Technical Analysis Fallacy

Just for info:

0022 GMT [Dow Jones] EUR/USD down, touching 6-week low of 1.3606, as investors buy back USD on speculation stemming from Medley report overnight that QE2 may not be fully implemented if circumstances allow it, says Satoshi Tate, senior dealer at Mizuho Corporate Bank. Says pair also pushed down by lingering concerns over European sovereign debt issues. Tips support for EUR/USD at 1.3530 vs last 1.3618. EUR/JPY down in tandem, touches intraday low of 112.14. Tips support for cross at 111.90, last 112.22. ([email protected])
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Discalimer: Be aware of possible Cow Dung included ;-)

We have left this area on USDJPY a few minutes ago, but may be nice to know in the future:

[...]
Japanese exporters are preventing the greenback's rise, but short-term-focused investors are trying to execute automates stop-loss buying orders at Y83.00, amounting several hundred million dollars, dealers noted.
[...]

Preparation done - just in time :-)
Let's see what the London boys have to offer ...

Seen on my charts, that there are not many serios support areas for EU on the way down to 1.33xx

Good fortune, friends!

Don't forget about POMO action later today ....

this is very very true , less distraction , more focus
also if i may add , small breaks every now and then helps to keep balance

Hey Dika - nice to see you :-)

BTW: Interesting area now. Was a strong resistance since yesterday NY session. So it may be a major battle for decision for a further move up to 1.37 or down again to 1.36 ...

Will wait, till the lady shows her hand ...

10:22 - S x 1 x Eu x 1.3650
10:29 - Waiting. Entry was based on M1 chart, which had not made a higher high ...
10:31 - for the moment 3kgds on M5 are in sync. Breaking the very short term support at 30 with some momentum will be the trigger for a small attack ...
10:33 - still not sure that I'm on the right side atm. Nimbleness and patience ...
10:38 - S x 1 x EU x 3629

10:40 - Attack still in. No indications for anything. Trigger ready for next level or killing L2 ..
10:42 - still ion. Very unusual for my trading, but DOW, OIL, Gold 3 kgds are all in sync for down ...
10:44 - Cable facing the dialy low now. Momentum slowing down with EU as well.
10:44 - B x 1 x eu x 3621
10:42 - still not clear, that we will continue the down move. See picture: Higher lows ...

Hi guys

My experience.When I listen to music in trading, maintain the brain in flexibility. Focus intently, reduces my flexibility.I will wrote correctly, "focus to the broad perspective" (words are sometimes ...)

Rgs

10:52 - cable has made a new low, but UJ is hesitating to go more up. So I'm waiting ...
10:53 - chance for an outside bar on M5! have to wait till closed ..
10:54 - cable rejected from 1.60 level for now. No clear signs. Everything is possible. PATIENCE
10:56 - attack troops ready for deployment. Need momentum
10:57 - less important EU news in 3 minutes ...
10:59 - Battlestations. Only my scout is on the field atm
11:02 - Not as good as expected, but is the market doing with that?
scout still in ..
11:03 - ready for attack. Break below 20 needed
11:04 - cable is on track, but UJ is still playing with round number. It should go up to make everything ready for attack. So waiting
11:08 - EU is floating higher. No direction for now. Waiting. Maybe we are retesting the 3660 area. Prepared for a break. Finally doing my calculation for a move up to 1.37 now. Doing it for a rescue and for a flip ...
11:10 - unfortunately my personal time window is closing in 20 minutes. So may be it is best idea to take scout out as well. Not too much time left to do some rescues later ....
11:13 - b x 1 x eu x 3647 Squarred now.

Was not a very profitable session.
Let's see: All together 8.03 EUR :-)

See you around NY opening then!

Have some fun!

MaMood

Did she actually say at the end: Jim, see you on Skype sometime soon?

And we were wondering who are the silent people in our TAF affairs, lol. Now we know.

@piccolo: Not sure, have to listen more carefully


Juts for info:



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Hi Gro,

Glad to hear music works for you too. I've found it can keep the mind "warmed up", especially when the market decides to take a nap.
Also a change in music can bring a change in mindset/mood when things are going not so well.

Market chatter of a €80B Ireland rescue package circulating// ttn

Hi usw

exactly, "warmed up" and change in music = regulates focus
... but sometimes "I'm in a trance"

Rgs

Yeah - isn't it exactly the mood we want to be in when trading?
Have experienced it only 20 or 30 times out of my thousands of trading days. That is the state of mind, when you you are fighting with a lot of positions, managing spirals within spiral without a problem. You are aware of everything. I do not see and hear anything around me then.
Yeah - I'm trying to rebuild that state of mind more reliable with the help of music. Something that keeps my mind busy ot let's say fascinated.

To be honest:
I'm doing my public trading sesions here for mainly one reason. When things on my charts get worsed and I'm under "public control", and I have to comment on my thoughts and moves, the probability to get into the state of flow seems to be higher. At least that are my experiences from the past few weeks ...

Cu,
MaMood

Ok - that are nice targets that are mentioned in there ....

Just for entertainment ;-)

By Andrew J. Johnson A DOW JONES NEWSWIRES COLUMN NEW YORK (Dow Jones)-- Ireland was described as the Celtic Tiger during its economic ascent this past decade. Now, however, the beast is looking decidedly de-fanged.
Ireland is now in the grips of a serious sovereign-debt crisis, so much so that its woes have put an end to the euro's five-month long rally against the dollar. The question now is how much more damage can it do to the European currency.
Credit default swaps on the Irish government's debt swelled to 609 basis points earlier Thursday, equivalent to an annual cost of $609,000 to insure $10 million of bonds for five years. That isn't far off the record high of $620,000 set Monday, according to Markit, and well up from $560,000 Wednesday morning.
Investors reacted by sending the euro down to $1.3637, its lowest level since Oct. 5.
Many market participants see the euro's recent run-up rolling back completely because of Ireland and the problems of other peripheral nations. The only reason the common currency's decline will be slowed at all, they said, is because of the $600 billion worth of dollar-diluting quantitative easing that the Federal Reserve has just announced.
"It feels like deja vu," said Mike Moran, senior foreign exchange strategist at Standard Chartered Bank in New York, comparing the recent attention given to Ireland's troubles to Greece's just months ago. That crisis sent the euro down to $1.1876 on June 7, marking a dramatic 22% decline from a previous cyclical high of $1.5145 set in November of last year.
The Greek crisis prompted the European Union and the International Monetary Fund to jointly create a EUR750 billion backstop for vulnerable euro-zone countries. There is now widespread talk that Ireland will have to tap the EU's part of that program, the EUR440-billion European Financial Stability Facility.
That prospect raises a host of political and financial challenges. As such, many analysts are betting that the euro will keep falling.
Things may not spiral as quickly as they did during the Greek crisis, but many analysts say $1.10 is not an impossibility for the euro within the next 12 months -- especially if Ireland's problems exacerbate sovereign risks in other peripheral euro-zone nations such as Spain and Portugal.
Ken Jakubzak, principal of currency-trading hedge fund KMJ Capital, which manages $10.5 million, is betting on a $1.25 euro in three months.
"People are seeing this second stage of the crisis, and they are starting to wonder what is going on," he said. "We thought they had this under control and they clearly didn't."
Jakubzak has long been a euro bear. But now others are starting to share his pessimism.
"The problem in the euro zone is systemic," said Steven Barrow, head of G-10 strategy at Standard Bank in London. "It is not the fault of Greece, it is not the fault of Ireland, and it is not the fault of Portugal."
So far, the EU has been able to "plaster" over the problems, but real fixes will be hard, especially as the austerity measures put in place to fight the debt crises start to limit countries' opportunities to grow, Barrow said.
Perhaps most unnerving for the 16-country zone is that right when its weakest nations are seeing their future debt-raising capability challenged, its strongest economic engines in Germany and France seem to be slowing.
French industrial production rose just 0.1% in September from August, according to official data released Wednesday by national statistics agency Insee. That was far less than the 0.5% increase forecast in a Dow Jones Newswires survey of economists.
"No longer is the [euro zone] seen through the rosy spectacles displaying economic traction in the core Franco-German hub," said Andrew Wilkinson, senior market analyst at Interactive Brokers in Greenwich, Conn.
For investors, that could make Ireland's problems--and those of other small nations -- seem worse.
(Andrew J. Johnson covers foreign exchange markets for Dow Jones Newswires from New York. He can be reached at 212-416-3092 or [email protected])

Disclaimer: Be aware of possible Cow Dung included ;-)

Hi MaMood

Nicely written
I'm trying to be impartial observer of the market and himself. While in the trade, I'm talking to myself
I could not handle trading + broadcasting -description my trade (+I am aware of my mistakes in translation.)

Rgs

... anyone heard of currency Am$ro?

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