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The Really Useless Thread

  • #138,641
  • Edited 1:11pm Jan 14, 2016 12:52pm | Edited 1:11pm
sisse,

Thanks for the info. I do have those indexes (Gold, Oil, S&P Futures ect...on my desktop radar). I do need to understand the opening range more and give more attn in this way to it. I didn't take a trade today. I just was watching EU head NORTH when NY opened within the first 25 minutes and then out of nowhere it changed up quickly without any real news. I see what you mean on the Equities changing within minutes to show how Strong the Bulls were and weak on EU.

Luckily, I was not in this trade and was able to watch. I am sitting on my hands trying to wait on my targets to SHORT. May look at a LONG at my FLIP (.0808/.0796)area if it goes there again and conditions for it are reasonable for R:R. Appears we could be chopping here for a while until Markets get fully aligned. I was looking for OIL and S&P to do that this week and it didn't happen (at least not yet) for my EU SHORT to play out or get filled. I am wondering if it will. NEWS tomorrow may be the TIMING I am looking for.

ClinicalX,

Appreciate your thoughts and perspective.
  • #138,642
  • Jan 14, 2016 1:20pm Jan 14, 2016 1:20pm
Quoting IMARICH1
sisse, Thanks for the info. I do have those indexes (Gold, Oil, S&P Futures ect...on my desktop radar). I do need to understand the opening range more and give more attn in this way to it. I didn't take a trade today. I just was watching EU head NORTH when NY opened within the first 25 minutes and then out of nowhere it changed up quickly without any real news...
--> On the S&P well thats a tricky one because 90% of my TA background in micro and intraday trading experience (yes the painful one, glued to the screen for years and paying the expensive 'tuition fees', etc etc) come from years trading the ES, NQ, FESx the Z's and to lesser extend CAC and DAX.

I don't intraday trade like that anymore (thank god !!!) but the strong technical bias in equties and extensive past 'screen time' there make me 'understand/see' some basic opening/closing range plays a bit easier than they actually are for a trader without much experience in stocks or 'normal' trading hours.

If you are interesting in classic 'floor' trading technics (actual floor trading doesn't exist anymore but the principles are still there) ask PTL (a Shout here @ PTL) he will probably be the best source to learn a trick or two from the classics...

--> On the Euro, what can I say. You have been very patience and as I said before you are going to get pay if you don't get 'lost in translation' before. As long as you stick to your guns and avoid falling to see the forest fro the trees...you are on the right track for the swing in my view ...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,643
  • Jan 14, 2016 1:32pm Jan 14, 2016 1:32pm
Thanks sisse for the insight into more of this and your learning curves!

I would be grateful for anything PaytheLimit could offer in regards to this "Floor Trading" classics.

I will be patient. I have learned from my own tuition fees.

Appreciate all your helpful tips and advice as do others here! Glad you were able to learn from your mistakes and share your knowledge among the respectable traders in this thread!

All the Best!
  • #138,644
  • Edited 2:22pm Jan 14, 2016 2:00pm | Edited 2:22pm
Eyes on S&P 1925 as we are approaching; but, am confused as EU doesn't move lower now with this move. Its hovering around .0860 still. Any thoughts from the group here? Oil isn't tanking and Gold is dropping so I am missing something unless this is part of the carry trade and EU is holding up now but if so, why not this morning during NY session?

EU/USD is mimicking EU/GBP.
  • #138,645
  • Jan 14, 2016 2:02pm Jan 14, 2016 2:02pm
Quoting sisse
{quote} ... Eyes on 1925.xx [check] for the closing session in case of a short squeeze
Equities testing as expected key area (S&P 1925.xx for ref). Last chance for a move today across the board ...expecting profit taking intraday after the super leg and settle the week with inflation tomorrow ...

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,646
  • Jan 14, 2016 2:14pm Jan 14, 2016 2:14pm
Quoting sisse
{quote} Equities testing as expected key area (S&P 1925.xx for ref). Last chance for a move today across the board ...expecting profit taking intraday after the super leg and settle the week with inflation tomorrow ... sisse
hi sisse,
is there any reason why JPY and USD became extremely correlated since 1/1/16?
appreciate your opinion.
As Above, So Below
  • #138,647
  • Jan 14, 2016 2:17pm Jan 14, 2016 2:17pm
Quoting tashkent
{quote} hi sisse, is there any reason why JPY and USD became extremely correlated since 1/1/16? appreciate your opinion.
Risk.

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,648
  • Jan 14, 2016 2:27pm Jan 14, 2016 2:27pm
Quoting sisse
{quote} Risk. sisse
thanks.
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As Above, So Below
  • #138,649
  • Jan 14, 2016 3:32pm Jan 14, 2016 3:32pm
...one of those flawless day in equities...open to bottom to top to close by the tick ...simply superb day here ...

In any case, if anybody have a doubt about 1.086x been the only level to track for the week ...today close should clear all doubts ....another uneventful day in the Euro with no surprises back to 1.086x for the roll...

Bulls are starting to cough at the highs and they will need a break 1.094x very soon before the tide start turning upside down in the dollar. Failure to take it tomorrow will leave us stuck in chop zone until the ECB ....

Not much to see or do here so same levels, same trades, same all everywhere except in equities which I am flat as a pancake with the close ....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,650
  • Jan 14, 2016 8:09pm Jan 14, 2016 8:09pm
Gold looking very attractive at the moment in the 1070's. We had a strong weekly close above key 1093 level last week.

I believe we are setting up for a run at 1157 with some resistance at 1120.

With the global jitters at the moment you would expect 1058 to hold firm. A smaller TF suggests 1070 should cap the low for bulls to start their $90 run.
  • #138,651
  • Edited 7:48am Jan 15, 2016 2:03am | Edited 7:48am
Inserted Video

Careful!
-<<Goa>>-
Enjoy!
Plan is the same for me, good luck mates:
Quoting hathor
{quote} Monthly - Buy at 1.07314 [March.2015] Weekly - Buy at 1.05919 [Nov.22.2015] Daily - Buy at 1.07797 [Jan.06.2015] The plan is still the same: since Daily buy signal I changed to smaller time frames and I'm buying the dips. Good luck to you all! PS: in my view, the closer I can buy to point 'C', the better it's outcome should be.
Quoting hathor
{quote} New daily low, bought it. 1.07939 is next if this level gives up.
f(z)=z2+c
  • #138,652
  • Jan 15, 2016 3:29am Jan 15, 2016 3:29am
...again this week panic triggered in OIL on the air for the European opening range ....Oil tripping below $30.xx and this time may be the final one we have been waiting for ...

All eyes on OIL no more no less across the board..not much to do but let it pan out....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,653
  • Jan 15, 2016 3:31am Jan 15, 2016 3:31am
Quoting sisse
...again this week panic triggered in OIL on the air for the European opening range ....Oil tripping below $30.xx and this time may be the final one we have been waiting for ... All eyes on OIL no more no less across the board..not much to do but let it pan out.... sisse
will oil also be dragging down equities? if so, once 1870 breached, is equities then aiming for ur 1790 target?
  • #138,654
  • Jan 15, 2016 3:43am Jan 15, 2016 3:43am
Quoting sisse
...again this week panic triggered in OIL on the air for the European opening range ....Oil tripping below $30.xx and this time may be the final one we have been waiting for ... All eyes on OIL no more no less across the board..not much to do but let it pan out.... sisse
Why the hell is eu pair moving north direction ....
Re-Incarnated
  • #138,655
  • Jan 15, 2016 3:47am Jan 15, 2016 3:47am
Quoting primejarvis
{quote} Why the hell is eu pair moving north direction ....
those selling up european equities are going into cash, hence demand for euro ...i think
  • #138,656
  • Jan 15, 2016 3:54am Jan 15, 2016 3:54am
Quoting monkey@forex
{quote} those selling up european equities are going into cash, hence demand for euro ...i think
May be .... creepy week let's see how NY ends d week ....
Re-Incarnated
  • #138,657
  • Jan 15, 2016 3:57am Jan 15, 2016 3:57am
Quoting primejarvis
{quote} Why the hell is eu pair moving north direction ....
We have been discussing this the last 2 weeks non stop ...check back the back posts...or maybe lets test and ask IMARICH1 .... A shout @IMARICH1 he has been waiting for this for a couple of weeks already ....

sisse
Pending conversations? PM for a chat...I am mainly in OTM now
  • #138,658
  • Jan 15, 2016 4:03am Jan 15, 2016 4:03am
Quoting sisse
{quote} We have been discussing this the last 2 weeks non stop ...check back the back posts...or maybe lets test and ask IMARICH1 .... A shout @IMARICH1 he has been waiting for this for a couple of weeks already .... sisse
I have been reading all posts but technically I don't see any valid reason for d move .... I have a max extension till 1.109x ... But just cannot say whether it will test it or not before it resumes again .... .094x is a very strong resistance ...
Re-Incarnated
  • #138,659
  • Jan 15, 2016 4:32am Jan 15, 2016 4:32am
Quoting primejarvis
{quote} Why the hell is eu pair moving north direction ....
Since the ECB began its QE, the EURUSD, which previously had a positive correlation with equities, has had a negative one (on a weekly chart anyway). Depending on which explanation you believe, this happened either because Euro was the funding currency (people borrowed Euros and bought stocks) or because big hedge funds bought the DAX and hedged the trades by selling EURUSD. (I've read both). So if equities are going to have a correction, what should happen to the EURUSD as those trades unwind? (Solid bars are EURUSD, hollow bars are DAX)
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  • #138,660
  • Jan 15, 2016 4:44am Jan 15, 2016 4:44am
Not much fundamentals to give reasoning for the spike in oil/cad. Starting to get dejavu feeling of a black thursday - 2008 whereby this time, oil crashes. Perhaps tonight or over the weekend.
Broke $30 and going strong, NA traders not even on yet.
Fall in love with the process, and the outcome takes care of itself.
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