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  • #300,461
  • Oct 4, 2010 3:03pm Oct 4, 2010 3:03pm
Quoting techno79
seems to be having trouble getting below the April highs. If only I didn't cancel my overnight short
nice pop up, maybe a scalp down if i see any confirm on the chart happen
doesn't look like i'll get that scalp..
If I hung around for 5 or 10 more minutes from this post, that would've been my action for the rest of the day as it happened 8 hours ago.
Range trading is one thing, but this is a flatline this afternoon!
  • #300,462
  • Oct 4, 2010 3:06pm Oct 4, 2010 3:06pm
USD at lows (all-time?) against lots of Asian currencies - see Singapore dollar, Thai Baht - so these ACB's ahve been buying dollars - most heavily in the Asian session hours. Bear chance.
Attached Image(s) (click to enlarge)
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #300,463
  • Oct 4, 2010 3:08pm Oct 4, 2010 3:08pm
Quoting The Fool
I was saying devil .3666 will hold.

NYO is 5 AM my time - hard time for me to be awake, only make it about half the time. I might still make the London close sometimes, or not. Otherwise I will look for movement around NY close, then hit 30-60 min around Tokyo open, then prime time is pre FO/LO to maybe 1000 GMT. I'm in a crummy time zone for scalping.
i am always biting my nails when scalping on low vol...

3666 is going to hold for now, when i look at the current channel... it's not only extremely steep, but also quite narrow as well... it has to give way.
  • #300,464
  • Oct 4, 2010 3:13pm Oct 4, 2010 3:13pm
Hi guys! Hope you are all doing well today...!
  • #300,465
  • Edited 3:22pm Oct 4, 2010 3:15pm | Edited 3:22pm
Quoting mfoste1
yea im a us citizen....but i dont incorporate any bias.....im 100% neutral. This is not about national pride, because honestly, I could care less. Im not patriotic the least bit.

if you trade with bias, you will lose. Grudge trading is a sure one way ticket to failure.
I did not say anything about trading. was about what you post regarding problems of Eu vs US. nothing more. us need a weak dollar. US and EU have different financial systems.
"im 100% neutral". You do not seem neutral. no offence .
  • #300,466
  • Oct 4, 2010 3:22pm Oct 4, 2010 3:22pm
Guys what do you think about ABC correction here?
If the ABC doesnt form we can go short just below the actual low... what are your thoughts?
Attached Image (click to enlarge)
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  • #300,467
  • Oct 4, 2010 3:25pm Oct 4, 2010 3:25pm
Quoting Mr Hatch
... it has to give way.
I used to think the same way...then my bankroll went bust! I crack myself up when I think about how I believed I could tell the market that it was wrong and/or what to do. lol.
  • #300,468
  • Oct 4, 2010 3:26pm Oct 4, 2010 3:26pm
what should be SL if take long position .368x,

should it be 3666 or lower ?

any suggestion plz
Holy Grail - Patience and Acceptance
  • #300,469
  • Oct 4, 2010 3:27pm Oct 4, 2010 3:27pm
Quoting DMA Trader
DJ Bernanke:Additional Asset Purchases Could Ease Financial Conditions

DJ Bernankeast Fed Asset Purchases Were Effective In Helping Economy
So QE required or no? Already priced in?
  • #300,470
  • Oct 4, 2010 3:29pm Oct 4, 2010 3:29pm
Quoting bluesoul
what should be SL if take long position .368x,

should it be 3666 or lower ?

any suggestion plz
Depends on volatility really, that low could easily get taken out by a stop hunting spike, that would be a bit too close for most of my set-ups, but it really depends on your trading style whether you're swing trading or scalping and what you're comfortable with....
  • #300,471
  • Oct 4, 2010 3:30pm Oct 4, 2010 3:30pm
Quoting svet_an
Guys what do you think about ABC correction here?
If the ABC doesnt form we can go short just below the actual low... what are your thoughts?
Pretty sloppy ABC. With all of this upside momentum, and already a correction of over 100ps though...I think we may see resumption of the uptrend in the European session. Worst case scenario, it bounces off .35 up to .40 in the coming weeks (so long as the equities markets don't tank and send the treasuries through the roof)
  • #300,472
  • Oct 4, 2010 3:31pm Oct 4, 2010 3:31pm
Quoting bluesoul
what should be SL if take long position .368x,

should it be 3666 or lower ?

any suggestion plz
Today's pivot is at the .375, and it's been facing resistance bouncing off of the 100sma on the 5 minute charts.
  • #300,473
  • Edited Oct 5, 2010 5:16am Oct 4, 2010 3:36pm | Edited Oct 5, 2010 5:16am
My view on the markets today.

Well a few of you will know that I have been harping about the daily bar on the S&P a few days ago being beaish. Well here is my scenario for the current market. Eu has consolidated at the 50% point of the move 3750 to 3800 for most of the U.S session. (See attached charts.) S&P on the otherhand is preparing to make it's move down like previously mentioned. (Attached red and white chart.) I believe EU will follow, but not before testing the 61% Fib of the the move from 1.5 to the 1.18 area. Would be a classic fakeout before a substantial.
Attached Image(s) (click to enlarge)
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All that is left in FF is just plain garbage. "Cloggie"
  • #300,474
  • Oct 4, 2010 3:36pm Oct 4, 2010 3:36pm
Quoting jdlev
Today's pivot is at the .375,
He's saying he wants to go long about 60 pips below that number...
  • #300,475
  • Oct 4, 2010 3:37pm Oct 4, 2010 3:37pm
Looks like it might head lower in Asian Session.... Dow already after marking up some points after close to assist in the move lower
Disclaimer: Check your 1m charts
  • #300,476
  • Oct 4, 2010 3:37pm Oct 4, 2010 3:37pm
Quoting FibbinArchie
So QE required or no? Already priced in?
The fed's talking about increasing the money supply by up to $1T. I think some of it may be priced in, but not nearly all of it. The USD will rally after the start of the year...but I'm very bearish until at the very least, November.
  • #300,477
  • Oct 4, 2010 3:38pm Oct 4, 2010 3:38pm
But guys dont you think we already reached the 5th wave and now shouldnt we look for a down move? (first chart is DAILY)

Thats why I am thinking we started a down trend again and we may see an ABC correction here before resuming... (second chart 1H)
Attached Image(s) (click to enlarge)
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  • #300,478
  • Oct 4, 2010 3:39pm Oct 4, 2010 3:39pm
Quoting pipper
Looks like it might head lower in Asian Session.... Dow already after marking up some points after close to assist in the move lower
If the dow is making up points in the after market, its going to DECREASE the chances of the dollar dropping, and add strength to the EURO. People will be moving out of the US treasuries and back into stocks looking for greater returns which would in turn deflate the dollar. Not to mention the Asian equities were up big yesterday...which will increase people risk appetites in Europe...further shunning the dollar.
  • #300,479
  • Edited 4:03pm Oct 4, 2010 3:40pm | Edited 4:03pm
Quoting jdlev
The fed's talking about increasing the money supply by up to $1T. I think some of it may be priced in, but not nearly all of it. The USD will rally after the start of the year...but I'm very bearish until at the very least, November.
Wild guess, I'd say 1.45 by Christmas, but I think it will re-test the bottom of the rising channel first. (approx. 1.32 area).
Ps. I think this current trend has at least one leg left in it.

For what it's worth, up until last month I was calling for a bearish resumption and sub 1.18...
  • #300,480
  • Oct 4, 2010 3:43pm Oct 4, 2010 3:43pm
Quoting tonyo524
My view on the markets today.

Well a few of you will know that I have been harping about the daily bar on the S&P a few days ago being beaish. Well here is my scenario for the current market. Eu has consolidated at the 50% point of the move 3750 to 3800 for most of the U.S session. (See attached charts.) S&P on the otherhand is preparing to makr it's move down like previously mentioned. (Attached red and white chart.) I believe EU will follow, but not before testing the 61% Fib of the the move from 1.5 to the 1.18 area. Would be a classic...
Couldn't agree more. If the equities market tank...you'll see the Euro fall hard (my est. is 1.35) If the markets hold...you'll see a moderate, albeit slow rise into the .38s and possibly on to the .40s...but this rally looks like it is starting to fizzle a touch on upside momentum...
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