Those who say it cannot be done should not interrupt those who are doing it
- #1,661
- Oct 10, 2011 6:15pm Oct 10, 2011 6:15pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
- #1,663
- Oct 10, 2011 6:19pm Oct 10, 2011 6:19pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #1,665
- Oct 10, 2011 6:27pm Oct 10, 2011 6:27pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
"The Heart is the hub of all dances; go there and chill out"
- #1,666
- Oct 10, 2011 6:31pm Oct 10, 2011 6:31pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Whats your (everyones) take on the fact that all other USD based currencies moved only about 100 pips give or take on a weaker USD vs. the EURUSD 300 move to the upside?
Sounds to me like a lot of hope and dreaming going on as the fundamentals are so much against a recovering Eur its not even funny.
http://www.fxstreet.com/news/forex-n...f-2b17e47706c2
The scary thing to me is that the 2 headed dragon can start making stuff up at this point to get a bounce, and thats the only reality...
Earlier today a few posters on here (including myself) were attributing today's rally to a few of the following factors. They were somewhat as follows:
1. Bank holiday low volume
2. Bond markets were closed. (as quoted on CNBC: "When the bond markets are closed, Equities behave like little school children with a substitute teacher" lol)
3. Covering of shorts due to more neutral stance pending announcements by Mer-k-ozy
4. USD bulls on holiday (Canadian Thanksgiving and US Colombus Day)
5. Possible sneaky intervention by ECB.
6. False hope by bulls thinking that short coverings signified a risk-off trading day
7. Better than expected Euro econ data.
I believe that to a certain extent it was all of the above.
The facts that you mention (essentially Europe is screwed as it is now) are 100% correct from a fundamental perspective. We shall see what tomorrow brings when the USD bulls may possibly come raging back for their sweet revenge.
Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
- #1,667
- Oct 10, 2011 6:33pm Oct 10, 2011 6:33pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Love the thread.
I have two questions while it's slow before the Asian open.
I am fortunate in that I have a flexible schedule and can trade pretty much anytime I want. I usually can not trade the NY open.
My problem is in figuring out when to trade. Since I can do it anytime, I end up spending long hours staring at the screen and I'm so tired by the end of the week I'm sure it's affecting my trading and health.
1. My question for the more experienced and successful EURUSD traders is: How do you determine when to watch the charts and...
Have a chat with mla.
He may be able to guide you.
He is the M5 pro around here and he trades mostly European session.
Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
- #1,668
- Oct 10, 2011 6:35pm Oct 10, 2011 6:35pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
"The Heart is the hub of all dances; go there and chill out"
- #1,669
- Oct 10, 2011 6:37pm Oct 10, 2011 6:37pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
Pipppindog,
Have a chat with mla.
He may be able to guide you.
He is the M5 pro around here and he trades mostly European session.
Cheers
PT
mla
"The Heart is the hub of all dances; go there and chill out"
- #1,671
- Oct 10, 2011 6:42pm Oct 10, 2011 6:42pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
The trend my friend, the trend, how do we determine the trend?
mla
Since last Tuesday, the intraday trend was up due to a major corrective move.
However, the overall trend is down. Corrections are profit taking (covering) on positions between stages (waves) of an overall trend.
Therefore it all depends which time frame you trade.
When it comes to the very strong overall bearish fundamental of the euro, the euro overall trend is down and visually you can see it in the daily, weekly and monthly charts.
Those who say it cannot be done should not interrupt those who are doing it
- #1,672
- Oct 10, 2011 6:46pm Oct 10, 2011 6:46pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
"The Heart is the hub of all dances; go there and chill out"
3580-3600 area.. Im waiting for a test of it..
first bounce is probably customary, but i think if it gets broken we may slip...
whats the probability of break?...
I have multiple personalities... Bull today Bear tomorrow!
- #1,677
- Oct 10, 2011 6:58pm Oct 10, 2011 6:58pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
The trend is determined through market reaction to fundamentals.
Since last Tuesday, the intraday trend was up due to a major corrective move.
However, the overall trend is down. Corrections are profit taking (covering) on positions between stages (waves) of an overall trend.
Therefore it all depends which time frame you trade.
When it comes to the very strong overall bearish fundamental of the euro, the euro overall trend is down and visually you can see it in the daily, weekly and monthly charts.
That states that an overall trend is just a perception and nothing else.
To me the trend is the moment. But that is just me.
mla
"The Heart is the hub of all dances; go there and chill out"
- #1,678
- Oct 10, 2011 6:59pm Oct 10, 2011 6:59pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
3580-3600 area.. Im waiting for a test of it..
first bounce is probably customary, but i think if it gets broken we may slip...
whats the probability of break?...
LOL
Nobody can say when this sucker is going down because nothing happens in a straight line in a normal market and today was not normal, but tomorrow will be. This aggressive push up today has almost pushed price into bull territory where perception could take over until the buzz wears off and nobody knows how long that will last. Then reality will hit and down it comes again.
Make no mistake about it. Barring any factual good news (as opposed to the fairy tales we have heard so far), we will soon be visiting 1.28/1.29. Maybe ever 1.20. This should happen any time between the next few days and the next few weeks.
Those who say it cannot be done should not interrupt those who are doing it
- #1,679
- Oct 10, 2011 7:01pm Oct 10, 2011 7:01pm
- | Membership Revoked | Joined Aug 2011 | 2,325 Posts
That's correct! I have multiple personalities. One day I'm a bear the next I'm a bull
mla
"The Heart is the hub of all dances; go there and chill out"
- #1,680
- Oct 10, 2011 7:07pm Oct 10, 2011 7:07pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Yes, you are right, all depends which time frame you trade.
That states that an overall trend is just a perception and nothing else.
To me the trend is the moment. But that is just me.
mla
For me, because I measure my trend in Daily and above and take my signals from H1, the trend is what is happening in Daily and above.
If the trend in Daily and above is only a perception, then so is the trend in M5
Give two traders the exact same lesson in trading, using the exact same methods with the exact same indicators, and eventually you will have two traders with two different systems. It's all about style and you cannot call one more right than the other. There is no universal right and wrong in trading. What is right for one trader, may be very wrong for another, and vice versa.
The name of the game is profit. How you get there does not matter as long as you achieve the result.
Those who say it cannot be done should not interrupt those who are doing it