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  • #382,561
  • Feb 8, 2011 11:24pm Feb 8, 2011 11:24pm
  •  gdaym8
  • | Joined Jan 2011 | Status: You Never go broke making a profit | 71 Posts
FYI
There's talk of a Moody's press conference at 6:00 GMT in Tokyo.
Rumor has it that this will lead to another downgrade of Japan.
Always remember "Logic" has NO place in the Forex markets
  • #382,562
  • Feb 8, 2011 11:24pm Feb 8, 2011 11:24pm
Quoting Magix

Not sure what it all means, but far be it from me to question market strategy...
Its all in the eye of the beholder I guess. It is rare, very rare these day in here, but once in a while you might even see a couple of people actually coment or discuss different strategies and ideas. Like I said, rare. Here are my daily areas of interest, experimental still.
Attached Image
Look Sharp/Trade Tight
  • #382,563
  • Feb 8, 2011 11:26pm Feb 8, 2011 11:26pm
Quoting Magix
Just caught a nice look on the M5...shows as a bounce off support on the M1 as well, 200EMA...but hey, perspective...to each his own...

http://www.forexfactory.com/showpost...postcount=1041
The M1...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,564
  • Feb 8, 2011 11:30pm Feb 8, 2011 11:30pm
Quoting Chicky
...but two lines for each pip in his charts.
With enough lines, you dun need no stinkin pips...

Attached Image
FUBAR...
  • #382,565
  • Feb 8, 2011 11:32pm Feb 8, 2011 11:32pm
Quoting PayTheLimit
Its all in the eye of the beholder I guess. It is rare, very rare these day in here, but once in a while you might even see a couple of people actually coment or discuss different strategies and ideas. Like I said, rare. Here are my daily areas of interest, experimental still.
One would almost think that strategies and market watch was as mythical as the Unicorn...

There are definite ideas on movement based on historical charts, and mathamatical principles based around murrey math and the fibo scales. They all have their place....

Again, I am not questioning it at all..

I think an excellent poster though gets a lot of flack on his postings, is abu rami...http://www.forexfactory.com/showpost...stcount=366644

I watched in my early days of FF as he used the fibs to start to create and trade his target areas, and there is certainly sound logic behind it. On forward and retrace ops, allowing some safe target zones and trade to be played...

Not much different from what you have going on, realizing that if price moves in a direction, what is a reasonable expectation is a great market strategy...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,566
  • Feb 8, 2011 11:34pm Feb 8, 2011 11:34pm
Quoting ak4x
With enough lines, you dun need no stinkin pips...

Attachment
Day in and day day out, inching towards this objective.
The Thief of Wall Street
  • #382,567
  • Feb 8, 2011 11:36pm Feb 8, 2011 11:36pm
Quoting ak4x
With enough lines, you dun need no stinkin pips...

Attachment
Love the 3D approach to your trendlines...

Simply awe inspiring...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,568
  • Feb 8, 2011 11:38pm Feb 8, 2011 11:38pm
Quoting Magix
Not much different from what you have going on, realizing that if price moves in a direction, what is a reasonable expectation is a great market strategy...

I'll let you know if I come up with anything good. Gotta run, talk later. Good Luck, PTL
Look Sharp/Trade Tight
  • #382,569
  • Feb 8, 2011 11:40pm Feb 8, 2011 11:40pm
Quoting Chicky
Dow 12184.

I call it a day and let the pa fight with 1.3650
No trade since then.

Take care. Later.
The Thief of Wall Street
  • #382,570
  • Feb 8, 2011 11:44pm Feb 8, 2011 11:44pm
Quoting PayTheLimit
I'll let you know if I come up with anything good. Gotta run, talk later. Good Luck, PTL
I'm all eyes and ears brother...

Have a good one!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,571
  • Feb 8, 2011 11:44pm Feb 8, 2011 11:44pm
seems like a break of 3700 gives d way to 3900/3960. I have pending buy limits. Should be a volatile week from here..
  • #382,572
  • Feb 8, 2011 11:48pm Feb 8, 2011 11:48pm
Quoting redsword11
Attachment
Doubly appropriate that this chart background should be the color of vomit, and that it was your post # 6,666. For my tastes, the devil himself couldn't have built a more disgusting 4 days than those starting the 2nd.

For me, it had it all: event risk, ranging on rising volatility, headfakes on every time frame, even a capitulation ending too quick for idiot analytics to catch quickly.

Bouncing off the splat of E/U at 1.350x, though, what at least has behaved like some decent trending.

Nice chart, thanks.
  • #382,573
  • Feb 8, 2011 11:52pm Feb 8, 2011 11:52pm
Quoting ak4x
With enough lines, you dun need no stinkin pips...

Attachment
I loved those old colored Tinker Toy sticks. You could pretend they were cigarettes and suck that red dye right off down to the wood. Wonder what bad sh!t it had in it...
  • #382,574
  • Feb 8, 2011 11:54pm Feb 8, 2011 11:54pm
Quoting OldQuant
For me, it had it all: event risk, ranging on rising volatility, headfakes on every time frame, even a capitulation ending too quick for idiot analytics to catch quickly.
Good Gravy man...I haven't even seen another trader say "Capitulation" in about 5 years...

Now tell me you know what a muddy bottom is...

I am sure we are close to being on the same pages!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,575
  • Feb 8, 2011 11:54pm Feb 8, 2011 11:54pm
Quoting OldQuant
Doubly appropriate that this chart background should be the color of vomit, and that it was your post # 6,666. For my tastes, the devil himself couldn't have built a more disgusting 4 days than those starting the 2nd...
Nod for Post of the Week...
FUBAR...
  • #382,576
  • Feb 9, 2011 12:03am Feb 9, 2011 12:03am
Quoting Magix
Now tell me you know what a muddy bottom is...
No, I don't. Bottom fishing reference?
  • #382,577
  • Feb 9, 2011 12:09am Feb 9, 2011 12:09am
waiting see if the bull fail at some top 3660-65 pullback & breaking 3635,28 & 3600 key levels there after or continue up. breakout there now of the channel.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #382,578
  • Feb 9, 2011 12:09am Feb 9, 2011 12:09am
Quoting OldQuant
No, I don't. Bottom fishing reference?
Stock trader term, was typically made for some good score on end of topside runs for small caps...

Almost like the inverse of a capitulation bounce, happens at the top of the play...

Stocks, a Day or 2 after market starts to recede, the one last push for top before a continuation of downturn...

Market Shake
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #382,579
  • Feb 9, 2011 12:16am Feb 9, 2011 12:16am
Quoting Magix
There are definite ideas on movement based on historical charts, and mathamatical principles based around murrey math and the fibo scales. They all have their place....

The markets are random and chaotic. I don't think there is any scientific credence to indicators/analysis like Murrey Math / Fibo scales.

Why they sometimes work is because most people have them on their charts so it becomes like a self-fulfilling prophecy. There is a theorem of sociology which states - "If men define situations as real, they are real in their consequences."

There is no Maths, its just a shared illusion.


Price action is the only way to go IMHO.
We're all stories in the end. Just try to make it a good one.
  • #382,580
  • Feb 9, 2011 12:19am Feb 9, 2011 12:19am
Last evening EURUSD started a five wave decline from 3687 to 3612.

Now in an upwards correction which should end soon to give place for a larger drop of a minor wave 3.

Since wave red 1 took 318 pips, wave 3 should at least take 318 to 508 (1.6x318) pips down, which would lead to a target area in the latter case of 3183, which is the MMTL 4/8 (Pivot) on daily chart with p=64

To enter a short trade around 3657 offers a very good risk/reward with a SL short above yesterdays high at 3687 and a first TP at the 50% retracement of the rallye from 2874 to 3687 at 3365.

R/R in this case would be 1:10
Attached Image(s) (click to enlarge)
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