah... The BIG Guys...

They don't care about Angled Lines UNTIL Horizontal S/R Lines are breached....
http://www.forexfactory.com/showpost...ostcount=39769
FUBAR...
  • #259,123
  • Jun 16, 2010 11:45pm Jun 16, 2010 11:45pm
Quoting mulanku
hi all , newbie here...

can somebody suggest me a good indicator for RSI + CCI ? thanks !
You mean parameters? I find contrarian indicators are too fast and give you too many false signals.
  • #259,124
  • Jun 16, 2010 11:46pm Jun 16, 2010 11:46pm
Steve Nison doesn't look at angled lines, either. for me, it was sort of the way I was taught when I first started trading forex, and it seems to work for me...

I would add that Tom DeMark has done some detailed studies on angled lines, but you might not want to trade that way, either...

Quoting ak4x
Throwing my 1.618 pips into the Trendline hashover... said this before frequently, but not in some time now...

When price trades SIDEWAYS thru any angled TL WITHOUT also breaking Hzl S/R (horizontal s/r) such as is currently happening with price meandering a'rd 20 pips HIGHER than the most recent hourly Low, and about 70 pips LOWER than the most recent hourly High, then it's hard to say it broke anything except maybe on some smaller TF's.

Sideways is Sideways and if some ANGLED line gets in the way and Price doesn't even sneeze, hiccup, or burp...
"The real genius is knowing when to stop." - Marc Faber
  • #259,125
  • Jun 16, 2010 11:47pm Jun 16, 2010 11:47pm
Quoting fontu
possible price back near 1.2328 ,validation at 1.2298 , target 98-42=1.2256 , good observation .
fontu
Morning , still in this short play , overnight movement slow & steady. waiting some more bear & close all in my system , next perhaps play long once close even it down below 1.2231.pending longs there at & below ofcourse from before .

fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #259,126
  • Jun 16, 2010 11:50pm Jun 16, 2010 11:50pm
The idea that euro will disappear is "American" because they don't really understand how euro was created. The only reaction for the Greece Portugal and Spanish problems will be a stronger concentration to put in place an European governance, especially in the finance maters.
  • #259,127
  • Jun 16, 2010 11:52pm Jun 16, 2010 11:52pm
but there is more to it than angled lines, that's for sure. I've noticed a couple of things about this recent price action on the Euro... and believe me I realise I could be blown out of the water at a moment's notice, so I'm not going around trying to act like I know what's going to happen. But, I did notice the following in terms of horizontal S/R:

price kind of got stuck at 1.2345 that's 1-2-3-4-5

then price found support at 1.23 for some period of hours, but finally broke below it (which corresponded with the break of the - angled line -

and now it's meandering around that last low that you mentioned, the one that looks like a hammer. Yup I'd say it it takes that out, then we're going places for sure, but in this moment certainly it could always meander back up and over 1.23 and even 1.2345. We'll see, I guess!

best regards

h.

Quoting ak4x
Throwing my 1.618 pips into the Trendline hashover... said this before frequently, but not in some time now...

When price trades SIDEWAYS thru any angled TL WITHOUT also breaking Hzl S/R (horizontal s/r) such as is currently happening with price meandering a'rd 20 pips HIGHER than the most recent hourly Low, and about 70 pips LOWER than the most recent hourly High, then it's hard to say it broke anything except maybe on some smaller TF's.

Sideways is Sideways and if some ANGLED line gets in the way and Price doesn't even sneeze, hiccup, or burp...
"The real genius is knowing when to stop." - Marc Faber
  • #259,128
  • Jun 16, 2010 11:53pm Jun 16, 2010 11:53pm
Quoting ak4x
Throwing my 1.618 pips into the Trendline hashover... said this before frequently, but not in some time now...

When price trades SIDEWAYS thru any angled TL WITHOUT also breaking Hzl S/R (horizontal s/r) such as is currently happening with price meandering a'rd 20 pips HIGHER than the most recent hourly Low, and about 70 pips LOWER than the most recent hourly High, then it's hard to say it broke anything except maybe on some smaller TF's.

Sideways is Sideways and if some ANGLED line gets in the way and Price doesn't even sneeze, hiccup, or burp...
Hey AK, how would you reconcile the above with the accuracy of wedges? As gator has often said, and from my own experience, they don't often lie. That said however.....I have noted that a movement that is begun by wedge break rapidly accelerates once a level of horizontal support/resistance is also broken....
  • #259,129
  • Jun 16, 2010 11:54pm Jun 16, 2010 11:54pm
Quoting Bootleger
...
It's sad to see that no politicians have fiscal discipline.
I heard someone on Bloomberg say once that the politicians in Europe were stupid. They imposed a 5% interest on the loans to Greece instead of giving them a concessionary rate of 1.5%. They imposed 30 billion in budget cuts they know would worsen the recession. Greece took too long to ask for help. Europe took too long to help. Then they decided to bailout to the tune of 962 billion which will cause them to be even more endebted. One person said the 962 billion may only last until August of this year. They have to find ways of making REAL CHANGES in the next few months.

From what I've heard/read, the only long term solution is a common monetary and fiscal policy and that's difficult to do for political reasons. And the quickest solution is to let Greece default. Of couse, it looks like they want to stall that until they're actually forced to do it.
  • #259,130
  • Jun 17, 2010 12:00am Jun 17, 2010 12:00am
Quoting clambill
I heard someone on Bloomberg say once that the politicians in Europe were stupid....
Europe is screwed.. i live in europe ive witnessed prices of food and the general cost of living rising ever since we joined the EU, even with the Euro at its heights. And yes im fully aware that the value of a currency can be independant to economic climate and situation

You could not imagine how many people are asking themselves wth are we doing in the EU? Unfortunately most people didnt care when voting to join or not and now those people are wishing to return to the pre EURO situation. That one Trillion bailout will be pretty much worthless, you have to realize that Fiat currencies cannot hold on forever, we are more or less at a breaking point or will be within the near future since you cannot sustain a pyramid scheme unless you have infinite growth.

EDIT: Closed out the smaller shorts for 5-6 pips profit leaving the larger 50 pip trades open

EDIT2: Its funny to see how were back at the levels we were at 6 years ago when this thread opened
  • #259,131
  • Jun 17, 2010 12:10am Jun 17, 2010 12:10am
Quoting EuroTrader
The idea that euro will disappear is "American" because they don't really understand how euro was created. The only reaction for the Greece Portugal and Spanish problems will be a stronger concentration to put in place an European governance, especially in the finance maters.
yes we understand. what you have to understand is if the world losses faith in the euro then we don't want to hold it. fiscal responsibility was what sold the euro and why the u.s. and others propped euro up until the market gained confidence in the euro. at this point the market is showing its confidence in the euro. and we lose confidence with each screw up.. at some point central banks will stop throwing good money after bad. what you have to understand is yes i am American.. and i am part of the market. broke banks and government ponzi schemes don't show me much..don't take it personal...its business.
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those who can, do. those who cant, talk about those who can
  • #259,132
  • Jun 17, 2010 12:14am Jun 17, 2010 12:14am
4 H any comments?
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  • #259,133
  • Jun 17, 2010 12:14am Jun 17, 2010 12:14am
Quoting EuroTrader
The idea that euro will disappear is "American" because they don't really understand how euro was created. The only reaction for the Greece Portugal and Spanish problems will be a stronger concentration to put in place an European governance, especially in the finance maters.
Yes, it's us Americans that are pushing the idea.

By the way, in the China Post out of Bangkok today, here's what they said:

"The London-based Centre for Economics and Business Research has come out to assert that the euro will drop to parity with the US dollar in 2011 before its “inevitable” breakup."

Only thing American in the source or the quote is the mention of our dollar.

Try again?

Only expectation matters . . .
  • #259,134
  • Jun 17, 2010 12:15am Jun 17, 2010 12:15am
Gator how are you getting the USDx into MT4? Which broker are you with?
  • #259,135
  • Jun 17, 2010 12:16am Jun 17, 2010 12:16am
we get a foothold blow 2258 and the usdx has lots of room.. to the next fib
those who can, do. those who cant, talk about those who can
  • #259,136
  • Jun 17, 2010 12:18am Jun 17, 2010 12:18am
Quoting Orbital
Gator how are you getting the USDx into MT4? Which broker are you with?
k
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those who can, do. those who cant, talk about those who can
  • #259,137
  • Jun 17, 2010 12:19am Jun 17, 2010 12:19am
Quoting gatorinla
we get a foothold blow 2258 and the usdx has lots of room.. to the next fib
I think we have about 2 hours for that to start getting some movement towards making a solid attempt.
  • #259,138
  • Jun 17, 2010 12:20am Jun 17, 2010 12:20am
ready for dollar upside move today
  • #259,139
  • Jun 17, 2010 12:20am Jun 17, 2010 12:20am
medium heavy long off 2261 again...

this is better than aerobics... ((someone slap me and turn my puter off.))
FUBAR...
  • #259,140
  • Jun 17, 2010 12:23am Jun 17, 2010 12:23am
Quoting clambill
From what I've heard/read, the only long term solution is a common monetary and fiscal policy and that's difficult to do for political reasons. And the quickest solution is to let Greece default. Of couse, it looks like they want to stall that until they're actually forced to do it.
The better solution for the Eurozone would have been to let Greece default and reorganize their debts. Instead, the ECB just created a moral hazard by saying that no countries would go bankrupt, that the ECB will print money to rescue the crazy spending that the countries can't afford.

You can't bailout every country and have a sound currency, that's really sad. But a lot people thought that the ECB would let Greece default first to send a message that this currency is sound. Instead, they did the worse thing and sent the message that the Euro is as trash as the USD.

No politicians want to really treat short term problems by making difficult choices. Sure, there would be some short term pain but it will give some long term gain. But politicians want votes and are always postponing problems. This is not sustainable and will come to an end one day.

And for the European guy... I know that you don't want your currency to be devaluated and that a lot of Europans shares your thoughts... but the fact is that you don't control the money supply and take political decisions...

Just my 2 cents
US Dollar is trash... Get out of that Ponzi scheme !!!
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