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EURUSD

  • #922,241
  • Sep 8, 2014 1:07pm Sep 8, 2014 1:07pm
Quoting yaed
{quote} Yeah exactly. And if all that dont work, there is always astrology trading.
if you can show me how to do it with success, then i am all ears.
those who can, do. those who cant, talk about those who can
  • #922,242
  • Sep 8, 2014 1:37pm Sep 8, 2014 1:37pm
UJ 160.00(5) is being tested, shall it hold, also considering the industrial and monetary policy figures in a few hours, shall we see a trade in, i have a dog in this fight so not exactly at my most unbiased.
Also, EG, 8020 and 8010 had something to say but with the manufacturing news tomorrow, this should be something to watch
GJ just got its teeth kicked in at the old .80 wondering how the news on the JPY will factor in.
...tired, ill get some sleep and leave my 2 open positions with tight sl
1. Short EG 8005 for 7990 area pending bounce on manufacturing figures in London (where i shall be looking long, reload on an older 7964)
2. short UJ (yes i know) scalp gone bad, held longer than i needed to, now, pending resolution at 160.00 and news (all looking quite bullish!) But ill let it ride out to the SL if it must, limited exposure and i already took some pips earlier which i can trade for the curiosity and lesson, still painful though. Plus too tired to make much sense of it either way...so ill let the sl be the judge.
Guard your pips jelously
  • #922,243
  • Sep 8, 2014 1:43pm Sep 8, 2014 1:43pm
Quoting MaxDoom
{quote} it has room to go further {image}
not sure really if she can go that long... 106.45-55 is max for me and big reversal to 101.7xx

I doubt that the FED will increase the rate at this scale... it may stay the same till next year at least.
  • #922,244
  • Sep 8, 2014 1:46pm Sep 8, 2014 1:46pm
Quoting donfriday
not long yet...few or more to go {image}
This is amazing, mate. This is exactly what I was thinking to go big long from. possibly a new wave start at that level 1.2720 or even 1.2690 which is most what I focus on that IMHO will hold the whole down train...
  • #922,245
  • Sep 8, 2014 1:55pm Sep 8, 2014 1:55pm
GOLD
This is the only thing at the moment: 3 Bull Drives + downward slope + bullish engulfing, all in 1 hour chart.
PA has closed below MS1 (so risky) but trying to close above WS1 this is also 1.618 Ext previous swing 4 hours.
It's risky so better trade small. Stops below the pattern, or wait for impulse and get in after retracement.
Attached Image (click to enlarge)
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We watch the charts from every angle so you don't have to!!
  • #922,246
  • Sep 8, 2014 2:03pm Sep 8, 2014 2:03pm
The last low could have been a great place for a reversal, but will it be?

No one knows.

The same is true for the other great places for a reversal that are deeper.

We can discuss it here til the cows come home, but one thing will always be true:

No one knows.

Today I prefered to wait for a situation where my rules would be fulfilled, it never came, so I took no trade.
The new fall came too early, but we have seen similar moves before, so it was not too astonishing.
I wanted to s it from higher, which we did not reach.

Will I go long from here? Hell no. Of course you can make money with longs, but you need luck. I donīt have luck, I have to earn my money with hard work, and for this I have to follow my rules. Rules not fulfilled, stay out!!!
  • #922,247
  • Sep 8, 2014 2:12pm Sep 8, 2014 2:12pm
USDJPY
We had the due bounce next target 106.52 Weekly R2 + 1.27 Ext Weekly larger swing.

USDCAD
Next target 1.1015 This is 1.618 Ext Daily chart and Bfly Sell, as well 61.8 Ret weekly chart.

Copper
Stops should be BE and let's just hope for target.

AUDUSD
Didn't get the setup to add shorts nevertheless PA looks like could keep dropping tomorrow, finally 0.9252 MS1 at sight and then Weekly S2 at 0.9208

EURUSD
We keep same positions and don't touch.

GBPUSD
Closer to at least psychological level at yearly central pivot this also MS3 area + 50 % Monthly chart. If you have position from last week keep it until reversal candle or candlestick pattern. Also, look at Dollar Index closely, that might tell you more about reversal on all USD pairs. Next Resistance at 85.
We watch the charts from every angle so you don't have to!!
  • #922,248
  • Sep 8, 2014 2:33pm Sep 8, 2014 2:33pm
The dollar was almost unchanged or slightly higher compared to their counterparts in the G10, in the absence of relevant economic events. The dollar gained ground against the GBP, NOK and AUD.
The British pound came under great pressure because of the supporters of Scottish independence have taken the lead in the polls.
  • #922,249
  • Sep 8, 2014 3:07pm Sep 8, 2014 3:07pm
Quoting barbones
{quote} What US data you refer, pls
This one
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The Thief of Wall Street
  • #922,250
  • Sep 8, 2014 3:19pm Sep 8, 2014 3:19pm
Quoting CandleStar
The last low could have been a great place for a reversal, but will it be?
For a reversal, it would need a higher low now. But until we keep breaking the lows every few days, no reversal is in sight. We even close below 1.29, so 1.28 is next.
Everyone can see the chart, but only a few can actually read it.
  • #922,251
  • Sep 8, 2014 3:50pm Sep 8, 2014 3:50pm
Quoting ChupaMelo
It appear most people like selling EU now. 2 weeks ago many people were buying. I would say that most people who will get hurt now are the sellers. As the move down is slower now, and the moves up sharper. You can see on graph
Your analysis is good, however, there are certain reasons why people are buying.

People trade currencies for different reasons, some hedge their assets and liabilities by taking a opposing position. For example, if I, as an importer, have to pay 100,000 euros to my vendor in Germany by December, I may buy 50,000 euro now. If it moves up during this period I save some money on foreign exchange, but if it goes further down during this period, I will still benefit 50% of the currency exchange gain. Most importers and exporters are not interested in gaining from currency fluctuations, they just want to make sure their receivable and payable remain immune from foreign currency price risk. This is important for them to plan their cash flows. They earn money on the core business transactions and may not be interested in forex gains or losses. That is why we have forward contracts.

Another reason is people trade with different objectives and on different time frames. If one is closing a sell made at 1.5000 may like to close the position at current level and therefore will have to buy equal number of units now.

Some people use currency price fluctuation as a gamble and take chances using several methods. Some of these methods require them to buy and other to sell. This is how it goes.
The Thief of Wall Street
  • #922,252
  • Sep 8, 2014 4:11pm Sep 8, 2014 4:11pm
Quoting donfriday
not long yet...few or more to go {image}
...... and then few more ................. and then again few more ........... and yet gain few more ..........

This is a topless bottomless market...............( somebody may like to post a picture)
The Thief of Wall Street
  • #922,253
  • Sep 8, 2014 4:24pm Sep 8, 2014 4:24pm
When are you switching to the december contract?
  • #922,254
  • Sep 8, 2014 4:27pm Sep 8, 2014 4:27pm
Quoting MaxDoom
{quote} UJ slowly getting there, currently 105.8x
hey max, watched last nights attempt H&S thanks to USDBear saved my powder but now I have a 1hr megaphone so prepared to risk a few pip, I am going to defend 106 10 entry 106 03 sl 106 14 could have got in slightly higher but going fishing shortly
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  • #922,255
  • Sep 8, 2014 5:13pm Sep 8, 2014 5:13pm
Quoting ChupaMelo
It appear most people like selling EU now. 2 weeks ago many people were buying. I would say that most people who will get hurt now are the sellers. As the move down is slower now, and the moves up sharper. You can see on graph
Most people are still buying. And longs got hurt again.

Attached Image
Everyone can see the chart, but only a few can actually read it.
  • #922,256
  • Sep 8, 2014 6:25pm Sep 8, 2014 6:25pm
Im going long!!!
Probably the worlds best currency trader.
  • #922,257
  • Sep 8, 2014 6:32pm Sep 8, 2014 6:32pm
Quoting Wheathermakr
Im going long!!!
See you at 2860.
Everyone can see the chart, but only a few can actually read it.
  • #922,258
  • Sep 8, 2014 7:48pm Sep 8, 2014 7:48pm
It is so quiet here. Looks like most are long, like me, and praying to their gods. Some may be seeking help from Satan.

I just checked zodiac signs for all of you and the good news I have is that it is going to hit 1.3000 during this week. It won't happen today but later in the week. Meanwhile it can go up to 1.1800, but don't worry, I know you all keep your risk covered like you claim in your posts here. I am sure, none of you are fools who bet their farms on one trade.
The Thief of Wall Street
  • #922,259
  • Sep 8, 2014 7:51pm Sep 8, 2014 7:51pm
Quoting Chicky
It is so quiet here. Looks like most are long, like me, and praying to their gods. Some may be seeking help from Satan. I just checked zodiac signs for all of you and the good news I have is that it is going to hit 1.3000 during this week. It won't happen today but later in the week. Meanwhile it can go up to 1.1800, but don't worry, I know you all keep your risk covered like you claim in your posts here. I am sure, none of you are fools who bet their farms on one trade.
I will join you long folks in a bit...don't like this lower low that much. Just waiting for a double bottom to buy.
Everyone can see the chart, but only a few can actually read it.
  • #922,260
  • Sep 8, 2014 7:52pm Sep 8, 2014 7:52pm
Quoting OnlineAddict
{quote} I will join you long folks in a bit...don't like this lower low that much. Just waiting for a double bottom to buy.
Give me one reason to go long. I don't believe in bottoms, single or double. This market is bottomless. The only thing works here is calculation.
The Thief of Wall Street
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