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  • #1,461
  • Aug 9, 2012 9:06am Aug 9, 2012 9:06am
I was talking about this movie - please don't end up like a guy who phucked playmate

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swing it!
  • #1,462
  • Aug 9, 2012 9:52am Aug 9, 2012 9:52am
looks like we have seen a temporary low having reached 1.228x

next I am looking for 1.233x - 1.235x with the possibility of a new low after because...

with todays movement I am moving up a degree to look at the greater correction possibilities of 1.338x to 1.204x

that means this recent move up to 1.244x could be wave A of an ABC but I think if that is the case we need to see a lower value between 1.222x and 1.213x before taking 1.244x.
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  • #1,463
  • Aug 9, 2012 9:53am Aug 9, 2012 9:53am
Quoting FXMindset
Stop Move @ 1.2310
Bank @ 1.2310
If there was easy money lying around,no one would be forcing it into your
  • #1,464
  • Aug 9, 2012 10:19am Aug 9, 2012 10:19am
Quoting FXMindset
Bank @ 1.2310
good job fxmindset
Wooooohooooo or Boooooohooooo
  • #1,465
  • Aug 9, 2012 10:21am Aug 9, 2012 10:21am
Selling UJ from 78,75
SL 78,80
TP 78,35
swing it!
  • #1,466
  • Aug 9, 2012 10:23am Aug 9, 2012 10:23am
Quoting tomspin
Selling UJ from 78,75
SL 78,80
TP 78,35
why a tight sl?
Wooooohooooo or Boooooohooooo
  • #1,467
  • Aug 9, 2012 10:34am Aug 9, 2012 10:34am
I wouldn't be suprised if we stay in a tight range for the next two hours before a bounce, cannot see it lower for today as well - if I am wrong we will hit 65 today.
swing it!
  • #1,468
  • Aug 9, 2012 10:37am Aug 9, 2012 10:37am
Quoting MaxDoom
looks like we have seen a temporary low having reached 1.228x

next I am looking for 1.233x - 1.235x with the possibility of a new low after because...

with todays movement I am moving up a degree to look at the greater correction possibilities of 1.338x to 1.204x

that means this recent move up to 1.244x could be wave A of an ABC but I think if that is the case we need to see a lower value between 1.222x and 1.213x before taking 1.244x.

I will be more clear after I see the daily close. I think I understand you correctly, but you know how it is talking in these little quick dashes of words.... easy to be misunderstood... or to misunderstand.

I want to see the close on a daily basi today... but right now, I feel 228x is an important level, and feel the market will look to find any excuse to fuel a retrace... most likely a dead cat bounce.... Perfect for a Friday. S&P will likely provide a clearer picture to me in the coming week.

I see 2440 as A wave as posted earlier and I believe if we were to get a nice ABC we are now forming the B wave, as our counts on that degree came into agreement yesterday. But on that scale 228x feels too shallow. I like to see the swing at 2240ish tested thoroughly as a bare ass minimum... for a wave B bottom.

But as I have said, even though we always think in terms of ABC corrections, we know that we often have complex corrections, and this is August. I would not at all be surprised if we end up tying ourselves in knots as we progress in a drunkards walk sideways with a lower bias before putting in a bottom to wave B after some confusing and frustrating price action.

I enjoy hearing your your views, counts and levels.
  • #1,469
  • Aug 9, 2012 10:37am Aug 9, 2012 10:37am
Quoting gnomoneey
why a tight sl?
I was able to do it have a look it is 5 minute chart - even tighter SL was possible.

http://s7.postimage.org/cp2ket9jf/image.gif
image host
swing it!
  • #1,470
  • Aug 9, 2012 10:46am Aug 9, 2012 10:46am
and we are geting closer to first possible buy area now - she hit 2265 to the pip.
swing it!
  • #1,471
  • Aug 9, 2012 10:52am Aug 9, 2012 10:52am
Quoting tomspin
I was able to do it have a look it is 5 minute chart - even tighter SL was possible.

http://s7.postimage.org/cp2ket9jf/image.gif
image host
tight is because you wanted to take a trade above the monthly pivot..just in case it went above todays high you wont lose much but gain alot more when it rejects the monthly pivot?
Wooooohooooo or Boooooohooooo
  • #1,472
  • Aug 9, 2012 10:56am Aug 9, 2012 10:56am
Quoting tomspin
I was talking about this movie - please don't end up like a guy who phucked playmate

The traders in this movie that couldn't make the transition to electronic markets are so pathetic with their whining they make me want to vomit.

I have been interested in trading since High School... but earlier in my life these same whiners locked the public out of the markets by being the middlemen you had to go through to play the game. They made their money by sticking it to John Q Public with huge commissions, bad pit traded fills, and spreads so wide you could ride Rosanne Bar through them. That was the only edge they really had.

When they traded between each other it was just like two skilled poker players playing at the same table... neither really winning just pushing chips back and forth as variance ebbed and waned. These whiners only won when they used their access to the pits to trade against the public on a phone line.

The greatest thing to happen to me in life is to have direct market access. I now have the computing power, price data feed, low spread and instant execution that puts me on a level playing field with them. They can no longer win because they no longer have a tilted playing field.

I don't feel sorry for any of them that lived like kings, blew all their money and now find themselves at 50 unable to earn a living. They are welcome to buy a computer and play against me any time.
  • #1,473
  • Aug 9, 2012 10:56am Aug 9, 2012 10:56am
Quoting gnomoneey
tight is because you wanted to take a trade above the monthly pivot..just in case it went above todays high you wont lose much but gain alot more when it rejects the monthly pivot?
it formed a top - I took it and placed SL just above the place where price failed to deliver - very simple and stop can be tight like that in those kind of situations, pivots helped me to do it as well so yes rejection always play an important role.
swing it!
  • #1,474
  • Aug 9, 2012 10:57am Aug 9, 2012 10:57am
Quoting MaxDoom
looks like we have seen a temporary low having reached 1.228x

next I am looking for 1.233x - 1.235x with the possibility of a new low after because...

with todays movement I am moving up a degree to look at the greater correction possibilities of 1.338x to 1.204x

that means this recent move up to 1.244x could be wave A of an ABC but I think if that is the case we need to see a lower value between 1.222x and 1.213x before taking 1.244x.

we didn't quite make it up to 1.233x but I grab a short on the way down so all good
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  • #1,475
  • Aug 9, 2012 10:58am Aug 9, 2012 10:58am
Quoting tomspin
and we are geting closer to first possible buy area now - she hit 2265 to the pip.

That's why I want to see the daily close to get a better picture to form an opinion for Friday, but I think I already have it as posted above.... I don't take trades after the European equity close (I only trade EURUSD) but still... it ain't over till the fat lady sings.
  • #1,476
  • Aug 9, 2012 10:59am Aug 9, 2012 10:59am
Quoting tomspin
it formed a top - I took it and placed SL just above the place where price failed to deliver - very simple and stop can be tight like that in those kind of situations, pivots helped me to do it as well so yes rejection always play an important role.
thanks for the explanation....i'm trying to learn better entries and methods...hope you mind too much my questions
Wooooohooooo or Boooooohooooo
  • #1,477
  • Aug 9, 2012 11:04am Aug 9, 2012 11:04am
Quoting Crassius
The traders in this movie that couldn't make the transition to electronic markets are so pathetic with their whining they make me want to vomit.

I have been interested in trading since High School... but earlier in my life these same whiners locked the public out of the markets by being the middlemen you had to go through to play the game. They made their money by sticking it to John Q Public with huge commissions, bad pit traded fills, and spreads so wide you could ride Rosanne Bar through them. That was the only edge they really had.

[b]When...
Never been in Chicago obviously but that guy at 50 with 30 years in a pits will not make that transition ever. Very good comparison to poker players - all the "market wizards" said that trading in the pit was a different game as they look at each other every day and they could "read" intentions from faces. I think this was their only advantage they had. Not anymore. Now everybody has a chance.
swing it!
  • #1,478
  • Aug 9, 2012 11:06am Aug 9, 2012 11:06am
Quoting gnomoneey
thanks for the explanation....i'm trying to learn better entries and methods...hope you mind too much my questions
Nope, if you have it fire up! I don't mind - I have learned many good stuff in this place so I don't mind to give it back something to others
swing it!
  • #1,479
  • Aug 9, 2012 11:06am Aug 9, 2012 11:06am
Quoting tomspin
Never been in Chicago obviously but that guy at 50 with 30 years in a pits will not make that transition ever. .
I hear Walmart's hiring door greeters. 30 years in the pits and he's broke at 50....http://yoursmiles.org/tsmile/disgust/t9409.gif
  • #1,480
  • Aug 9, 2012 11:11am Aug 9, 2012 11:11am
Quoting Crassius
That's why I want to see the daily close to get a better picture to form an opinion for Friday, but I think I already have it as posted above.... I don't take trades after the European equity close (I only trade EURUSD) but still... it ain't over till the fat lady sings.
Certainly, liquidity dries up after London, and trading just EUR/USD does make sense especially for intraday. But got bad side as well like diversification of your account.
Bear finally got it, a real move, have you seen my post about SP few pages back, do you think it could pose itself for a nice drop and drag our lady down to challenge 1,2000 again?
swing it!
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