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  • #783,101
  • Apr 4, 2013 6:55pm Apr 4, 2013 6:55pm
Quoting CoolJL
But that afternoon NY move looks far more like deliberate stop taking.
the move after lunch looks like a wholly separate impulse wave to me... if it were w3 of a bigger pattern starting before ECB, we'd be limited to a w5 advance that would never make it to 3000 (b/c w3 would be smallest advance). if it is separate, then we have a very small w1 and w5 can be as big as it wants to be: 3047 no problem.

i don't believe in the stop hunting thing either... too many people saw the double bottom coming for that situ to develop. this is an EW strategy imo.
  • #783,102
  • Apr 4, 2013 7:17pm Apr 4, 2013 7:17pm
Quoting 1candlepower
i don't believe in the stop hunting thing either...
I don't really believe big players chase small stops but when there are big stops around and price is close enough then they take them out, it's easy profit for them, I do agree that there was momentum behind it to start with but when moves like that happen during quieter hours I believe its very deliberate.

Tomorrow is gonna be interesting to say the least.
  • #783,103
  • Apr 4, 2013 7:21pm Apr 4, 2013 7:21pm
Quoting CoolJL
Tomorrow is gonna be interesting to say the least.
I am positioned both ways. Short @30 Long @40
Trade smaller than rational because the market is irrational...
  • #783,104
  • Apr 4, 2013 7:24pm Apr 4, 2013 7:24pm
Quoting EuroTraderJD
I am positioned both ways. Short @30 Long @40

Wish you best of luck!

I have small short at 1.296

Good night to you all.
  • #783,105
  • Apr 4, 2013 7:32pm Apr 4, 2013 7:32pm
Wow EJ is running.
  • #783,106
  • Apr 4, 2013 7:38pm Apr 4, 2013 7:38pm
oh my days...geppy is so horny its unbelievable...
  • #783,107
  • Apr 4, 2013 7:44pm Apr 4, 2013 7:44pm
morning...
  • #783,108
  • Apr 4, 2013 7:45pm Apr 4, 2013 7:45pm
Quoting ec_creep
morning...
Hello!
Not all sins are created equal
  • #783,109
  • Apr 4, 2013 7:53pm Apr 4, 2013 7:53pm
Just seen EURUSD, what is with the spike? It's odd how the dollar just sold off like that, even ended negative. So I guess we just need more crap data to beat this thing down again
When the facts change I change my mind, what do you do sir
  • #783,110
  • Apr 4, 2013 7:54pm Apr 4, 2013 7:54pm
http://i45.tinypic.com/rck2oj.jpg

I remember when i was young, i bought some magic ink. When i wrote onto a piece of paper with the magic ink, the words remain hidden and invisible. The box of magic ink contains another set of ink. So to see the hidden words, i had to rub this second ink onto the paper and the words will appear after several seconds. Anyone remember that?

In one of my previous post, i talk about the invisible being made visible. From a naked price chart, there is no way to tell why price reverses at certain price levels.


http://www.forexmindgames.com/2013/0...invisible.html


Yet when i added the magic ink of pivots, the chart shows its true colors.


This time i am showing another example on the EURUSD. See the chart below. It is a naked price chart. No indicators, no RSI, no MACD, no trendlines, no Elliott wave, nothing. Why do price turns?

http://i45.tinypic.com/ka4aba.png

Remember the magic ink. Lets see what happens next when i add the magic ink.

http://i45.tinypic.com/21awr9f.png

I hope you see clearly now. The magic ink has been added onto the chart. I have been using pivots as one of my trading tools for many years now. So i would like to add a word of caution. There are some periods in the past where the markets completely ignore pivot lines. But recently, especially in the last 2 months, pivot lines are in vogue again. When it is in fashion, stick with it and use it. When it is out of fashion again, as all trading tools always does, do not use. But do not discard it. Keep it there, until the markets are in love with it again.
  • #783,111
  • Apr 4, 2013 8:01pm Apr 4, 2013 8:01pm
Quoting ForexMGames
{image} I remember when i was young, i bought some magic ink. When i wrote onto a piece of paper with the magic ink, the words remain hidden and invisible. The box of magic ink contains another set of ink. So to see the hidden words, i had to rub this second ink onto the paper and the words will appear after several seconds. Anyone remember that? In one of my previous post, i talk about the invisible being made visible. From a naked price chart, there is no way to tell why price reverses at certain price levels. http://www.forexmindgames.com/2013/0...invisible.html...
I totally get where you are coming from, but even with your chart you can see points that should have caused the same reaction but didn't. It's easy to add circles in hindsight and S/Rs can hold or not. Maybe it's a technical move, but than again Europe never fails to disappoint by be disappointing.
When the facts change I change my mind, what do you do sir
  • #783,112
  • Apr 4, 2013 8:05pm Apr 4, 2013 8:05pm
ahhh... if only fores were not essentially a zero sum game
  • #783,113
  • Apr 4, 2013 8:10pm Apr 4, 2013 8:10pm
well Tokyo have added some volume but so far no sign of the Euro falling,

I think the expectation for NFP has been damaged and to some extent the market is pricing in weak US numbers before they have been released.

A decent number should be enough to kill the bulls and free me of these damn shorts!

Never again will i trade heavily on news releases....

Lesson learned para mi
Money never sleeps...
  • #783,114
  • Apr 4, 2013 8:12pm Apr 4, 2013 8:12pm
Quoting Jay Walker
Hello!
hello, JW
  • #783,115
  • Apr 4, 2013 8:16pm Apr 4, 2013 8:16pm
Quoting inpatient
well Tokyo have added some volume but so far no sign of the Euro falling, I think the expectation for NFP has been damaged and to some extent the market is pricing in weak US numbers before they have been released. A decent number should be enough to kill the bulls and free me of these damn shorts! Never again will i trade heavily on news releases.... Lesson learned para mi
Well, we got UK data, EUR GDP and retail sales and Germany Factory orders. The dollar was up in Asian and London, but those Americans sold the shit out of it. I'm sure this was simply to put more points on the S&P. They can't help but jam more people into the feckin elevator, but pretty soon the cables will snap.
When the facts change I change my mind, what do you do sir
  • #783,116
  • Apr 4, 2013 8:20pm Apr 4, 2013 8:20pm
Quoting Pip Anon
Well, we got UK data, EUR GDP and retail sales and Germany Factory orders. The dollar was up in Asian and London, but those Americans sold the shit out of it. I'm sure this was simply to put more points on the S&P. They can't help but jam more people into the feckin elevator, but pretty soon the cables will snap.

Heres hoping bro, that current 4H candle is starting to look awfully threatening though
Money never sleeps...
  • #783,117
  • Apr 4, 2013 8:22pm Apr 4, 2013 8:22pm
Quoting inpatient
Heres hoping bro, that current 4H candle is starting to look awfully threatening though
That's what the euro will do. It will drop 80 pips, consolidate for what feels like six months, than blast up; rinse and repeat.

The thing is will these moves they become overextended so quickly they typically don't last long. More so when theres not much backing the move. I got 1.3007 as resistance, hopefully it holds nicely like before so I can short this mug.
When the facts change I change my mind, what do you do sir
  • #783,118
  • Apr 4, 2013 8:30pm Apr 4, 2013 8:30pm
Quoting 1candlepower
ahhh... if only fores were not essentially a zero sum game
negative sum game for retailers even, b/c of spread & commissions

edit: not just retailers. that goes for almost everybody I spose
  • #783,119
  • Apr 4, 2013 8:30pm Apr 4, 2013 8:30pm
Quoting inpatient
Heres hoping bro, that current 4H candle is starting to look awfully threatening though
mmm... .eu is now riding the internal tl from 4:23 ystdy morn as it rises (i'm above water now )
  • #783,120
  • Apr 4, 2013 8:34pm Apr 4, 2013 8:34pm
Quoting Myo
negative sum game for retailers even, b/c of spread & commissions edit: not just retailers. that goes for almost everybody I spose
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