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EurAnalysis Kindergarten 24 replies

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  • #30,941
  • May 16, 2012 8:14am May 16, 2012 8:14am
i cant believe i wasnt paying attention to gold. we hit 1526 and bounced, should have known that was it for the euro also (at least for now)
An opportunity lost is not a capital cost.
  • #30,942
  • May 16, 2012 8:45am May 16, 2012 8:45am
Yes and a nice Bearflag on M5 with LTL @ 1.2721 atm
Quoting BFSGcapital
people tell me im too hard on myself for my age all the time. i guess i should start listening to them

looking like head and shoulders on 1m and 5m forming
  • #30,943
  • May 16, 2012 8:48am May 16, 2012 8:48am
Today is like watching grass grow in Texas.
  • #30,944
  • May 16, 2012 8:55am May 16, 2012 8:55am
Lol cool Euro. WTF are you doing
An opportunity lost is not a capital cost.
  • #30,945
  • May 16, 2012 9:26am May 16, 2012 9:26am
Quoting FXSwissTrader
Today is like watching grass grow in Texas.
For me it is much more like cock fight - lots of noise but not much of an event..

..or it's like tug of war between two whores for the drunk client
69
  • #30,946
  • May 16, 2012 9:32am May 16, 2012 9:32am
Quoting PipTrapper
It's now starting to look ripe for a corrective move up. All the bad news that could possibly come out is already out. Of course there could also be something un-anticipated but that's not on the table right now and from a trader's perspective, I have to deal with what is in front of me.

So, I expect a correction, and not just today but possibly lasting the rest of the week and into next week. I expect this correction to be very cautious and choppy as sentiment is still very much risk off. The reason for the correction is strictly technical in...
Hi TP, hi everybody...
I think we're not finished yet with free falling.
It will be very important to see how today's DAILY BAR CLOSE looks like.
If we close the daily bar below today's open I will see more bears tomorrow morning.
I don't have much time for trading this week, but here's my quick 1H chart review on EU for next 4 sessions...
Definitely I will look for BUY near 1.26300 range.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 24 KB
Read Charts - Not Papers
  • #30,947
  • May 16, 2012 10:02am May 16, 2012 10:02am
Okay I'm back. What did I miss? Oh nothing. Just as I thought
Those who say it cannot be done should not interrupt those who are doing it
  • #30,948
  • May 16, 2012 10:03am May 16, 2012 10:03am
A rising trendline is developing on the 15M and 1HR charts. Though modest, it is making higher highs and higher lows. If it can maitain this to the 1.2770/85 (50 SMA on 1HR), then it will likely close slightly higher than the open forming a Doji for the Daily candle. This would encourage sideways to modest upside on thursday.
  • #30,949
  • May 16, 2012 10:05am May 16, 2012 10:05am
Quoting Likerty
You dount play corrections?
All depends on the correction and the pair.

On Euro pairs, for now I am only a bear.
On other pairs I will trade a correction on a large time frame only as that is more like a smaller time frame reversal, not a correction.

I pick my battles very carefully. This means that you won't find me fiddling with time bombs (which the Euro is at the moment)

Also, I am mostly a position trader and I like to try and build pyramids. It's not easy but it certainly pays off big time.
Those who say it cannot be done should not interrupt those who are doing it
  • #30,950
  • May 16, 2012 10:09am May 16, 2012 10:09am
Not sure what that drop was all about but I suspect some big fund or sovereign just dumped a whole truck load of Euros.

ADD: It's worse than that...

ECB cuts off some Greek banks

But I don't believe it will have a lasting effect as it was expected plus we still have a correction due.

ADD: This, however was not expected... --> Schaeuble piling on as well, saying it’s questionable whether all European states should be in the euro
Those who say it cannot be done should not interrupt those who are doing it
  • #30,951
  • May 16, 2012 10:19am May 16, 2012 10:19am
I agree PT..unless it breaks the 1.2675 today, the action to me looks sideways to up for the remainder of the week and going into next week.
  • #30,952
  • May 16, 2012 10:20am May 16, 2012 10:20am
If there is one thing I have learned from you, PT, its patience in waiting for those corrections! I'm also going to hold out on jumping in on this, I feel giving it at least the rest of today before considering re-entering, but that's variable and we'll see.
  • #30,953
  • May 16, 2012 10:23am May 16, 2012 10:23am
Quoting Dagoot
If there is one thing I have learned from you, PT, its patience in waiting for those corrections! I'm also going to hold out on jumping in on this, I feel giving it at least the rest of today before considering re-entering, but that's variable and we'll see.
My view is that the lower it goes, the less I would want to sell.
Those who say it cannot be done should not interrupt those who are doing it
  • #30,954
  • May 16, 2012 10:28am May 16, 2012 10:28am
Quoting PipTrapper
My view is that the lower it goes, the less I would want to sell.
What a knee jerk reaction to the news. Did it warrant such volatility?
  • #30,955
  • May 16, 2012 10:32am May 16, 2012 10:32am
I agree, appetite for selling is fading.
Quoting PipTrapper
My view is that the lower it goes, the less I would want to sell.
  • #30,956
  • May 16, 2012 10:41am May 16, 2012 10:41am
PT, other than the ForexFactory calender, may i ask you, what news sources do you find to be the most timely for euro/forex information. Regard, Nathan.
  • #30,957
  • May 16, 2012 11:13am May 16, 2012 11:13am
Quoting nathan25x
PT, other than the ForexFactory calender, may i ask you, what news sources do you find to be the most timely for euro/forex information. Regard, Nathan.
Hi Nathan,

You might want to try ForexLive --> http://www.forexlive.com/

They are quite timely with news, plus it's a free service.

If you want something more timely, you could subscribe to an audio "squawk Box" service from takling-forex.com or tradethenews.com

Personally I don't like the audio service because they're always jumping on the horn with trivial stuff and you cannot create any filters. It's either all or nothing and it gets bothersome. You also miss lots of stuff unless you are 100% attentive waiting for them to say something.

http://jamesboylan.mobi/wp-content/p..._110506_wg.jpg
Those who say it cannot be done should not interrupt those who are doing it
  • #30,958
  • May 16, 2012 11:15am May 16, 2012 11:15am
Quoting FXSwissTrader
What a knee jerk reaction to the news. Did it warrant such volatility?
it didn't really require it, but since when is 'requirement' a factor in what happens in the markets?
Those who say it cannot be done should not interrupt those who are doing it
  • #30,959
  • May 16, 2012 11:22am May 16, 2012 11:22am
PT, thank you very much. Like you, i think i would find the sqwuak boxes bothersome, but i will pick up forexlive as you recommend. I am not interested in being a news trader per se, but i do want to know what is affecting the market at any given time. Many thanks, Nathan.
  • #30,960
  • May 16, 2012 11:55am May 16, 2012 11:55am
That big drop was either a stop hunt or someone unloading who isn't quite sure if they will see higher than todays highs so they just unloaded anyway

All I know is that if you caught every little turn of the market today, you probably couldve made 10000 pips!! lmao

so much range and volatility
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