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07-10-2008, 09:56 AM
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Senior Member
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Join Date: Jun 2008
Posts: 596
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It is possible extension to 1.5850
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Paulson said that while financial markets will take ``additional time'' to stabilize
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Last edited by BH-Eurofighter; 07-10-2008 at 09:59 AM..
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07-10-2008, 09:56 AM
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Join Date: Mar 2008
Posts: 1,560
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Quote:
Originally Posted by Salsaprince
Update on this strategy. The smaller bearish gartley and butterfly formed around 1.5728-1.5732 area, stalling the upmove a bit but not really provoking a reversal. When move continued north, my two shorts triggered at 1.5753 and 1.5758, which i am currently hedging from 1.5761. Next short will trigger at 1.5782. SL on all shorts 1.583. Tight trailing stop on hedge long of 20 pips...
Chart will be there in a sec.
/Salsa
EDIT: Third short triggered. Still even as i actually pre-hedged the third short  Will close hedge when reversal takes place. |
Thanks for all your work Prince, I'm amazed! I got one in but left a few orders further up and kept my gbp/usd longs as they are not overbought yet. What's your target and stop? |
07-10-2008, 09:56 AM
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Join Date: May 2008
Posts: 120
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Quote:
Originally Posted by cmellon
Salsa Prince, nice job. Very quick!
I put in short too @1.5784, with tight stop loss above 1.58. But is EUR up move sustainable without retracing again?
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Well normally, when retracing a big move all the way to 61.8%fib (1.5909-1.5610) it is the sign of a reversal, and that the bullish trend is still valid. But i think we would at least see a correction back to 1.5725, the 38.2%fib of (1.5909-1.5610) which happens to almost coincide with the 38.2%fib of the 1.5798-1.5690 move, at 1.5731. Although i still think we will test the lower levels of the long-term range at 1.53s first. Just my thoughts....
/Salsa |
07-10-2008, 10:06 AM
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Join Date: May 2008
Posts: 120
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Quote:
Originally Posted by melbgirl
Thanks for all your work Prince, I'm amazed! I got one in but left a few orders further up and kept my gbp/usd longs as they are not overbought yet. What's your target and stop?
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Hey melb! Thx for the kind words, i am glad that the time and effort put into this pays off, and that you can benefit from it also 
SL on shorts moved up to 1.5860, as the bigger bearish butterfly could actually turn into a Bearish butterfly/Crab with the D leg at 1.5825. Trailing stop of hedge is currently at 1.5780. So if it passes here again (which is likely soon) it will unlock.
Initial targets for shorts are 1.5728, 1.5670, and last one open. Now i am crossing fingers, as i am leaving the house. Have fun girl!
/Salsa |
07-10-2008, 10:10 AM
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Join Date: Mar 2008
Posts: 1,560
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You too...as you can see I'm using my own initiative most of the time, but a bit of co-operation can help us all. I did very well today with eur/gbp, just as well as I needed to recoup yesterday's loss on gbp/jpy.
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07-10-2008, 11:17 AM
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Technical Trader
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Join Date: Apr 2004
Posts: 1,942
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some day...
went short at 5767 took 2 pips rt now, and short single lot form 5796 TL, which almost barely held.....
from here i dont look for hefty pips, but will take whatever i can whenever i can..
would be good if we cna see 5740 tested again
GL ALL.
__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
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07-10-2008, 01:31 PM
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Registered User
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Join Date: Jun 2008
Posts: 1
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will euro grow on the oil price?
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07-10-2008, 04:15 PM
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Join Date: Feb 2008
Posts: 522
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Oil: For a Few Dollars More
Quote:
Originally Posted by Guilder
Hi all. It looks bid, and if we close here at 1.5735 (cannot see ANY reason for EUR USD to move another 5 pips today..... ) I think we will see higher levels tomorrow. Still, dont expect too much. 1,5800 looks nice to sell again. This market is so boring, that even my posts are boring! Wish yenom was here... he always made me laugh. Though I dont think he intended to do so.... 
I quit, for now.
Nice eve, bye |
Not a bad call thanks to Tattinger Bubbles. So, there we are 1,5800. Market is not so boring anymore. EUR JPY looks to break out, some news from Fannie and Freddie...
I dont know how many market participants were betting on the Fed to hike, but you can forget about that. Oil at 142 does not help the dollar either. Tech guys might be bullish on dollars again because we are at 1,58 but I have my doubts. I know I said to sell at 1,5800 some 24 hours ago, but now I am not so sure. 1.5840 next level to watch, and alltogether this EUR is behaving rather bullish. The dip from 1,60 was rather shallow, looking at the bigger picture.
Good luck.
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07-10-2008, 05:03 PM
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as of now there is a 62% 5824 break a 51% 5861 break a 31% 59's break a 78% 5650 break and a 83% 1.56's break all within the next 8 to 12 days.
yesterday when I said euro liked the number 4, euro only hit 5750 2 times before it broke. it tested close but did not hit 5750 and yes it does make a difference on the numbers. 5750 is 5750 not 5746 etc.
the euro has price action patterns it has followed for a long time and will continue to follow more so than anyother pair.
Just as if asian session takes it up, most times frankfurt will bring it down.
2:45 and 3:45 pm TOKYO TIME
typically around 2:45 pm Tokyo time, the EUR/USD would make a quick spike up of about 10-20 pips, and then sometimes it will do the same around 3:45 pm Tokyo time, give or take a few minutes, why it happens who knows but watch over the next couple weeks for this. and see if it dont happen |
07-10-2008, 05:13 PM
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Join Date: Mar 2008
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Oil price is at levels that are starting to really hurt, so some analysts are not ruling out $10 downward correction in the near future. I still believe in the range to hold. I remember times when the pair was confined to the most frustrating narrow range for months in a row. If that's going to be the case, at least traders can trade with more confidence, even though ranging markets are not everyone's favourite.
Two long GBP/USD for me and one short EUR/USD for now, with the stop at 1.5925.
"Meanwhile the US trade balance and consumer confidence reports are due for release tomorrow. The rise in the export component of the manufacturing ISM report suggests that the trade balance will improve, but any dollar rally could be offset by the consumer confidence report which will be released shortly thereafter. More strain on the US economy should lead to weaker consumer confidence."
Last edited by melbgirl; 07-10-2008 at 05:41 PM..
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07-10-2008, 06:47 PM
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Join Date: Jun 2008
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Just want to say thanks, all your advice is really helpful to us new guys.
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07-10-2008, 11:08 PM
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Join Date: Jun 2008
Posts: 5
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Took a beating
Using my Perpetual-FX system, I took a small kick in the pants on yesterdays short from 1.5737 and I am now long from 1.5786. Total earnings so far last few days:
Long 12 from 1.5667
Short 12 from 1.5737 = $8400
Long 12 from 1.5786 = (-$5880)
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Balance: $2520
Let's see if i don't lose it all LOL!!
The Perp
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07-10-2008, 11:59 PM
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Join Date: May 2008
Posts: 232
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Entered short on both EURJPY and EURUSD @ 169.124 and 1.5795, looking to buy a dip either at 5760 or 5740, as for EURJPY, around 168.45 would be ideal. EURJPY breakout imminent, really looking for a good buy level for this one.
Edit: Stopped out on both for a small profit. Im out in EURJPY, looking for another short on EURUSD at 5795, 5800 and 5810.
Last edited by dennisc; 07-11-2008 at 12:34 AM..
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07-11-2008, 12:08 AM
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Join Date: May 2008
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you're long from 5786? thats a little high don't cha think? IMHO, maybe ur system works differently
Can u imagine how many pips u would have now if u still have the 5665 lot  I still have my 5477 lot.. feels great!
Last edited by dennisc; 07-11-2008 at 12:10 AM..
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07-11-2008, 12:11 AM
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Quote:
Originally Posted by dennisc
Entered short on both EURJPY and EURUSD @ 169.124 and 1.5795, looking to buy a dip either at 5760 or 5740, as for EURJPY, around 168.45 would be ideal. EURJPY breakout imminent, really looking for a good buy level for this one.
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I also shorted yesterday @1.5798. Also plan to buy a dip, but that level you plan to buy IMO is too high. I prefer to buy dip around @1.571, 50% fib in daily chart. |
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