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  • #329,621
  • Nov 21, 2010 4:28pm Nov 21, 2010 4:28pm
EUR/USD Should Rally When London Opens - CBA

2208 GMT [Dow Jones] EUR/USD should rally when London opens in relief buying post Irish bail out, but USD could rebound in second half of the week if second reading of US GDP is better than expected, says CBA Chief FX strategist Richard Grace. Targets 1.3800 in London. "I don't expect it to get significantly higher than that." Last 1.3716.

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  • #329,622
  • Nov 21, 2010 4:29pm Nov 21, 2010 4:29pm
Quoting cloggie
Give it up sergiu, I have tried this for weeks, the retailers here all believe in this myth and will flame down anyone who offers any reason to the contrary.

None of the pros trade this, just a few noobie retailers on the eurusd thread. And they wonder why they lose.


Cloggie you wrong because they call themselves proffesionals lol
  • #329,623
  • Nov 21, 2010 4:32pm Nov 21, 2010 4:32pm
Quoting Freddyfx
Some 23 more minutes till my broker opens for business.

Will short the hell out of this EU..............should be easy pips closing their gap.
Did you short as soon as you opened! I am still waiting for it to reach my supply level!
  • #329,624
  • Nov 21, 2010 4:33pm Nov 21, 2010 4:33pm
Quoting skozyuk
Nice little gap, I'm in for short scalp on gap closing.
I assume you got stopped out!
  • #329,625
  • Nov 21, 2010 4:33pm Nov 21, 2010 4:33pm
Quoting alex.fx
Mr Cowen: "I expect that agreement to be finalised shortly, within the next few weeks,"

link: your source above. Have any other questions?
its a done deal and the market reaction is already days underway.

but good luck
"If The Fool persists in his Folly he will become wise." - William Blake
  • #329,626
  • Nov 21, 2010 4:36pm Nov 21, 2010 4:36pm
Quoting ingmarforex
Cloggie you wrong because they call themselves proffesionals lol
IT's open 1.3740
Gaps
Banks are closed and also the retail forex Brokers we use close and open at different times. As they all display there own prices these differences can cause small gaps too large gaps depending on a mix of these factors and surprising News that occur over a weekend.
  • #329,627
  • Nov 21, 2010 4:37pm Nov 21, 2010 4:37pm
Quoting cloggie
Give it up sergiu, I have tried this for weeks, the retailers here all believe in this myth and will flame down anyone who offers any reason to the contrary.

None of the pros trade this, just a few noobie retailers on the eurusd thread. And they wonder why they lose.

Yeah pros don't exploit the futures fix with the spot.. lets completely forget about contango and backwardation.

I'd like to get into the details of how pros trade the gap; but having a edge and making money means more to me than getting a v+ on FF..
  • #329,628
  • Nov 21, 2010 4:38pm Nov 21, 2010 4:38pm
Quoting PhAnTi'
short on gap / me as well
How is that exacly ?
Broker closed at 1.36850
and i guess it it will open at 1.3720.

So what is there to short ?
  • #329,629
  • Nov 21, 2010 4:41pm Nov 21, 2010 4:41pm
Quoting akhtergroup
Yeah pros don't exploit the futures fix with the spot.. lets completely forget about contango and backwardation.

I'd like to get into the details of how pros trade the gap; but having a edge and making money means more to me than getting a v+ on FF..
No one argues about the gap as being a valid pattern. The argument is about the gaps as they relate to forex, and how the different times brokers open may sometimes show gaps, that only exist for that broker's data. Those are not valid gaps. That's what the argument is all about.
Stubbornly persistent
  • #329,630
  • Nov 21, 2010 4:42pm Nov 21, 2010 4:42pm
I just posted a the 'Irish' bailout story 4 minutes before opening and made about 20-25 pips off EUR/USD and sold to take profit.

I am personally going to go Long until London session, I think Eur/Usd should rally from the news, I am going to go long now and set trailing to 25 pips.
  • #329,631
  • Nov 21, 2010 4:42pm Nov 21, 2010 4:42pm
Quoting sergiu
No one argues about the gap as being a valid pattern. The argument is about the gaps as they relate to forex, and how the different times brokers open may sometimes show gaps, that only exist for that broker's data. Those are not valid gaps. That's what the argument is all about.

You know that, I know that and a handful of others here know that, every professional knows that, the majority here however will defend their ficticious gap to the end of time.
  • #329,632
  • Nov 21, 2010 4:46pm Nov 21, 2010 4:46pm
Quoting sergiu
No one argues about the gap as being a valid pattern. The argument is about the gaps as they relate to forex, and how the different times brokers open may sometimes show gaps, that only exist for that broker's data. Those are not valid gaps. That's what the argument is all about.
I'm not a pro by no means, been trading retail FX for several years so only speak of what I have observed on my retail FX chart.

When Sunday gap opens up due to price data feed discrepancy between Friday and Sunday, thats what bulk of retail FX trader see and react to. Thus in my limited opinion I make my trading decisions which usually revolve around a quick scalp opportunity that develops at this time.
  • #329,633
  • Nov 21, 2010 4:46pm Nov 21, 2010 4:46pm
Quoting mikej2010
I just posted a the 'Irish' bailout story 4 minutes before opening and made about 20-25 pips off EUR/USD and sold to take profit.

I am personally going to go Long until London session, I think Eur/Usd should rally from the news, I am going to go long now and set trailing to 25 pips.

Gap, shmap. How is a multi-billion Euro bailout for Ireland good for longing the EU? When the US prints money, the dollar gets the sh*t kicked out of it. Now the IMF is restarting the printing presses and everyone is popping champagne bottles.
Si vis pacem, para bellum.
  • #329,634
  • Nov 21, 2010 4:47pm Nov 21, 2010 4:47pm
Quoting mikej2010
I just posted a the 'Irish' bailout story 4 minutes before opening and made about 20-25 pips off EUR/USD and sold to take profit.

I am personally going to go Long until London session, I think Eur/Usd should rally from the news, I am going to go long now and set trailing to 25 pips.
A long right before a supply area... I hope you have a big SL... lol
  • #329,635
  • Nov 21, 2010 4:47pm Nov 21, 2010 4:47pm
Quoting cloggie
Give it up sergiu, I have tried this for weeks, the retailers here all believe in this myth and will flame down anyone who offers any reason to the contrary.

None of the pros trade this, just a few noobie retailers on the eurusd thread. And they wonder why they lose. They all think that the retail broker is a true reflection of the market and that Goldman, Barclays and UBS all use Oanda.
let's trade the non existent gap close ... lol

I think they will have arses hand to them so hope their stops are tight


upper value area friday 1.3697 and high volume pivot 1,3710 under us .. next scalp target 1.3780
Blogging daily now at www.volume.zone
  • #329,636
  • Nov 21, 2010 4:49pm Nov 21, 2010 4:49pm
Quoting bbakker
A long right before a supply area... I hope you have a big SL... lol

took long off 1,3720 , 30 pip stop do not need any more than that .... tp 200 pip
Blogging daily now at www.volume.zone
  • #329,637
  • Nov 21, 2010 4:51pm Nov 21, 2010 4:51pm
Quoting mercy seat
In case of you are driving account of more than 500k deposit or even more than one mill ...

you can trade with a real desk platform then ... not computer software ... full hardware package ...

Much better then ...
Do you have any recomendations?
  • #329,638
  • Nov 21, 2010 4:53pm Nov 21, 2010 4:53pm
Quoting bbakker
I assume you got stopped out!
Who said I entered, I wait for a bit to have everyone else fill their orders before jumping in on this one. ;-)
  • #329,639
  • Nov 21, 2010 4:53pm Nov 21, 2010 4:53pm
This is how I see it on the hourly chart -

Attached Image (click to enlarge)
Click to Enlarge Name: 101121_eu_h1.PNG Size: 36 KB


Still waiting for it to get into supply. A nice big push up into it would be lovely!
  • #329,640
  • Nov 21, 2010 4:54pm Nov 21, 2010 4:54pm
Quoting egkid
IT's open 1.3740
Gaps
Banks are closed and also the retail forex Brokers we use close and open at different times. As they all display there own prices these differences can cause small gaps too large gaps depending on a mix of these factors and surprising News that occur over a weekend.
MR/Rogers @22 November 2010

“There is no reason that taxpayers around the world or around Europe or in Ireland should pay for other peoples’ mistakes. The banks who lent the money and made the mistakes should lose money. The bondholders and the stockholders of those banks should lose money. It’s that simple.”
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