History tends to repeat itself. They'll probably have to kick him out and he'll go down kicking, screaming and bribing all the way.
Trading Levels with WRBs
- #8,221
- Nov 8, 2011 9:34am Nov 8, 2011 9:34am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
- #8,222
- Nov 8, 2011 9:35am Nov 8, 2011 9:35am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Head and Shoulders is a shampoo to me, they say it's good but I don't know because I'm bald.
I don't pay attention to chart patterns much.
I do pay attention to some of the basic Daily and weekly candlestick patterns.
Ascending Triangle formed with the last 7 candles on my daily chart.
Statistically, the price usually breaks out of such triangles to the upside.
There is a nice supply zone (blue shaded area) waiting for it should it make it past the resistance.
That's where I will short.
.
Those who say it cannot be done should not interrupt those who are doing it
- #8,224
- Nov 8, 2011 9:44am Nov 8, 2011 9:44am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Maybe someone on this forum can explain how Berlusconi leaving will make Italy more stable.
The only way Italy has a functioning government is when a single strongman is on the scene.
The rest of the time anarchy more aptly describes Italian government.
However, nobody said the market was rational. If it was, the Euro would already be at $1.10
My feeling is that if Berlusconi resigns without naming a more able successor, the situation will become more unstable and uncertain.
I guess we just have to wait and see how it all unravels.
Those who say it cannot be done should not interrupt those who are doing it
- #8,228
- Nov 8, 2011 10:06am Nov 8, 2011 10:06am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Exactly. At the moment if he resigns there is no credible successor. There will put in place a technocratic goverment till further election.
Decisions will be delayed and it would not necessarerly good for the bonds and the overall situation.
Just my 2 cents
Those who say it cannot be done should not interrupt those who are doing it
- #8,229
- Nov 8, 2011 10:12am Nov 8, 2011 10:12am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Here's another pattern for you.
Ascending Triangle formed with the last 7 candles on my daily chart.
Statistically, the price usually breaks out of such triangles to the upside.
There is a nice supply zone (blue shaded area) waiting for it should it make it past the resistance.
That's where I will short.
.
TYOn a daily chart that's no longer a valid supply/demand zone for me. That's a danger zone that may provide some short term resistance to me.
My training and strategy I only want to see fresh supply and demand levels. That level is not a fresh area and has been broken in both directions recently. The only fresh level I see in that area is on the 60 minute
Fresh daily supply much higher around 1.4130
I don't care which way the market is going as long as it's going my way
- #8,231
- Nov 8, 2011 10:26am Nov 8, 2011 10:26am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Ascending triangle
On a daily chart that's no longer a valid supply/demand zone for me. That's a danger zone that may provide some short term resistance to me.
My training and strategy I only want to see fresh supply and demand levels. That level is not a fresh area and has been broken in both directions recently. The only fresh level I see in that area is on the 60 minute
Fresh daily supply much higher around 1.4130
Attachment
Have to admit I am no expert at optimal supply & demand sniffing.
Your thoughts please
.
Those who say it cannot be done should not interrupt those who are doing it
- #8,232
- Edited 10:47am Nov 8, 2011 10:35am | Edited 10:47am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Well then this must be more up your alley.
Have to admit I am no expert at optimal supply & demand sniffing.
Your thoughts please
.
We all have our strengths and weaknesses that with an open mind compliment each other.
I really like that area. Nice, fresh and well defined. Have had it marked on my charts and have been watching it for many days. An area I will probably pull my long and try short. Above here, I'll try to fade into the 1.4130 - 1.4250 area.
My thought is to front run the 1.4000 with a portion put on at about 1.3975 and put on the second heavier portion at 1.4030 with the stop the spread + a hadful of pips of wiggle room. For me that puts my stop for the entire position about 1.4060
I think we will see a Berlusconi resignation followed by a huge bull run and a short squeeze on retail traders high on hopium only to get slammed dunked with reality by big macro bears, banks and big funds waiting for their prey. Remember JP Morgan and City were building short positions up there.
I don't care which way the market is going as long as it's going my way
- #8,233
- Edited 11:06am Nov 8, 2011 10:47am | Edited 11:06am
- Joined Apr 2011 | Status: Special | 1,403 Posts
Well then this must be more up your alley.
Have to admit I am no expert at optimal supply & demand sniffing.
Your thoughts please
.
Correction: This is H1 chart not H4:
- #8,235
- Nov 8, 2011 10:58am Nov 8, 2011 10:58am
Hey guys, my studies are forcing me not-to-look at the prce in a while... I came back to note, that grat bunga bunga won his confidence vote... again! Whoa, is there really no-one who would like his job ? Well, I know it requires lots of courage or stupidity to become a PM of a big country so close to fall, but still...
I'v noticed many await for PT's right shoulder. Personally, I would leave both PT's shoulders where they are
But I am still looking forward to short when H&S pattern forms itself.
The bad news is, that tomorrow I will be even less capable of entering a short, and the most probable scenario it that right shoulder will be formed in London session... (If it won't then.. well, I will start doubting what the hell is going on?)
So perhaps I can only wish you all good luckEventually I will catch myself some short on pullback, if the H&S plays in confluence with bear flag, then we should move few hundred pips lower. At least, that's what I learned from babypips So this means there will be some opportunities for a late short entry. Theoretically-technically.
? Well, I know it requires lots of courage or stupidity to become a PM of a big country so close to fall, but still...I'v noticed many await for PT's right shoulder. Personally, I would leave both PT's shoulders where they are
But I am still looking forward to short when H&S pattern forms itself. The bad news is, that tomorrow I will be even less capable of entering a short, and the most probable scenario it that right shoulder will be formed in London session... (If it won't then.. well, I will start doubting what the hell is going on?)
So perhaps I can only wish you all good luck
Eventually I will catch myself some short on pullback, if the H&S plays in confluence with bear flag, then we should move few hundred pips lower. At least, that's what I learned from babypips So this means there will be some opportunities for a late short entry. Theoretically-technically.
- #8,236
- Nov 8, 2011 11:01am Nov 8, 2011 11:01am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Hey guys, my studies are forcing me not-to-look at the prce in a while... I came back to note, that grat bunga bunga won his confidence vote... again! Whoa, is there really no-one who would like his job
I'v noticed many await for PT's right shoulder. Personally, I would leave both PT's shoulders where they are
The bad news is, that tomorrow I will...
I don't care which way the market is going as long as it's going my way
- #8,237
- Nov 8, 2011 11:03am Nov 8, 2011 11:03am
He didn't have a confidence vote... Yet. His budget passed but the opposition abstained and he did not get a majority vote.
. Buut... silly me, when the confidence vote is then?
- #8,238
- Nov 8, 2011 11:27am Nov 8, 2011 11:27am
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Oh. Sorry, I misunderstood
As Adam on Forexlive said. The opposition puts the gun on the table.
I don't care which way the market is going as long as it's going my way
- #8,239
- Nov 8, 2011 11:29am Nov 8, 2011 11:29am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
...I came back to note, that grat bunga bunga won his confidence vote... again! ....
This was a budget vote from some 2010 financials that needed to be cleaned up and the opposition wanted it to pass, so they abstained from voting.
The vote passed only because of the abstainment which clearly shows that Berlusconi has lost his majority. This is not good as now there is even m ore uncertainty over what will happen if he is to resign without having a more able and credible successor.
... and the beat goes on
Those who say it cannot be done should not interrupt those who are doing it
I think its going short, to many "if" in the euro, looks like the right shoulder is forming. If it breaks the upper red trend channel line ,going up
breakes the yellow trend line , going down. JMO
fishman356