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  • #348,101
  • Dec 17, 2010 8:55am Dec 17, 2010 8:55am
Quoting tgwhbb
can i ask you get 80.57? I see 80.40 as the neck line of IHS and intersection of down TL...
Its the m30 78.6 fib. It is the line in the sand.

EDIT: Sorry M15 not M30
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  • #348,102
  • Dec 17, 2010 9:00am Dec 17, 2010 9:00am
Quoting Forexcube
It's better to fish 60 out of 120 everytime as put a brave face on it!

If you will become a professional trader than you could reroute 110 out of 120.

That still isn't any sort of reason for disqualify other traders' results or targets,...so to speak.
I was thinking the same exact thing, just waiting on someone to speak my mind. I love when there is volatility because there is room to profit, I don't need to make the whole move, I just want to reach my goals. And I take it that this gentleman has reached his and whether they are lower or higher than yours it doesn't matter.

6 pips a day may be someone's goal and it may be 10xs what you make on 50 pips
  • #348,103
  • Dec 17, 2010 9:00am Dec 17, 2010 9:00am
Quoting PipChick
Of course. At this current moment, I am watching the strength of the usd against the eur and the dollar is much stronger so I will watch for dollar breaks. In other words, the usd is stronger than the eu is weak.
I am not sure if my prev post was clear. What I meant is that the DX is the weighted basket of currencies against the dollar. When a move is cause by the dollar side, the DX may break first and after the eur/usd will follow. But right now (friday, holidays and EURO on the cliff again with Brussels sending mixed signals and moddies downgrading everyone) the euro is the only one getting weaker so if eur/usd break the weekly/daily/intraday S +/- 1.318x the DX will follow as the euro weight heavier on the DX and the rest of pairs related to the dollar in the DX (and not to the euro) will follow after.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #348,104
  • Dec 17, 2010 9:00am Dec 17, 2010 9:00am
Good buying opportunity here if you ask me. Sorry, I don't have access to my charts right now, but this 1.3220ish area should be some pretty solid support. The run up last night was encouraging and I'm really not at all surprised with this correction. We're in choppy markets and still figuring out a direction. But we haven't been able to sustain much below 1.3200 which should say something. What can't go down must go up? We'll have to wait and see next week. I'm adding a bit to my longs here though and holding through the weekend... I trade longer term and generally hold for days not hours so this isn't a big deal to me.
check out my blog: forexmademillionaire dot com
  • #348,105
  • Dec 17, 2010 9:00am Dec 17, 2010 9:00am
is there a schedule, when the eu-summit will provide a final statement?
i'm a bit confused, because everything they did just get's ignored for now.
  • #348,106
  • Dec 17, 2010 9:02am Dec 17, 2010 9:02am
Forexpro30

Concur with your words. Practiced with demo for six months and was consistent. Thereafter opened small account forcing me to respect Risk Management.
Whilst the account has grown substantially I still only have 2-3 trades open at any one time, keeping risk to 2%. Never stop reading the news and analysis and stick to E/U.
My biggest fault was probably not allowing profitable trades to run their course but have found a bit extra study time pays dividends when knowing when to enter/exit.
Still got lots to learn and your words will prompt me to educate myself regarding other factors.
Gotta find a way to pay for the increase in university fees for my kids somehow .... LOL
Thanks again.
  • #348,107
  • Dec 17, 2010 9:02am Dec 17, 2010 9:02am
Quoting sisse
I am not sure if my prev post was clear. What I meant is that the DX is the weighted basket of currencies against the dollar. When a move is cause by the dollar side, the DX may break first and after the eur/usd will follow. But right now (friday, holidays and EURO on the cliff again with Brussels sending mixed signals and moddies downgrading everyone) the euro is the only one getting weaker so if eur/usd break the weekly/daily/intraday S +/- 1.318x the DX will follow as the euro weight heavier on the DX and the rest of pairs related to the dollar...
I understand what you are saying. But right now, the dollar is much stronger than the eu is weak. Yes, the EU is weak right now, but it isnt as weak as the dollar is strong therefore, I look for the dollar S/R to give in order for the eu to give.
  • #348,108
  • Dec 17, 2010 9:03am Dec 17, 2010 9:03am
Quoting T@rantula
I am here. I made a long 3307 stopped at 3280. Friday trading...


Today is profit taking day for big money makers. I will make 1 more entry if I spot a good consolidation. Intraday trend hasnt been respected by 3305 break of the TL.

3260 is vantage point. Below it we could see 3210. London noon close is the key. The profit has been taken now the charts may violently spike.
Exactly ... still in profit taking mode ...
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #348,109
  • Dec 17, 2010 9:04am Dec 17, 2010 9:04am
Let's see if we can break 1.3200 easily. The larger battle will be ~1.3185. I'm not a good chartist; perhaps someone else will comment on major support levels.
  • #348,110
  • Dec 17, 2010 9:05am Dec 17, 2010 9:05am
Im going to scale out of this short here at support and move stop to BE
  • #348,111
  • Dec 17, 2010 9:07am Dec 17, 2010 9:07am
H4
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  • #348,112
  • Dec 17, 2010 9:07am Dec 17, 2010 9:07am
gonna add short on euro next week. hope it's fruitful...daily candle below MA and 4hr also shows bearish trend . atleast down to my tp 200pips ...
  • #348,113
  • Dec 17, 2010 9:07am Dec 17, 2010 9:07am
Quoting T@rantula
huh...I have written a long article about Friday trading about 2 months ago



Basically....friday trading is all about profit taking. Big players, hedge fund managers and other institutional traders tend to PREPARE for the next week by PROFIT TAKING.

London noon close is the key. Big players dont want to risk any UNEXPECTED events during the weekend so prior to London noon they tend to close their trades ( profit taking). Market makers then run stops of retailers SPIKING charts violently.

Why? Because there is no one to defend market. All...
Yes ... very old rule ... close your books earlier on Friday as others ... and let the others look bad ...
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #348,114
  • Dec 17, 2010 9:09am Dec 17, 2010 9:09am
Im still a newbie but am i wrong to be looking for a retracement soon
  • #348,115
  • Dec 17, 2010 9:09am Dec 17, 2010 9:09am
Quoting Geppy
Good buying opportunity here if you ask me....
Perhaps but ... there's been lots of selling even at the 1.322 level and we've almost touched 1.32.

Beyond that, there's just too many rejections of key highs in the last week or 2, and futures seem to show me more selling underway.


But more importantly, I recall being around 1.26/1.27 in September, and the state of the EU and euro was nowhere as bad as what's been tumbling out of the closet since then ... December's tricky, but I think we are short to mid term beckoning 1.18, which frankly, has to get revisited to clarify mid-term/long-term where the eurobeast will go. US strength in the meantime - real or imaginary as a potential (jobless) recovery gets underway for the world reserve currency - will decimate the unfortunate euro. (Good thing equity markets don't give a rat's ass about people's jobs!)

Gotta watch out for flapping gums too as a result of this euro summit - I think they're flashing their pearly whites in celebration of the wonderfulness they've produced, as we write!

Other than that ... hope you're doing well Gep! I will forever dream about GBPJPY returning to it's wonderful patterned movements of days gone by!
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  • #348,116
  • Dec 17, 2010 9:09am Dec 17, 2010 9:09am
Major Currency Pairs

EUR/USD
December 17, 2010
Current level - 1.3329

EUR/USD is in a downtrend, after peaking at 1.4283 (November 11, 2010). Technical indicators are descending, and trading is situated between the 50- and 200-Day SMA, currently projected at 1.3445 and 1.3136.

Yesterday's slide couldn't break below 1.3170 and the downtrend from 1.3499 is over, as the pair has entered a larger consolidation pattern below 1.3370 resistance area.
resistance
intraday intraweek
1.3370 1.3830
1.3499 1.4283
support
intraday intraweek
1.3170 1.2930
1.3046 1.2647
Attached Image
  • #348,117
  • Dec 17, 2010 9:10am Dec 17, 2010 9:10am
Quoting Mr Hatch
is there a schedule, when the eu-summit will provide a final statement?
i'm a bit confused, because everything they did just get's ignored for now.
I hate this Brussels news too. There is not an schedule and there will not be a clear answer. So far they have endorsed to change the Treaty
to include new rescue funds which is positive but still is not done. However, they haven't reach anything about eurobonds and for the current short term problems. The only thing we know is that German and other northern EU countries have been very clear on austerity, balance and fiscal reform in those in problems which is very good in economic theory but in practice it can create even more uncertainty as few will believe that Ireland, Greece, etc can make any important reforms and repay debt.

So at the end we will have to wait and see how the markets react, how they digest the news and to what extend this is a credible scenario.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #348,118
  • Dec 17, 2010 9:10am Dec 17, 2010 9:10am
Quoting sum_1
H4
So, and what you see in this Christmas tree?
  • #348,119
  • Dec 17, 2010 9:12am Dec 17, 2010 9:12am
Quoting Beljevina

Other than that ... hope you're doing well Gep! I will forever dream about GBPJPY returning to it's wonderful patterned movements of days gone by!
No kidding here! She's been a real snoozer for far too long now.
check out my blog: forexmademillionaire dot com
  • #348,120
  • Dec 17, 2010 9:13am Dec 17, 2010 9:13am
is there a global ignore for me?
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