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Silent Service Method

  • #9,881
  • Jul 20, 2010 3:39pm Jul 20, 2010 3:39pm
Quoting clockwork71
Correct, meanwhile.....there were idiots who were paying me to repaint their houses 2 weeks after completion. How could they afford it? The same way they were having privacy fences, decks, and major landscaping done: They borrowed 120% of the cost.

These people are morons. I know there is a lot of blame to go towards the financial sector, but seriously.....How could someone be so stupid?

With the idea of "Houses only go up in value, and I can always refinance....." they were doomed by their own stupidity in the first place a I suppose.

TJ...
Same story here in Australia, only we are a bit lucky the mining boom is containing the damage, owner occupied houses created a lot of wealth here, but also has send house prices to extraordinary highs to the point that new buyers will find it impossible to buy in the market without any help.
Biggest joker
  • #9,882
  • Jul 20, 2010 3:42pm Jul 20, 2010 3:42pm
Quoting jicjoc
Eurusd is hitting critical support now. if it breaks to 1.26 then i'll think about shorts.
But as of now im still looking at longs
Close to finishing on an engulfing on Daily, if not this time then there's 1.3300 and 1.3500 which co-inside on a better time of year...
Biggest joker
  • #9,883
  • Jul 20, 2010 3:45pm Jul 20, 2010 3:45pm
Quoting Low
I think I'll be holding out to see if we hit 1140.

isnt the monthly trendline stronger than this daily flag?

i know there is/will be a pullback in gold, and sooner or later the gold bubble blows.
  • #9,884
  • Jul 20, 2010 4:34pm Jul 20, 2010 4:34pm
Quoting baron193
Close to finishing on an engulfing on Daily, if not this time then there's 1.3300 and 1.3500 which co-inside on a better time of year...
Yes, but the more important thing is the support that always coincides with the 50% (+/-10%) retrace of the last move. And that is those cluster of small bars from the first week of June. Until it gets through those the euro is still going up for me.

GU is looking ok for a long. Not great R:R. Just about 1:1. I think I might pass.

EurCad - I would be all over a bullish pin on this tomorrow. 1.33 is the magic number for me.

That will be my trade this week i think. R:R of 3:1.
We'll see how tomorrow and Thursday play out
  • #9,885
  • Edited 5:54pm Jul 20, 2010 5:51pm | Edited 5:54pm
Hi all,

Not sure how it finished on everyones charts but on the FxPro charts yesterday's daily candle was a bearish engulfing one which looks to me like the first real signal that we are starting to see some hesitation in this rebound.

I have noticed many people talking about the 1.30 level as being significant however imho the area from 1.3125-1.3219 looks like a strong area of confluence from a fib perspective based on weekly charts.

I have now opened one position short at 1.3010 however it is more to catch a decent down move that occurs with a market "surprise". It is nice to see the AUD and NZD starting to look toppy though.

FYI the recent high at 1.3030 odd bounced perfectly off the ichimoku weekly kijun-sen level which probably sounds like complete rot to those who don't trade ichimoku but this is significant. The last time that price tested and failed at this long term S/R level it was Jan 10th this year and since then it has stayed well below it. If this weekly candle finishes and this level has not been broken I may start to think that we have found a top.

Food for thought anyway. Anyone taken any good trades lately?

Cheers.
  • #9,886
  • Jul 20, 2010 5:54pm Jul 20, 2010 5:54pm
Quoting tobias24
isnt the monthly trendline stronger than this daily flag?
I don't really know. But it's easy enough to imagine 1140 being touched before a rebound that closes above the TL. A close below the TL also tells us something, but I won't short it without knowing where it "might" go first.
  • #9,887
  • Jul 20, 2010 11:34pm Jul 20, 2010 11:34pm
Quoting 4xAddict
Hi all,

Not sure how it finished on everyones charts but on the FxPro charts yesterday's daily candle was a bearish engulfing one which looks to me like the first real signal that we are starting to see some hesitation in this rebound.

I have noticed many people talking about the 1.30 level as being significant however imho the area from 1.3125-1.3219 looks like a strong area of confluence from a fib perspective based on weekly charts.

I have now opened one position short at 1.3010 however it is more to catch a decent down move that occurs with...
I'm short the Euro.....I will let you know if it's a good trade in a week or two.
  • #9,888
  • Edited 1:30am Jul 21, 2010 1:27am | Edited 1:30am
Quoting jicjoc
Yes, but the more important thing is the support that always coincides with the 50% (+/-10%) retrace of the last move. And that is those cluster of small bars from the first week of June. Until it gets through those the euro is still going up for me.

GU is looking ok for a long. Not great R:R. Just about 1:1. I think I might pass.

EurCad - I would be all over a bullish pin on this tomorrow. 1.33 is the magic number for me.

That will be my trade this week i think. R:R of 3:1.
We'll see how tomorrow and Thursday play out
Yes, that move (i trade fibs) was going to complete at either 1.2700 or 1.3000, however, despite my natural tendency to be a fader i totally agree with you, it's long until proved otherwise.
That in no way means people already short are wrong, it's just my way of analysis.
That daily engulfing candle is a bit indecisive but what i did like about it was how it just broke the previous high
Biggest joker
  • #9,889
  • Jul 21, 2010 1:44am Jul 21, 2010 1:44am
Quoting 4xAddict
ichimoku weekly kijun-sen level
What is this?
  • #9,890
  • Jul 21, 2010 3:12am Jul 21, 2010 3:12am
Quoting jicjoc
What is this?
http://www.investopedia.com/articles...6/ichimoku.asp
Prediction is very difficult, especially about the future. - Niels Bohr
  • #9,891
  • Jul 21, 2010 7:02am Jul 21, 2010 7:02am
Germany not being able to sell off 3b Euros in auction is not a good thing for the EUR.....
  • #9,892
  • Jul 21, 2010 8:51am Jul 21, 2010 8:51am
update on eur....
Attached Image (click to enlarge)
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  • #9,893
  • Jul 21, 2010 8:54am Jul 21, 2010 8:54am
Aud
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud1.png Size: 43 KB
Click to Enlarge Name: aud2.png Size: 47 KB
  • #9,894
  • Jul 21, 2010 12:29pm Jul 21, 2010 12:29pm
Quoting clockwork71
update on eur....
Yep!
  • #9,895
  • Jul 21, 2010 2:01pm Jul 21, 2010 2:01pm
  • #9,896
  • Jul 21, 2010 3:01pm Jul 21, 2010 3:01pm
Well Euro did offer an excellent short, the hourly with a tweezer top from resistance.
Biggest joker
  • #9,897
  • Jul 21, 2010 4:48pm Jul 21, 2010 4:48pm
Quoting baron193
Well Euro did offer an excellent short, the hourly with a tweezer top from resistance.
Still is a short. I will go long at 1.12
  • #9,898
  • Jul 21, 2010 5:09pm Jul 21, 2010 5:09pm
Hmmm...
Is their currency so goosed that they cant even hold against the euro?

A B-grade daily pin in a lovely place on eurcad. Similiar on gbpcad, but not the same R:R
Decision time. Nothing really else interesting.
Eurusd wont sort itself out in terms of direction til next week or so
  • #9,899
  • Jul 21, 2010 6:22pm Jul 21, 2010 6:22pm
Quoting jicjoc
Hmmm...
Is their currency so goosed that they cant even hold against the euro?

A B-grade daily pin in a lovely place on eurcad. Similiar on gbpcad, but not the same R:R
Decision time. Nothing really else interesting.
Eurusd wont sort itself out in terms of direction til next week or so

I think that perhaps Canada's issues may be related more to commodity markets and the fact that the BoC downplayed future growth this week during their minutes.
  • #9,900
  • Jul 21, 2010 10:47pm Jul 21, 2010 10:47pm
Interesting. I just read that the European banks are going to include their sovereign debt holdings.....will be interesting to see who holds what.

If this is true - it would be a nice change of pace, compared to US banks that hide everything.

We will see.

http://noir.bloomberg.com/apps/news?...yZj6c2TA&pos=6
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