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  • #29,081
  • Mar 22, 2013 4:24pm Mar 22, 2013 4:24pm
I am not sure which way it is going to go but I feel that whatever option they come up with is not going to be good for europe
  • #29,082
  • Mar 22, 2013 4:34pm Mar 22, 2013 4:34pm
Quoting arcticwolf
I am not sure which way it is going to go but I feel that whatever option they come up with is not going to be good for europe
Why?
Taxing small accounts and pensioner funds is a bad thing but surely taxing crims and tax cheats can't be a bad thing for the general public and it cant be a bad thing for the European economies either.
I think they should tax the bigger accounts more and leave the small ones alone.
Cyprus has lost its status as a tax heaven anyway so let's see the tax cheats and crims pay some tax....
Have a nice day
  • #29,083
  • Mar 22, 2013 4:48pm Mar 22, 2013 4:48pm
Quoting arcticwolf
I am counting you view Maximmm I just got up to see where my 2 shorts on the EJ are and may have to ride this one out like a bull rider
haha - I hope those were very small sized shorts^^
  • #29,084
  • Mar 22, 2013 4:49pm Mar 22, 2013 4:49pm
Quoting DaddyBear
Which direction is the gap going to be? And how many pips?
aud will gap down - anywhere from 28 to 61 pips^^
  • #29,085
  • Mar 22, 2013 4:53pm Mar 22, 2013 4:53pm
Quoting maximmm
I know I'm right when not even one person counters my view! ^^
Ha.....!
The More You Learn, The More You Earn.....
  • #29,086
  • Mar 22, 2013 5:09pm Mar 22, 2013 5:09pm
Quoting billv
Why?
Taxing small accounts and pensioner funds is a bad thing but surely taxing crims and tax cheats can't be a bad thing for the general public and it cant be a bad thing for the European economies either.
I think they should tax the bigger accounts more and leave the small ones alone.
Cyprus has lost its status as a tax heaven anyway so let's see the tax cheats and crims pay some tax....
Well, one thing is for sure, the Russian money, which made Cyprus one of the major financial hubs will be gone, and that will cause the financial hub status to disappear as well - and many jobs will be lost as a a result. I would think that it will also have an adverse effect on tourism industry - many russians went to Cyprus on vacation (and... check on their money^^).

Another thing to note - Russia will probably retaliate in some form - perhaps by increasing gas prices to the European nations (the whole idea of taxing money was not of Cyprus but of the EU group - err... Germany.

Finally, the contagion factor - according to the wires, Cyprus now wants to tax accounts of 100K Euro by 25%. Now, as much as EU group may say that Cyprus is unique and that bailout terms for other nations won't be the same, there hasn't been any sort of explanation as to how Cyprus is different. Thus, there is a high probability that other nations asking for bailout may also be asked to slash their citizens' savings accounts. All in all, it's theft. Austerity measures are fine if people have been living beyond their means (too many paid vacations/better wage than most/etc), but slashing savings accounts?

It's another sign that banking industry - if you place any sort of trust in it - will bankrupt you. I must admit though, millionaires should put their money in many banks, rather than one - so that their accounts would not go above the insured amount. Billionaires though... I guess they should buy an island or something^^

All in all though, the new bailout terms are a big negative for Europe (and Cyprus), yet I think euro will move higher, because the alternative is Cyprus going bankrupt and leaving EU, thus leading to an even bigger exodus of nations from the EU.
  • #29,087
  • Mar 22, 2013 7:48pm Mar 22, 2013 7:48pm
Quoting maximmm
aud will gap down - anywhere from 28 to 61 pips^^
I like this message because I shorted the Aussie before the market closed.
daddybearforex. com
  • #29,088
  • Mar 22, 2013 7:56pm Mar 22, 2013 7:56pm
Quoting maximmm
Well, one thing is for sure, the Russian money, which made Cyprus one of the major financial hubs will be gone, and that will cause the financial hub status to disappear as well - and many jobs will be lost as a a result. I would think that it will also have an adverse effect on tourism industry - many russians went to Cyprus on vacation (and... check on their money^^).

Another thing to note - Russia will probably retaliate in some form - perhaps by increasing gas prices to the European nations (the whole idea of taxing money was not of Cyprus...
Good analysis. Anything solves Cyprus problems will be welcomed at Sunday open regardless of whether they are good, bad or ugly.
daddybearforex. com
  • #29,089
  • Mar 22, 2013 8:15pm Mar 22, 2013 8:15pm
Quoting DaddyBear
I like this message because I shorted the Aussie before the market closed.
Wait - if we are all short.... !!^^
  • #29,090
  • Mar 22, 2013 9:42pm Mar 22, 2013 9:42pm
Quoting maximmm
Wait - if we are all short.... !!^^
Don't worry. There are a lot of buyers waiting to entertain our offers at anytime.
daddybearforex. com
  • #29,091
  • Mar 23, 2013 9:31am Mar 23, 2013 9:31am
Quoting billv
Why?
Taxing small accounts and pensioner funds is a bad thing but surely taxing crims and tax cheats can't be a bad thing for the general public and it cant be a bad thing for the European economies either.
I think they should tax the bigger accounts more and leave the small ones alone.
Cyprus has lost its status as a tax heaven anyway so let's see the tax cheats and crims pay some tax....
I am not sure where you are from in regard to your point. Unless an order issued by the court after a thorough investigation under the laws, all depositors' money belong to the accounts' holders. No one is entitled to take one penny from their account. This is the implied trust of the banking system all about.

After such a robbery by the authority, no one would put money in Cyprus's banks in the future.
daddybearforex. com
  • #29,092
  • Mar 23, 2013 9:55am Mar 23, 2013 9:55am
Quoting DaddyBear
Which direction is the gap going to be? And how many pips?
1.04 and lower - depends on your broker (by the time it actually opens with your broker, price may have moved higher or lower). If you look at http://www.bloomberg.com/quote/AUDUSD:CUR by Sunday US timezones.
  • #29,093
  • Mar 23, 2013 10:44am Mar 23, 2013 10:44am
Quoting Dad
1.04 and lower - depends on your broker (by the time it actually opens with your broker, price may have moved higher or lower). If you look at http://www.bloomberg.com/quote/AUDUSD:CUR by Sunday US timezones.
Thanks for your reply.

I did not bet on this but count on based on my chart reading.
daddybearforex. com
  • #29,094
  • Mar 23, 2013 10:45am Mar 23, 2013 10:45am
Quoting DaddyBear
Thanks for your reply.

I did not bet on this but count on based on my chart reading.
IMO the pending pullback has been overdue.
daddybearforex. com
  • #29,095
  • Mar 23, 2013 11:19am Mar 23, 2013 11:19am
Quoting DaddyBear
IMO the pending pullback has been overdue.
Based on the daily, it appears a further move is still likely. I would close my short and/or enter long at Sunday open.
Attached Image (click to enlarge)
Click to Enlarge Name: AUD-022231-D.JPG Size: 122 KB
daddybearforex. com
  • #29,096
  • Mar 23, 2013 11:28am Mar 23, 2013 11:28am
Nearer term a$ outlook:

Though there are still no signs of even a shorter term top "pattern-wise", the market is near term overbought after the last few weeks of sharp gains, while that strength is seen as part of a much larger topping (and not the start of a more major, new up leg,). Additionally, the market last week resolved higher from its week long triangle. These patterns generally occur before the final leg in a larger up move (wave 4 or B in Elliott Wave terms),
Continue Reading for long term outlook (http://goo.gl/ZRozG)
  • #29,097
  • Mar 23, 2013 11:46am Mar 23, 2013 11:46am
Quoting akramo
Nearer term a$ outlook:

Though there are still no signs of even a shorter term top "pattern-wise", the market is near term overbought after the last few weeks of sharp gains, while that strength is seen as part of a much larger topping (and not the start of a more major, new up leg,). Additionally, the market last week resolved higher from its week long triangle. These patterns generally occur before the final leg in a larger up move (wave 4 or B in Elliott Wave terms),
Continue Reading for long term outlook (http://goo.gl/ZRozG)...
I really don't think this is a topping at all based on my chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 36 KB
daddybearforex. com
  • #29,098
  • Mar 23, 2013 11:50am Mar 23, 2013 11:50am
Quoting akramo
Nearer term a$ outlook:

Though there are still no signs of even a shorter term top "pattern-wise", the market is near term overbought after the last few weeks of sharp gains, while that strength is seen as part of a much larger topping (and not the start of a more major, new up leg,). Additionally, the market last week resolved higher from its week long triangle. These patterns generally occur before the final leg in a larger up move (wave 4 or B in Elliott Wave terms),
Continue Reading for long term outlook (http://goo.gl/ZRozG)...
What I see is a temp. pullback not a reversal.
daddybearforex. com
  • #29,099
  • Mar 23, 2013 12:11pm Mar 23, 2013 12:11pm
This weekly chart indicates a bullish bias in a larger context despite the daily may pull back at this point.
Attached Image (click to enlarge)
Click to Enlarge Name: AUD-032213-W.JPG Size: 147 KB
daddybearforex. com
  • #29,100
  • Mar 23, 2013 12:14pm Mar 23, 2013 12:14pm
The daily pullback may reach the bottom of the channel. This was my rationale to believe a 100% retracement is likely.

Quoting DaddyBear
This weekly chart indicates a bullish bias in a larger context despite the daily may pull back at this point.

http://www.forexfactory.com/attachme...1&d=1364058592
daddybearforex. com
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