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  • #307,781
  • Oct 15, 2010 11:16am Oct 15, 2010 11:16am
damn we had failing banks in 2008... well whats old is new again.. they may owe hundreds of billions +.. and may not hold the mortgage to millions of properties. so their balance sheets may be red. w/o a asset to back the loan. liquidity may dry up.. even with qe.. lack of liquidity sucks up usd.. banks can crash the system..
those who can, do. those who cant, talk about those who can
  • #307,782
  • Oct 15, 2010 11:20am Oct 15, 2010 11:20am
Quoting gatorinla
damn we had failing banks in 2008... well whats old is new again.. they may owe hundreds of billions +.. and may not hold the mortgage to millions of properties. so their balance sheets may be red. w/o a asset to back the loan. liquidity may dry up.. even with qe.. lack of liquidity sucks up usd.. banks can crash the system..
i was looking at XLF and KBE you know they lead the market.
BAC is down 10% in 2 days.

similar patterns like 2008. that's why I've asked. Why Q.E. when we are doing better. there is something they know. it's not unemployment.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,783
  • Oct 15, 2010 11:20am Oct 15, 2010 11:20am
Quoting DMA Trader
if USX breaks above 77

close your eyes. it will not be pretty

I'd have several extra beers just to celebrate that break
Mind over matter..I don't mind and you don't matter.
  • #307,784
  • Edited 11:31am Oct 15, 2010 11:21am | Edited 11:31am
Quoting chonchy
and cha-chin again from the PP to 4101 another 50 pips so I have more than 150 today time for a merlin now short from 4110 and will short 4150 and 4200 down to eternity


http://www.youtube.com/watch?v=ubcVEuA55jc

And cha-chin, not 4200 but yes 4150 and 4110 to eternityyyyyyyyyyyyyyyyyy got out now to much for one day see you later guys, I'm going for the miller lite

Attached Image
The Chonchy
  • #307,785
  • Oct 15, 2010 11:22am Oct 15, 2010 11:22am
Ok, first of all, im a person that could be something between aggresive and a conservative trader.

When u enter a trade ur starting chances are 50-50. Following training, courses, seminars, webinars, and discipline odds might rise to 70-30 in ur favour.

I can even say 75-25. NOBODY is perfect. Losses are a part of the trade. If anyone says that he/she NEVER loses its a complete LIE. If u were the BEST of the BEST u would still have some losses beneath u, but ur overall trades are in positive.

Why I dont like to trade on Fridays and why I dont recommend that?

I all probably know that i am a guy that stands with both legs on the ground firmly ( well at least I hope so... ).I am a technical person. I love to make analysis. I love to trade and I prefer technicals.
Many times when I get a good technicals on Friday i lose. One of the reasons
is that big guys, institutional managers and hedge fund managers tend to prepare for the next week. Friday is usually sideways and we know that sideways movement is hard to trade only scalps allowed. Because of that I only advice scalping on m5 and m15 for max 20 pips prior to London noon.

London close is the key here. Profit-takings are in play as the traders cash out profits before weekends and because of enormous amount of their orders they spike up the chart and turn it out violently. Why they do that? Because they are prone to economical or a political surge during the weekend and they dont want to lose their profits.

I personally NEVER open any positions during THESE hours. Why would I open the position when the market is almost flat moving sideways. All of the big players, market movers have already cashed in the profits and now market makers can do whatever they want to. Causing spikes, fakouts, deadcat bounces and HUNTING ur s/l.

I also tend to relax and not trade during the bank holidays ( volume is too thin ) s/r levels are easily breached because there is NO MARKET TO DEFEND it.

Friday is all about cashing out profits, digesting news and preparing for the upcoming week. The psychological damage of seeing a winner trade become a loser trade is so great that it can discourage you.
  • #307,786
  • Oct 15, 2010 11:22am Oct 15, 2010 11:22am
Quoting chonchy
not 4200 but yes 4150 and 4110 to eternityyyyyyyyyyyyyyyyyygot out now to much for one day see you later guys, I'm going for the miller lite

Attachment
wass up bro' still picking sardines ?
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,787
  • Oct 15, 2010 11:25am Oct 15, 2010 11:25am
Quoting Beljevina
Euro looking quite weak after that Ben-time profit taking. USD enthusiasm looks to be high today. It's surprising to see it test the (NY) day low with a bounce from here questionable: usually the lunchhour (NY, Chicago 12-2) is retrace or languish time. Looking to break from here, and 1.396 should hold & then buy.
Holding off on longing. Unusually timed possible report release for US declaring China a currency manipulator ... that may be driving this euro selling. See here.
  • #307,788
  • Oct 15, 2010 11:25am Oct 15, 2010 11:25am
2 and 3 with 4 mofu too
Attached Image
those who can, do. those who cant, talk about those who can
  • #307,789
  • Oct 15, 2010 11:26am Oct 15, 2010 11:26am
what happens with USD if China once again raise rates.
I favor the upside.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,790
  • Oct 15, 2010 11:29am Oct 15, 2010 11:29am
Quoting DMA Trader
i was looking at XLF and KBE you know they lead the market.
BAC is down 10% in 2 days.

similar patterns like 2008. that's why I've asked. Why Q.E. when we are doing better. there is something they know. it's not unemployment.
You gotta it, this is going to be another TARP plan for the too big to fail banks, which as Gator says, may be falied already.
They know what's coming
If only I knew then what I know now...
  • #307,791
  • Oct 15, 2010 11:29am Oct 15, 2010 11:29am
Quoting Beljevina
Holding off on longing. Unusually timed possible report release for US declaring China a currency manipulator ... that may be driving this euro selling. See here.
Its selling because it always has sold when these conditions were met. the news was euro positive from bb... 4153 was 20% higher then it sold off most times since since the conception of the pair excluding the 30% in 2008.. the usdx is in a similar place it should return to 78. min eu 2953 both moving targets. as for the usdx, if it dont return it will be the first time in at least 6 years.
those who can, do. those who cant, talk about those who can
  • #307,792
  • Oct 15, 2010 11:30am Oct 15, 2010 11:30am
Quoting Beljevina
Euro looking quite weak after that Ben-time profit taking. USD enthusiasm looks to be high today. It's surprising to see it test the (NY) day low with a bounce from here questionable: usually the lunchhour (NY, Chicago 12-2) is retrace or languish time. Looking to break from here, and 1.396 should hold & then buy.
What's your opinion, will it hold today?
They think they are smarter than I am.
  • #307,793
  • Oct 15, 2010 11:32am Oct 15, 2010 11:32am
Quoting redsword11
Attachment

partial close loony



Attachment




Red
very nice.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,794
  • Oct 15, 2010 11:33am Oct 15, 2010 11:33am
Quoting T@rantula
Ok, first of all, im a person that could be something between aggresive and a conservative trader.

When u enter a trade ur starting chances are 50-50. Following training, courses, seminars, webinars, and discipline odds might rise to 70-30 in ur favour.

I can even say 75-25. NOBODY is perfect. Losses are a part of the trade. If anyone says that he/she NEVER loses its a complete LIE. If u were the BEST of the BEST u would still have some losses beneath u, but ur overall trades are in positive.

Why I dont like to trade on Fridays and why I dont...
man, u are the bomb.
can i chat privately with you sir?
  • #307,795
  • Oct 15, 2010 11:33am Oct 15, 2010 11:33am
Quoting T@rantula
Ok, first of all, im a person that could be something between aggresive and a conservative trader.

When u enter a trade ur starting chances are 50-50. Following training, courses, seminars, webinars, and discipline odds might rise to 70-30 in ur favour.

I can even say 75-25. NOBODY is perfect. Losses are a part of the trade. If anyone says that he/she NEVER loses its a complete LIE. If u were the BEST of the BEST u would still have some losses beneath u, but ur overall trades are in positive.

Why I dont like to trade on Fridays and why I dont...
agre 100% but I'm stuborn and a stuborn scalper, but I agree with your post 100%,
The Chonchy
  • #307,796
  • Oct 15, 2010 11:36am Oct 15, 2010 11:36am
Quoting T@rantula
Ok, first of all, im a person that could be something between aggresive and a conservative trader.

When u enter a trade ur starting chances are 50-50. Following training, courses, seminars, webinars, and discipline odds might rise to 70-30 in ur favour.

I can even say 75-25. NOBODY is perfect. Losses are a part of the trade. If anyone says that he/she NEVER loses its a complete LIE. If u were the BEST of the BEST u would still have some losses beneath u, but ur overall trades are in positive.

Why I dont like to trade on Fridays and why...
nice post.
one thing i can add. usually holidays are going the opposite of the trend.
Especially US holidays 3 day. you are right about Fridays but.

Let's say we got this dip and Monday trend resumes with a gap up ?
so yes i do believe it's risky to trade but might get something for next wk
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,797
  • Oct 15, 2010 11:37am Oct 15, 2010 11:37am
Quoting T@rantula
Ok, first of all, im a person that could be something between aggresive and a conservative trader.

When u enter a trade ur starting chances are 50-50. Following training, courses, seminars, webinars, and discipline odds might rise to 70-30 in ur favour.

I can even say 75-25. NOBODY is perfect. Losses are a part of the trade. If anyone says that he/she NEVER loses its a complete LIE. If u were the BEST of the BEST u would still have some losses beneath u, but ur overall trades are in positive.

Why I dont like to trade on Fridays and why...
  • #307,798
  • Oct 15, 2010 11:37am Oct 15, 2010 11:37am
Quoting chonchy
agre 100% but I'm stuborn and a stuborn scalper, but I agree with your post 100%,
i suck at scalping.
i'm going to get scalping for noobs in weekend
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #307,799
  • Oct 15, 2010 11:42am Oct 15, 2010 11:42am
Quoting Z3iz3i
What's your opinion, will it hold today?
It's a crapshoot, as the currency report results and other fundamentals are driving stuff today. Reuters reports now that Geithner is scrambling to delay the report. We don't know what's in it. If they chose to brand them manipulator, that sets off a currency war that should bring further strength to the dollar BUT at the expense of the stock market, which Timmy & co. absolutely do not want, given the plunge protection they're propping the market up with, esp. QE2 that's supposed to be coming up. Declaring China a manipulator gives the US$ the upper hand, but also will require some form of negotiations to be entered into with China - ie., they could demand less POMO action, which means US equities don't get the boost that Obama was looking for. Great write up on report scenarios here. Euro's done 180+ pips down today with no real retrace ... not a sign of optimism to me.
  • #307,800
  • Oct 15, 2010 11:44am Oct 15, 2010 11:44am
I admit that I lose sometimes. But its all a part of the game. The losses I have taken made a phoenix rising.

One of my favourites:

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