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Silent Service Method

  • #13,121
  • Sep 28, 2011 4:59pm Sep 28, 2011 4:59pm
Make sure to watch the two Antipodean crosses, AUD/USD and NZD/USD for a break of the Monday pinbars, if we see that - things could get ugly.
  • #13,122
  • Sep 28, 2011 5:18pm Sep 28, 2011 5:18pm
Quoting clockwork71
Make sure to watch the two Antipodean crosses, AUD/USD and NZD/USD for a break of the Monday pinbars, if we see that - things could get ugly.
could?!?!? What do you call the PA this week then?!? lol...
  • #13,123
  • Sep 28, 2011 9:08pm Sep 28, 2011 9:08pm
Quoting Venice
could?!?!? What do you call the PA this week then?!? lol...
I'm thinking a meltdown at this point. I would be short for several hundred pips at that time I think...... :-)
  • #13,124
  • Sep 28, 2011 11:00pm Sep 28, 2011 11:00pm
Quoting clockwork71
Talk about not giving up......geez......could be a counter trend trade I suppose. I am more interested in selling once the rally would show weakness......or a break of the lows......
Why they pushing it to go Up!! Could b ECB buying?
Looks like London when open will take it more Up like yesterday
Very possible 1.3750 maybe 1.38
  • #13,125
  • Sep 29, 2011 12:41am Sep 29, 2011 12:41am
Quoting egkid
Very possible 1.3750 maybe 1.38
Which is where I'm short from....figures. Stops @ BE, and wouldn't be the least bit surprised to get booted out right before a proper turn.
  • #13,126
  • Sep 29, 2011 12:52am Sep 29, 2011 12:52am
Quoting egkid
Why they pushing it to go Up!! Could b ECB buying?
Looks like London when open will take it more Up like yesterday
Very possible 1.3750 maybe 1.38
There's a vote today in Berlin on the proposed European Financial Stability Facility or "E.F.S.F.". It's front page financial news... Check-it-out.

If it passes, then I'm afraid that will only hasten the Euro's collapse (at least as we know it today) though in the short-run it would appear positive. I mean Greece hasn't officially defaulted yet, along with the other P.I.I.G.S., but if/when they do then this facility won't be there for them. It will be there for the Germans and the new EMU i.e. without P.I.I.G.S. or a number of them at least.

Meanwhile the real matter continues to be glossed over that nothing structural is being resolved at the ECB level; no Treasury, no Euro Bonds, e.g.. The Germans are doing what they believe they have to do to save themselves first. So the rally we're seeing before London open here could be the deep inhale before the plunge. Remember a vote in favor wouldn't automatically mean the Euro strengthens. Its structural flaws and inequities remain... This is just another band-aid. Still traders can make money, either way, which a number did in Asia today. "Buy the hype, sell the news."

Hope that helps.
  • #13,127
  • Sep 29, 2011 9:43am Sep 29, 2011 9:43am
Quoting Low
Which is where I'm short from....figures. Stops @ BE, and wouldn't be the least bit surprised to get booted out right before a proper turn.
That would be typical. I know what you are saying......
  • #13,128
  • Sep 29, 2011 9:45am Sep 29, 2011 9:45am
Quoting Soca
There's a vote today in Berlin on the proposed European Financial Stability Facility or "E.F.S.F.". It's front page financial news... Check-it-out.

If it passes, then I'm afraid that will only hasten the Euro's collapse (at least as we know it today) though in the short-run it would appear positive. I mean Greece hasn't officially defaulted yet, along with the other P.I.I.G.S., but if/when they do then this facility won't be there for them. It will be there for the Germans and the new EMU i.e. without P.I.I.G.S. or a number of...
Yeah, it passed, and I don' think it matter over the longer-term. After all, these politicians have to be reelected. And my guess is a lot of them won't be from what I am hearing out of my friends in Wurzburg and Dresden.
  • #13,129
  • Sep 29, 2011 10:22am Sep 29, 2011 10:22am
Hi Chris and everyone else,
Just wanted to know how you trail your stops if you have placed more than one order on the same currency pair? say, if I have 2 (or more) orders placed and want to lock in some profit after pair has moved in my favor would it be wise to have different stop loss points for each order or I can have them at the same level?
does having first order's stop loss a bit further compared to the orders that were placed later make any sense (hence giving more room to continue as on the first trade I have more pips)?
thanks.
  • #13,130
  • Sep 29, 2011 12:28pm Sep 29, 2011 12:28pm
Quoting clockwork71
Yeah, it passed, and I don' think it matter over the longer-term. After all, these politicians have to be reelected. And my guess is a lot of them won't be from what I am hearing out of my friends in Wurzburg and Dresden.
I'd believe it... Still I should be careful with Euro breakdown talk, if for no other reason than I'm hearing it a little too much for comfort on the major news and publications nowadays. It wouldn't take much to sucker people in the wrong way on a trade... Gold comes to mind as a recent example.

The simple fact is we now obviously have a sizable order block sub-1.35, which could prop this pair up for a stint. The way price ripped outta'there last night is making me seriously consider short-covering if it returns. It may go into the 1.34s, but another pop could easily come like the one we had today, and 1.36s are starting to look pretty tired of stopping that freight train.
  • #13,131
  • Sep 29, 2011 6:47pm Sep 29, 2011 6:47pm
Quoting inom
Hi Chris and everyone else,
Just wanted to know how you trail your stops if you have placed more than one order on the same currency pair? say, if I have 2 (or more) orders placed and want to lock in some profit after pair has moved in my favor would it be wise to have different stop loss points for each order or I can have them at the same level?
does having first order's stop loss a bit further compared to the orders that were placed later make any sense (hence giving more room to continue as on the first trade I have more pips)?
thanks.
I think the issue is neither here nor there for which one, although I would prefer to lock in the smaller ones first, only because I like having a "core position" from which to trade in these situations. Normally though, I don't do this as in the US we now have FIFO. (First In, First Out) Because of this.....the order doesn't even matter to me as it isn't a choice as of about......9 months ago or something?
  • #13,132
  • Sep 29, 2011 6:49pm Sep 29, 2011 6:49pm
Quoting Soca
I'd believe it... Still I should be careful with Euro breakdown talk, if for no other reason than I'm hearing it a little too much for comfort on the major news and publications nowadays. It wouldn't take much to sucker people in the wrong way on a trade... Gold comes to mind as a recent example.

The simple fact is we now obviously have a sizable order block sub-1.35, which could prop this pair up for a stint. The way price ripped outta'there last night is making me seriously consider short-covering if it returns. It may go into the 1.34s, but...

I think another thing that is making this so tough is the frigging stock market. The damn thing doesn't know what to do about the EU, and as a result, it is throwing markets around in a fit. The EUR/USD is highly correlated with the NY markets, and as an example: In the last 30 mins or so we saw a 145 point gain. For absolutely no damn reason at all.

I still think the EUR/USD falls, but you are correct, it could bounce. If that support zone under 1.35 gives way - this thing craters in my opinion. But it is obviously going to take something special to do it.
  • #13,133
  • Oct 1, 2011 10:45pm Oct 1, 2011 10:45pm
Quoting clockwork71

I still think the EUR/USD falls, but you are correct, it could bounce. If that support zone under 1.35 gives way - this thing craters in my opinion. But it is obviously going to take something special to do it.
Interesting the the EU daily and 4H bars both closed lower than the previous lows. Here's hoping it means further southbound action.
  • #13,134
  • Oct 2, 2011 5:36pm Oct 2, 2011 5:36pm
Quoting Low
Interesting the the EU daily and 4H bars both closed lower than the previous lows. Here's hoping it means further southbound action.
I certainly think so in the end. But.....this pair is notoriously choppy at the moment, so I am guessing it will still be a "sell the rallies" scenario for a while.

Chris
  • #13,135
  • Oct 3, 2011 9:06am Oct 3, 2011 9:06am
Good ISM number in the am in America. Look for that bit of a bounce in riskier assets today, followed by more shorting opportunities. I am looking at selling EUR/USD from higher levels than present. I will probably check prices after I go to the beach for a bit......

USD/CAD looks like 1.05 is going to be decent resistance. No big surprise really....its a big figure, and traders like those. This should only be a pullback and a chance to buy at lower number. Watch oil, once we can stay below $80 in the Light Sweet Crude market for a reasonable amount of time - the pair rises a bit more. I think with ISM coming in a bit stronger, oil will probably rise today though. If for some reason it can't - that is very bearish.
  • #13,136
  • Oct 3, 2011 1:15pm Oct 3, 2011 1:15pm
last night......
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  • #13,137
  • Oct 3, 2011 1:18pm Oct 3, 2011 1:18pm
Quoting clockwork71
last night......
Good thing I am not the jealous type...

Looks awesome. If there was ever a better advertisement to why we are in this business...you can be there and STILL be in the markets, not that you'd want to be
  • #13,138
  • Oct 3, 2011 5:20pm Oct 3, 2011 5:20pm
Quoting clockwork71
Good ISM number in the am in America. Look for that bit of a bounce in riskier assets today, followed by more shorting opportunities. I am looking at selling EUR/USD from higher levels than present. I will probably check prices after I go to the beach for a bit......

USD/CAD looks like 1.05 is going to be decent resistance. No big surprise really....its a big figure, and traders like those. This should only be a pullback and a chance to buy at lower number. Watch oil, once we can stay below $80 in the Light Sweet Crude market for a reasonable...
I see oil working its way down to 70...
  • #13,139
  • Oct 3, 2011 8:17pm Oct 3, 2011 8:17pm
Quoting bgin2end
Good thing I am not the jealous type...

Looks awesome. If there was ever a better advertisement to why we are in this business...you can be there and STILL be in the markets, not that you'd want to be
Actually, I am short the EUR/USD with a stop loss @ +85 or so.
  • #13,140
  • Oct 3, 2011 8:19pm Oct 3, 2011 8:19pm
Quoting dart
I see oil working its way down to 70...
Oil is a very technical market, it likes to bounce around in $10 ranges, and as such - I agree 115%. This market looks like it wants to bounce between $70 and $80 for the time being......I certainly believe the $70 handle will be seen soon.
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