The euro held steady against the dollar in European morning after the unemployment rate in the eurozone remain unchanged in July and August CPI estimate conform to expectations. However, the fall in inflation to 0.3% yoy in August, the lowest level since November last year 2009, added pressure for the European Central Bank to introduce new stimulus measures, along with TLTROs expected at next week's meeting. Recent weak data from the Eurozone, especially for its strong economy, have left no option for the ECB, but to act as fast as possible to reverse the negative sentiment and spur growth in the region.
- #920,582
- Aug 29, 2014 10:50am Aug 29, 2014 10:50am
{quote} Bad spot for a short, bounced on the 61.8 retracement, looks like we will go for a third attempt to break high. Still early days though, bull is still not clear..
- #920,584
- Edited 11:33am Aug 29, 2014 11:10am | Edited 11:33am
- | Joined Jan 2014 | Status: Trader | 19 Posts
I don't know how far this will draw down since 3250 was broken and there are new lows every week. But from a technical view, I believe price will come back between 3360-3500 before the predicted plunge from Goldman and the like. I am willing to hold a 500pip draw down over the next 2 months. If closer to the end of the year things have not acted in this way, I will call myself dead wrong
That doesn't mean you won't see a retrace to whatever number, but it becomes less and less likely and against trend is always a slow grind up and quick down, it's very difficult to execute. Look at EURUSD weekly from 7/22/2012 to 1/20/2013. If someone shorted at 1.21 they would still be waiting to break even 2 years later. "What comes up must come down" is a bullshit saying for traders because there are cases where you have to wait years for that to happen.
I lost alot of money on being stubborn on my EUR long trade. It cost me 20k USD when it could have only costed me 3 or 5, but I was pissed because I wanted that retrace.
I'm NOT telling you what to do because I don't want that shit on my head, but just some perspective from a more fundamentally based trader (which if you trade swings like you claim you should be more fundamentally based than technical anyways).
Best of luck
- #920,586
- Aug 29, 2014 11:33am Aug 29, 2014 11:33am
And another LOW {image}
I wasn't around to take this last 'move down. Nice entry trigger though. Unfortunately I believe many live traders on this board took some pretty substantial hits this week/month.
Reload and wait for the next pullback sell.
Have a good weekend
- #920,589
- Aug 29, 2014 11:50am Aug 29, 2014 11:50am
{quote} I know everyone and their mom in here is a tech trader, but you need to keep in mind when a massive fundamental shift happens it will change the trend for the long term. Draghi said in his last speech that "The ECB and FEB will be on diverging paths for quite some time" This is a fundamental shift and all the data is backing up this outlook month after month. That doesn't mean you won't see a retrace to whatever number, but it becomes less and less likely and against trend is always a slow grind up and quick down, it's very difficult to...
- #920,591
- Aug 29, 2014 11:59am Aug 29, 2014 11:59am
- | Commercial User | Joined Jul 2013 | 7,915 Posts
We watch the charts from every angle so you don't have to!!
- #920,592
- Aug 29, 2014 12:08pm Aug 29, 2014 12:08pm
...i think now longing guys have suffer enough, so this weekend i will ask the big bankers to launch the rocket on Monday, so i hope they will accept !? ...we will see !? -) Last hop for longing guys who are still keeping long positions open... {image}
- #920,593
- Aug 29, 2014 12:20pm Aug 29, 2014 12:20pm
- Joined Sep 2011 | Status: Trader | 6,363 Posts
{quote} The trend is your friend dude. Nice work. I made some nice gains going counter trend this week. But my exposure in those trades was generally less than a few hours to a few minutes. I wasn't around to take this last 'move down. Nice entry trigger though. Unfortunately I believe many live traders on this board took some pretty substantial hits this week/month. Reload and wait for the next pullback sell. Have a good weekend
A good trader follows his rules, but great trader knows when to break them
- #920,594
- Aug 29, 2014 12:36pm Aug 29, 2014 12:36pm
- | Joined Jul 2013 | Status: Trader | 1,873 Posts
we broke 3150 barrier on some risk aversion as expected , next support seen @1.3105 -previous low in September - 3100 is a barrier that won't break easy longs just above that figure are advisable with SL @3100 . Also some decent bids @3125 level are expected to contain this fall in short term .
have a nice weekend .
have a nice weekend .
Get Rich or Die Tryin
- #920,595
- Edited 12:55pm Aug 29, 2014 12:44pm | Edited 12:55pm
- Joined Oct 2008 | Status: sideline is a position | 105,214 Posts
those who can, do. those who cant, talk about those who can
- #920,596
- Aug 29, 2014 12:46pm Aug 29, 2014 12:46pm
- Joined Sep 2013 | Status: Trader | 2,999 Posts
"W. D. Gann said that time is the most important factor among all things."
- #920,598
- Aug 29, 2014 1:16pm Aug 29, 2014 1:16pm
- Joined Jul 2007 | Status: Short on USD/MXN, Long on legs | 16,578 Posts
New voice message: Why are you calling me? If I need you, I'll call you!
- #920,599
- Aug 29, 2014 2:02pm Aug 29, 2014 2:02pm
- Joined Oct 2008 | Status: sideline is a position | 105,214 Posts
those who can, do. those who cant, talk about those who can
