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  • #290,801
  • Sep 9, 2010 4:28pm Sep 9, 2010 4:28pm
I dont much like scalping for pips anymore.

But long term perspective looks much more clear.
This is a weekly chart, and as you can clearly see there is a huge Bearish engulfing candle.

I dont think this candle will be reversable.

I am not sure how to set stop loss, but I think a couple of hundred pips will do.

Close the trade in a months time and I think I should be couple of hundred pips well clear.

What do you think ?
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  • #290,802
  • Sep 9, 2010 4:30pm Sep 9, 2010 4:30pm
Quoting DrLobo
I dont much like scalping for pips anymore.

But long term perspective looks much more clear.
This is a weekly chart, and as you can clearly see there is a huge Bearish engulfing candle.

I dont think this candle will be reversable.

I am not sure how to set stop loss, but I think a couple of hundred pips will do.

Close the trade in a months time and I think I should be couple of hundred pips well clear.

What do you think ?
you should be fine w/ a tighter stop than that
  • #290,803
  • Sep 9, 2010 4:36pm Sep 9, 2010 4:36pm
Quoting mfoste1
read this whole article........

http://www.marketoracle.co.uk/Article18646.html
Interesting reading... I'm gonna buy that book. Thanks.
  • #290,804
  • Sep 9, 2010 4:41pm Sep 9, 2010 4:41pm
Quoting DrLobo
I dont much like scalping for pips anymore.

But long term perspective looks much more clear.
This is a weekly chart, and as you can clearly see there is a huge Bearish engulfing candle.

I dont think this candle will be reversable.

I am not sure how to set stop loss, but I think a couple of hundred pips will do.

Close the trade in a months time and I think I should be couple of hundred pips well clear.

What do you think ?
wrong. "huge bearish engulfing candle on weekly chart"? it must be closed before it is a huge bearish engulfing candle. do you know what will happen to this candle if the market moves 200 pips up before week ends? it will become a huge bullish hammer
  • #290,805
  • Sep 9, 2010 4:56pm Sep 9, 2010 4:56pm
true true, not denying that I am just saying as things stand today, this is a Huge Enormous Bearish Engulfing Candle.

I dont deny that tomorrow anything can happen, but you bulls only got ... 24 hours for 200 pips. Goodluck.

tick tock

p.s all I am saying is long term perspective is king. Its the easiest way to go about this business, had you shorted start of the year with a reasonable size account you would have made a tidy sum and the year is not yet over. There was enough technical and fundemental news for any wise long term perspective investor to have done that.




Quoting Robot
wrong. "huge bearish engulfing candle on weekly chart"? it must be closed before it is a huge bearish engulfing candle. do you know what will happen to this candle if the market moves 200 pips up before week ends? it will become a huge bullish hammer
  • #290,806
  • Sep 9, 2010 5:01pm Sep 9, 2010 5:01pm
Quoting gatorinla
other then the dailys and whatever s.r you got. you may want to watch out for 2645... if its broken a bounce at 2612/13 is almost a certainty give or take a few. i will exit some shorts just above because of spread. and renter maybe at 2645 or 77.. playing it by ear.
mofu strikes again... next i come up with is 2683 plus sos... mofu aint giving up yet.. if it does still got 2645 and 2612/13 to worry about then 2596. 2596 bounce will probably throw us back in the little mofu..
bigger mofu is 2749 till 1869.. they are hard to cross w/o momentum..
those who can, do. those who cant, talk about those who can
  • #290,807
  • Sep 9, 2010 5:04pm Sep 9, 2010 5:04pm
Quoting mfoste1
what would it take to improve US employment? increases in manufacturing, that's about the only thing I can think of, but I can't see that happening anytime soon. Honestly I really can't think of much, they tried a stimulus but it clearly didn't work. I dunno, think post WWII how the labor markets recovered then. It was from manufacturing jobs from the war efforts, and I guess many of those workers learned new skills to perform after the war. I believe an increase in agricultural will improve jobs. It was a time of economic expansion then, but now...
Housing - that's a huge one. The bankers are sitting on money. There are housing markets in the US that are doing ok but its very hard to get financing for big projects. Hell I can remember just a few years ago when it was impossible to find labor for construction jobs. Skilled labor - engineers, technicians - those are still hard to find in certain markets.

The US has embraced globalization and shipped large chunks of its manufacturing sector overseas. You have your cheap prices at Wal-Mart as a result but another consequence of globalizatiion is a certain leveling of the playing field re: labor, wages, standard of living, etc. That's good if you're in China - you can stand up and demand $1.50 an hour instead of $1.25 to make the stuff they sell in Wal-Mart. But the leveling goes the other way if you're an unskilled laborer in the US and that reality is starting to sink in.

Could get really interesting...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #290,808
  • Sep 9, 2010 5:33pm Sep 9, 2010 5:33pm
Quoting DrLobo
I dont much like scalping for pips anymore.

But long term perspective looks much more clear.
This is a weekly chart, and as you can clearly see there is a huge Bearish engulfing candle.

I dont think this candle will be reversable.

I am not sure how to set stop loss, but I think a couple of hundred pips will do.

Close the trade in a months time and I think I should be couple of hundred pips well clear.

What do you think ?
If you see weekly retracement, then you have to wait for abc correction on a daily time frame to getover.

right now we are at B low in daily, it has to get to 1.3730 to complete this abc correction on a daily, which will complete weekly retracement.

this is my 2 cent....
PPP - Patience Pays PIPS
  • #290,809
  • Sep 9, 2010 5:35pm Sep 9, 2010 5:35pm
Quoting gatorinla
mofu strikes again... next i come up with is 2683 plus sos... mofu aint giving up yet.. if it does still got 2645 and 2612/13 to worry about then 2596. 2596 bounce will probably throw us back in the little mofu..
bigger mofu is 2749 till 1869.. they are hard to cross w/o momentum..
damn, that's bad news... on the way to 2645 we even have to cross 4h-tl again... bouncing to fro. the tail of the last 15-min candle could eventually burn this line... but no.
  • #290,810
  • Sep 9, 2010 5:37pm Sep 9, 2010 5:37pm
Quoting rustyram
If you see weekly retracement, then you have to wait for abc correction on a daily time frame to getover.

right now we are at B low in daily, it has to get to 1.3730 to complete this abc correction on a daily, which will complete weekly retracement.

this is my 2 cent....
a typo, hm?
  • #290,811
  • Sep 9, 2010 5:45pm Sep 9, 2010 5:45pm
Quoting Mr Hatch
a typo, hm?

I think the corective retrecement is complete!!! Heading south !!!
Buy low , Sell high
  • #290,812
  • Sep 9, 2010 5:48pm Sep 9, 2010 5:48pm
Quoting ismail
I think the corective retrecement is complete!!! Heading south !!!
.....
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Buy low , Sell high
  • #290,813
  • Sep 9, 2010 5:52pm Sep 9, 2010 5:52pm
Quoting ismail
I think the corective retrecement is complete!!! Heading south !!!
i'm with you, the questions are: when, and how much momentum is present when approaching the mofu-zone (1.2647-1.2604 i have on my chart) and how far could we bounce through mofu again... all this are aspects to keep me on my toes.
the scenario of my dreams is the following: we go back to to about 1.2750, add a lot of shorts and over the weekend eu is driven 300 pips further down, but hey, come on...
  • #290,814
  • Sep 9, 2010 5:52pm Sep 9, 2010 5:52pm
Quoting gatorinla
mofu strikes again... next i come up with is 2683 plus sos... mofu aint giving up yet.. if it does still got 2645 and 2612/13 to worry about then 2596. 2596 bounce will probably throw us back in the little mofu..
bigger mofu is 2749 till 1869.. they are hard to cross w/o momentum..


While abOvE 1.2680 - 1.2651 zOne a cOrrective DIP cOuld test 1.2709 oR 1.2752..... Good Luck
  • #290,815
  • Sep 9, 2010 5:57pm Sep 9, 2010 5:57pm
Since the Labor Day low volume beat down on the euro we have been ranging. Signs of euro weakness still all over - euro sells off even with supposed risk-on conditions - stock market green days. But dollar weakness signs ar there, too. Treasury yields are up. Crude price is up along with a decrease in inventories. This pair is like a fight between two cripples, maybe somebody gets lucky swinging a crutch now and then but mostly they just stumble over each other.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #290,816
  • Sep 9, 2010 6:02pm Sep 9, 2010 6:02pm
Quoting esemes
While abOvE 1.2680 - 1.2651 zOne a cOrrective DIP cOuld test 1.2709 oR 1.2752..... Good Luck
why exactly do you need our trust?
  • #290,817
  • Sep 9, 2010 6:11pm Sep 9, 2010 6:11pm
Quoting The Fool
Since the Labor Day low volume beat down on the euro we have been ranging. Signs of euro weakness still all over - euro sells off even with supposed risk-on conditions - stock market green days. But dollar weakness signs ar there, too. Treasury yields are up. Crude price is up along with a decrease in inventories. This pair is like a fight between two cripples, maybe somebody gets lucky swinging a crutch now and then but mostly they just stumble over each other.
Labor Day low volume is putting it lightly. It's more like no volume. EUR/USD should've appreciated long time ago.

I am so sick of the market today.
Make your losses in demo. Earn your profits live.
  • #290,818
  • Edited 7:26pm Sep 9, 2010 7:15pm | Edited 7:26pm
sons mots... gone to bed, cu you in london.
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  • #290,819
  • Sep 9, 2010 7:51pm Sep 9, 2010 7:51pm
EU : I think as drawings
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  • #290,820
  • Sep 9, 2010 7:53pm Sep 9, 2010 7:53pm
on an unrelated note:

how are we going to celebrate 300,000 posts in this thread?

i say we hold a party!

what say you eu?
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