Dislikedyes could be right 2 weeks early low, but cable has the potential to move back to the 70.7 % retrace, more often. i have another number which is still valid till tomorrow 6085 to be more precise, if tomorrow this number is not met then i will stop looking at this number for any potential up target,
do you have any lower targets??Ignored
- #59,102
- Oct 23, 2012 1:27pm Oct 23, 2012 1:27pm
i gave 5975 target because this is the first place where orders accumulate. Hence, it's the most probable target when you are currently long. In this game, it pays to go for the most probable targets. Everything else is one step closer to gambling (depending on your strategy of course). Sure, it can easily go to 1.6 or higher but it doesn't matter to me. Only high probability targets matter. Everything else is a guessing game, i'll leave that to those who lose.
Learning Requires Failure
- #59,104
- Edited 9:35pm Oct 23, 2012 8:43pm | Edited 9:35pm
- | Joined Feb 2012 | Status: Patient | 208 Posts
I'm taking a short at 1.3010 . I expect tomorrow to be very volatile and probably well exceed the 1.30 mark no matter what the news. While it is an important number, this latest E/U range has taken every opportunity to cross it (7 times since September!). There is resistance at ~1.3015 and above that at 3060 and 3100 and it is below the 50% retrace from the high and low of this week.
My target is 1.2865 as this would meet a long rising trend line and demand according to these open oanda position orders...
I might ask now, is there is anything to this? I think there are some clues about market sentiment. They line up with resistance.
While I don't believe in signal services, if anyone has a compelling reason not to sell here or trade at all, I am all ears
I am still a new trader and I wonder what conventional theory there is about market reaction to these news events
Good luck tomorrow everyone!!!
ADD ON: the 50% retrace I was referring to according to my measurements is ~1.3017
My target is 1.2865 as this would meet a long rising trend line and demand according to these open oanda position orders...
I might ask now, is there is anything to this? I think there are some clues about market sentiment. They line up with resistance.
While I don't believe in signal services, if anyone has a compelling reason not to sell here or trade at all, I am all ears
I am still a new trader and I wonder what conventional theory there is about market reaction to these news eventsGood luck tomorrow everyone!!!
ADD ON: the 50% retrace I was referring to according to my measurements is ~1.3017
Do what you are afraid to do -Emerson
- #59,105
- Oct 23, 2012 11:55pm Oct 23, 2012 11:55pm
- Joined Sep 2012 | Status: classic Arts | 1,043 Posts
- #59,107
- Oct 24, 2012 1:26am Oct 24, 2012 1:26am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Good Morning fellow traders.
The day ahead is lined with one calendar event risk after another. Starting off this morning with both manufacturing and services PMI numbers from the Eurozone followed by the German IFO business climate report, the tone for risk appetite or aversion should be set in early to mid European trade. It is hard to gauge what the market expectation actually is, but the economist's survey numbers are calling for modest gains. I would tend to agree with the economists consensus figures if they didn't show a slight increase in numbers from the prior readings. Of course, as always, time will tell, but I am not as optimistic. Perhaps my expectations are more in line with the markets at large, given that the Euro has failed to recover even slightly from yesterday's rout.
Besides the PMI numbers, today should be quite interesting as Mario Draghi is due to have a closed door meeting at the Bundestag regarding the OMT program, followed by a press conference a bit later. I am not sure what else he can say that has not already been said, but I am more interested in what questions will be asked by the press and more particularly, how he answers them.
Later in the day, we perhaps get the most important news of the week. That is the FOMC rate statement. I suspect that the USD has been getting a bit of a boost lately because of the appearance of a US housing recovery gaining some steam. Today's statement should reveal what the FOMC feels about this recovery and if they confirm it, this should further support USD gains... unless they announce some further easing.
From a technical perspective, price yesterday managed to break and close below the 1.3000 level. This could be a significant bearish development should it now provide strong resistance if/when it is re-tested today or later this week. A weekly close below 1.3000 will be quite bearish in my view. Support below here comes in around yesterday's lows of 1.2950 followed by 1.2880/90 and then 1.2825 before the major roadblock to the bearish resumption at 1.2800 the figure. To the upside, I see 1.3000/10 area, followed by 1.3050/70. 1.3110/25, 1.3140/50 and finally 1.3172. In a nutshell, until such time as we break out of the 1.2802/1.3172 consolidation range, the best play is an intraday trade playing the bounces off the intermediate support and resistance in the direction of the intraday market sentiment.
As always, be well and trade safe.
Pete Jackson's Order Board:
EUR/USD: Bids 1.2950/60 (M/East, real money), sell stops through 1.2940 ahead of further bids 1.2900/10(Talk of a barrier now down at 1.2900). Offers 1.3000/10 (supranational, SNB and sovereign) possible buy stops above ahead of congestion area 1.3050/70.
Today's Euro FX Option Expiries @ 14:00 GMT:
EUR/USD: 1.2915, 1.3000, 1.3100
E/U H1:
E/U Weekly:
The day ahead is lined with one calendar event risk after another. Starting off this morning with both manufacturing and services PMI numbers from the Eurozone followed by the German IFO business climate report, the tone for risk appetite or aversion should be set in early to mid European trade. It is hard to gauge what the market expectation actually is, but the economist's survey numbers are calling for modest gains. I would tend to agree with the economists consensus figures if they didn't show a slight increase in numbers from the prior readings. Of course, as always, time will tell, but I am not as optimistic. Perhaps my expectations are more in line with the markets at large, given that the Euro has failed to recover even slightly from yesterday's rout.
Besides the PMI numbers, today should be quite interesting as Mario Draghi is due to have a closed door meeting at the Bundestag regarding the OMT program, followed by a press conference a bit later. I am not sure what else he can say that has not already been said, but I am more interested in what questions will be asked by the press and more particularly, how he answers them.
Later in the day, we perhaps get the most important news of the week. That is the FOMC rate statement. I suspect that the USD has been getting a bit of a boost lately because of the appearance of a US housing recovery gaining some steam. Today's statement should reveal what the FOMC feels about this recovery and if they confirm it, this should further support USD gains... unless they announce some further easing.
From a technical perspective, price yesterday managed to break and close below the 1.3000 level. This could be a significant bearish development should it now provide strong resistance if/when it is re-tested today or later this week. A weekly close below 1.3000 will be quite bearish in my view. Support below here comes in around yesterday's lows of 1.2950 followed by 1.2880/90 and then 1.2825 before the major roadblock to the bearish resumption at 1.2800 the figure. To the upside, I see 1.3000/10 area, followed by 1.3050/70. 1.3110/25, 1.3140/50 and finally 1.3172. In a nutshell, until such time as we break out of the 1.2802/1.3172 consolidation range, the best play is an intraday trade playing the bounces off the intermediate support and resistance in the direction of the intraday market sentiment.
As always, be well and trade safe.
Pete Jackson's Order Board:
EUR/USD: Bids 1.2950/60 (M/East, real money), sell stops through 1.2940 ahead of further bids 1.2900/10(Talk of a barrier now down at 1.2900). Offers 1.3000/10 (supranational, SNB and sovereign) possible buy stops above ahead of congestion area 1.3050/70.
Today's Euro FX Option Expiries @ 14:00 GMT:
EUR/USD: 1.2915, 1.3000, 1.3100
E/U H1:
E/U Weekly:
Those who say it cannot be done should not interrupt those who are doing it
- #59,108
- Oct 24, 2012 1:37am Oct 24, 2012 1:37am
here is cable box playing range, almost equal to the pip min 1st target is 5987
hi GM traders my cable min 1st tp met 1/4 position closed at 5987 almost at the top of the box range
GL
Learning Requires Failure
- #59,109
- Oct 24, 2012 1:53am Oct 24, 2012 1:53am
- Joined May 2010 | Status: Trader | 2,004 Posts
PipTrapper, somehow I expected more dovish tone from you this morning..
69
- #59,110
- Oct 24, 2012 2:06am Oct 24, 2012 2:06am
as for today my 6085 number is valid for cable after today if not met then no longer valid and i wont look at it again in near term, not always but more often it take time to reach there
for euro$ i am looking to short with weakness around 3045 if we get there or i will try a small scalp long around 2960 +/-
GL
for euro$ i am looking to short with weakness around 3045 if we get there or i will try a small scalp long around 2960 +/-
GL
Learning Requires Failure
- #59,111
- Oct 24, 2012 2:09am Oct 24, 2012 2:09am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
PipTrapper, somehow I expected more dovish tone from you this morning..
Those who say it cannot be done should not interrupt those who are doing it
- #59,114
- Oct 24, 2012 2:17am Oct 24, 2012 2:17am
- | Joined Aug 2012 | Status: Trader | 2,263 Posts
A 1 pip gain is better than a 1 pip loss.
- #59,115
- Oct 24, 2012 2:21am Oct 24, 2012 2:21am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
PT's charts seems like it wants 1.27632
Those who say it cannot be done should not interrupt those who are doing it
- #59,117
- Oct 24, 2012 2:29am Oct 24, 2012 2:29am
- 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
- #59,118
- Oct 24, 2012 2:30am Oct 24, 2012 2:30am
- 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
- #59,119
- Oct 24, 2012 2:34am Oct 24, 2012 2:34am
- 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
- #59,120
- Oct 24, 2012 2:37am Oct 24, 2012 2:37am
- | Joined Aug 2012 | Status: Trader | 2,263 Posts
Never mind the charts.. I want 2763
A 1 pip gain is better than a 1 pip loss.