The EUR is overvalued against $ the news from the ero zone are bad and the news from US economy are improving. Technicallly we may see today or tomorow 1.5665 or lower. The oil weights over $ , temporarly.

closed my long from friday @5750. im looking for another entry point. maybe around 5701. not sure if it will dip that low. any ideas? looks like a tight and quiet day imo.

Some US banks failed over the weekend, crude drifting higher, weak EUR sentiment data does not affect the EUR, I will scalp with a bullish bias.
There is a cultural difference between European countries and the US. Americans buy now and pay later. Europeans don't buy thing they don't need with money they don't have. There is to much debt in the US, national debt approaching $ 9.000.000.000.000.00 (zeros on purpose as 95% of Americans don't know haw many zeros to a trillion; another 40 trillion of state and municipal debt; 10% of all income of US population goes towards interest payments of personal debt, excluding mortgage payments. In order to keep the financial system from collapsing, the US government accumulates more debt. In order to maintain the standard of living, the US is forced to sell its assets. The last economic expansion was financed by an artificial increase of the value of real estate and we know now how that played out. Pondering minds dreaming and talking of a strong dollar will be disappointed. What is going on right now is historic, the best scenario will be an exchange rate in the EUR.USD in the range we are in right now and a slowed decline of the value of the dollar from here.

i am well aware of the borrow now default later mindset of Americans. i live a short 30 minute drive outside New Orleans. but, like yourself, i also am bullish towards the Eur. diplomatic policy is one thing but policing the world is entirely different. i served in the military and am also a republican (due to moral interests) and i cant get behind the bush administrations lack of interest in the economic policy and big ben is a Complete idiot IMO.
All of that being said. i will still search for another position to go long again

Hi all... Tired but i thought i might post this, possible - and s pattern forming in the dailies. Which means it might go up to .586 region before dropping. Even if it doesn't drop, we should be able to swing trade a little.

GL All, dun let ur nerves get to u

my open of 1.57196!!!!!!!!!

Looked good for a while!!! What a crazy Market!!!!!!!

Now I'll just sit and watch for another entry?

GLTA

Couldn't agree with you more, well said. The US economic situation is a scary one. At first I kinda enjoyed watching it, thinking that the greedy ones got what they deserved. But now it's more and more starting to hit the average US citizen. If another IndyMac goes bust and another one and another one, the Fed can continue printing more and more dollars, but spendable income will be severely hit. M3 rising double digit is scary enough, but what's being done to save banks is making things much, much worse...
Better hold some physical gold in a vault, like critics of the current financial system such as James Turk and Jim Sinclair have been saying for a long, long time.

again only! I have a lot better luck with the 5 13 62 scalping than this long CRAP!!!!!!!!!!!

Pulled the pin to early maybe @1.57196? Oh well, I'm even and I will gain today and tomorow with my scalping? Have to stay glued to the screen all day and most of the night on euro open, But don't get bored!!!

Have a great day everyone!!!!!

Should just stick to my plan with the entry 40 pip stop out, but thought I would try and use the entry stop and see? Won't do that againg in this market!!!!!

caps out!!!!!

Smallcaps,

Haven't you been stopped earlier ? 1,5720 was hit 04.55 gmt already and traded down to 1,5687 @ 7,30 gmt ? What was your stop on that buy? Yes rangebound today- might be that wave c @ a bit above 1,5760 is over, hope we still see 1,58ish for some decent short entries
b3

this morning and seen this was up in the +50 range, and almost hit the trigger @626, but thought it would hit my 60 pip TP. So I moved my original stop up to my open price. My original stop was 40 pips down from 1.57196 which was 1.56796 ! Should have left it alone with this market!

Oh well, I have already managed to scalp 40 pips in this last 40 min!!!!!!!

Have a great day!!!

halo smallcaps

witch timeframe did you use last 40 min ?

smallcaps49
i have been following your 5 13 62. i have gotten 19 pips so far today, but i am not sure i have every thing set up right. trying to learn this.
my RSI is set as:
Scale & Range = user defined max 1.000 min 0
Parameters = Period 75

think i am doing ok on the sell with the cross overs, the buy is still given me problems of when to "get in".

any help would be great
thanks

hi the david
im trying to use 6 13 62 strategy , but i tought that use 3 EMA and nothing else , could you send me how its setting for rsi ? if its smootheed or no ? how its period of rsi ? thanks for answer

fesi

I have a screen both on the 1 min and a screen shot of the tick. I use the standard RSI 14. On the tick screen, watch for the bottom of the 30 range on RSI, when it bottoms, watch the tick run up. It very well follows the same pattern on the 1 min screen but just behind the tick. When the 1 min hits the 70 RSI range, watch it fall back to the 50 RSI and below,and the same on the tick, but much faster back to the 30 RSI. The 1 min will follow the tick back to the 30 RSI for another run again back to the 50 RSI and up to the 70 for another down turn!!!

It is very repetative!!!!!!!!!

Hope you can understand what I have tried to explain?

GLTY

Generally the 1 min hovers @ the RSI 50 for the drop and runs up back towards the 70 RSI and not all the way to the 30 RSI as does the tick screen!

HOPE THIS HELPS?

GLTY