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  • #777,661
  • Mar 25, 2013 10:16am Mar 25, 2013 10:16am
Telling you.. I was never this scared.. not even in '08.. Many say '08 was just a hick-up compared with what's coming..

Quoting 4exNinja
They're living in an alternate reality where scaring investors is the key to economic growth. The same fantasy world features flying pigs and Draghi who can make it rain money (w/o causing inflation ofc) by doing a funny rain dance.

Aside from the actual measures, the thing that really scares me is that they seem to seriously consider those measures in the first place. It shows how desperate they are, which means things are a lot worse than the media (and ECB) claimed over the past few weeks.

I'm going to transfer all but my petty cash from...
  • #777,662
  • Mar 25, 2013 10:17am Mar 25, 2013 10:17am
Rumors emerging about an Italian sovereign downgrade by Moody’s, according to Italian media Corriere della Sera.
Trade smaller than rational because the market is irrational...
  • #777,663
  • Mar 25, 2013 10:19am Mar 25, 2013 10:19am
Russia not liking EURO... looks like free fall every minute...
  • #777,664
  • Mar 25, 2013 10:19am Mar 25, 2013 10:19am
I think they're Russians, aren't they? Or somewhere in Panama.. Can't remember.. Anyway, sorry man..
Quoting diweer
Sorry...wrong thread though.

But who has an idea where i can report liberty reserve to.

They have locked my account for th past one month and all efforts to get my accounnt back is proving abortive.
  • #777,665
  • Mar 25, 2013 10:20am Mar 25, 2013 10:20am
Quoting MaxDoom
excellent,

I had a long into the weekend that I opened as the market closed on Firday with a tight g/td stop (gap up trade with fixed risk) that one didn't make it for -15 but I grab a long for +80 after open on Sunday and today has been all downhill so also a great start.

closed two thirds of the EU now waiting to see if we break lower or not, I still have that 266x in mind below 288x it tried it once, maybe time for another bash maybe
place a stop at 2994/95 and it should be ok.. lose a few or make a lot. (entry near 2990) its just this time of day sucks! plus adr is stretched. mm is a must..
those who can, do. those who cant, talk about those who can
  • #777,666
  • Mar 25, 2013 10:20am Mar 25, 2013 10:20am
Are this politicians serious ? Do they understand anything about how banking works for them to say those things ? Do they want a bank run? Its like they avoided one but seem to be pushing it lol
"You're solid gold, see you in hell"
  • #777,667
  • Mar 25, 2013 10:20am Mar 25, 2013 10:20am
Couldn't resist it - had to catch E/J ride to S1. Short @ 12177 again, took profit @ 121.60
Also short NZD/USD @ 0.8350
"Luxury is one of the basic needs", (c), Don Corleone
  • #777,668
  • Mar 25, 2013 10:21am Mar 25, 2013 10:21am
Quoting MaxDoom
if they are regulated then their regulators otherwise try ForexPeaceArmy
nope I think you are probably stuffed, looked at their web site they are a payment gateway so FPA won't help. The contract is contracted in accordance of the Costa Rican Law whatever that is....
  • #777,669
  • Mar 25, 2013 10:21am Mar 25, 2013 10:21am
Quoting 4exNinja

I'm going to transfer all but my petty cash from my UK account back to Switzerland tonight...because if they pull this off in Cyprus with a view to also doing the same in Italy/Spain/Portugal, it's only a matter of time before the UK will follow them like a lemming.
U.S. as well.. there they'll go under the fucking mattress right next to my gun.
  • #777,670
  • Mar 25, 2013 10:23am Mar 25, 2013 10:23am
if it is still the same ones since early february, i'll cover this at 2800
  • #777,671
  • Mar 25, 2013 10:24am Mar 25, 2013 10:24am
Quoting attila
U.S. as well.. there they'll go under the fucking mattress right next to my gun.
We have the same savings strategy brother. Bank of Sealy protected by Smith & Wesson
Trade smaller than rational because the market is irrational...
  • #777,672
  • Mar 25, 2013 10:24am Mar 25, 2013 10:24am
Quoting attila
U.S. as well.. there they'll go under the fucking mattress right next to my gun.
Don't leave your money and your gun at the same place, piece of advice
  • #777,673
  • Mar 25, 2013 10:25am Mar 25, 2013 10:25am
Quoting attila
Telling you.. I was never this scared.. not even in '08.. Many say '08 was just a hick-up compared with what's coming..
Agreed, I'm also really worried. We had an internal meeting at work last week and I went on a massive banking rant to the point where my boss called me a "pessimist". He then asked the guy who we loaned to a bank for over a year as a hotel expert and his comment was basically "what 4exNinja said...just worse".

I'm looking at the banks' loan books on a daily basis and it's outright scary. A ton of their "security" in terms of real estate loans is still based on pre-crisis valuations. So right now they count stuff as "security" that in reality is worth 30-40% less than they account for. In short, the banking stress tests are a JOKE and liquidity is a major issue to the point where it prevents any sustainable economic growth. All they do right now is throw money into a black hole instead of fixing the underlying issues...kicking the can further and further down the road. Right now there isn't a road anymore, they're already over the cliff imo

And the really scary part is that politicians are now so outright bought, they will allow those very banks to make up losses by STEALING from every single citizen if they have to. This whole Cyprus thing sets a scary precedent, especially given that they completely circumvented a vote.

The initial bailouts were ok, but sadly they weren't followed up by fixing underlying issues (aka DEREGULATION OF THE FINANCIAL INDUSTRY!!), so in the end those bailouts were akin to setting money on fire. What they should have done is what Iceland did...tell the banks to "go f*** themselves" and that they won't let them rob citizens. I always thought that if you have a business that goes bankrupt...well...you go bankrupt. Private non-investor citizens shouldn't have to make up for a bank's losses, especially since they don't get a share in any potential upside.
  • #777,674
  • Mar 25, 2013 10:25am Mar 25, 2013 10:25am
Quoting 4exNinja

I'm going to transfer all but my petty cash from my UK account back to Switzerland tonight...because if they pull this off in Cyprus with a view to also doing the same in Italy/Spain/Portugal, it's only a matter of time before the UK will follow them like a lemming.

they are chalk and cheese....

UK banks are not broke like the cyprus ones and they are broke like gator said because they took on massive amounts of greek paper. If the UK does what you suggest then nowhere is safe you may as well buy ingots and put them under your mattress
  • #777,675
  • Mar 25, 2013 10:27am Mar 25, 2013 10:27am
Quoting 4exNinja
Agreed, I'm also really worried. We had an internal meeting at work last week and I went on a massive banking rant to the point where my boss called me a "pessimist". He then asked the guy who we loaned to a bank for over a year as a hotel expert and his comment was basically "what 4exNinja said...just worse".

I'm looking at the banks' loan books on a daily basis and it's outright scary. A ton of their "security" in terms of real estate loans is still based on pre-crisis valuations. So right now they count stuff as "security" that in...
Well... I don't want to open up another discussion but... Swiss was the first who pulled this trick after the world war... That is what history tells me here...
  • #777,676
  • Mar 25, 2013 10:28am Mar 25, 2013 10:28am
Quoting MaxDoom
they are chalk and cheese....

UK banks are not broke like the cyprus ones and they are broke like gator said because they took on massive amounts of greek paper. If the UK does what you suggest then nowhere is safe you may as well buy ingots and put them under your mattress
Switzerland has a more direct democracy...they couldn't just bribe a few political leaders and be done with it. Either way, most of my assets are in property in Zurich, Basel and Geneva...and due to space restrictions demand will always outstrip supply there...so at least I won't risk losing 40% of my net worth even if Merkel goes apeshit.
  • #777,677
  • Mar 25, 2013 10:30am Mar 25, 2013 10:30am
WOW! What a RIDE!

http://www.forexfactory.com/showthre...49#post6512149

What did I miss?
Not all sins are created equal
  • #777,678
  • Mar 25, 2013 10:31am Mar 25, 2013 10:31am
If EUR/JPY S1 holds (and it looks like it will), we will have an easy ride up to the daily PP (in the best E/J traditions).

However, S1 has to hold on this 1-hr candle.

Three big levels are supporting the fall on E/U, U/J, and E/J

It is too early to go long - but have to watch closely to jump in if turnaround is confirmed.
"Luxury is one of the basic needs", (c), Don Corleone
  • #777,679
  • Mar 25, 2013 10:32am Mar 25, 2013 10:32am
Quoting EuroTraderJD
Rumors emerging about an Italian sovereign downgrade by Moody’s, according to Italian media Corriere della Sera.
It says (http://www.corriere.it/economia/13_m...c40dd56b.shtml) "Traders are worried about a possible downgrade by Moody's, following the uncertainty on the new government (...) Moody could downgrade Italy in a few days". Actually, I don't think a government could be done. The key momenti could be tonight: at 6 pm GMT Bersani's Democratic Party will decide whether to propose a minority government or to sign a deal with Berlusconi.
  • #777,680
  • Mar 25, 2013 10:32am Mar 25, 2013 10:32am
Good afternoon to everyone !

Congrats to MaxDoom and math_GB on your excellent trades! I've been watching you, and I particularly appreciate the way you let them ride. BTW, don't you think it possible to ride them further overnight, perhaps on trailing stop?

As for me: I tried a few times to short the future on its way down, but didn't get any fill. Too bad, but there is always another move!
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