"There's always more than one cockroach" Kathy Lien, director of currency research at GFT (referring to Portugal)
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"There's always more than one cockroach" Kathy Lien, director of currency research at GFT (referring to Portugal)
Deputy Governor of the Peoples' Bank of China Zhu Min only made matters worse by warning that Greece is merely the "tip of the iceberg" and is just the start of a much bigger sovereign debt crisis
wow thats awesome... its like saying "Hey you guys hope you can pay your bills , we know we can"
which country(s) do you think he is specifically referring to?
this morning I want to comment on the Euro and what I'm seeing as diagonal triangles. to save me typing it out I've attached one pic of how Jeffrey Kennedy from Elliot Wave describes them
and in the second pic is what I see as two diagonal triangles in different directions... the downward sloping one is potentially the end of this large downward movement from which I had a couple of +300 or more trades. I had already closed my shorts but this was the sign to me that if I hadnt of I should be by now.
And then to my surprise I saw another one occurring last night on a much smaller time frame which I played for a small number of pips. Note than in each case there was a blowoff after the triangle had completed, I'm pretty sure this should be expected , and is perhaps a good opportunity to get your position in, although if you read the tutorial one really should wait for confirmation the move is beginning.
you can read the Elliot wave tutorial on Diagonal triangles here (or of course from their website)
http://homepages.ihug.co.nz/~peat/im...ClubReport.pdf
so a bit surprising to identify these patterns so close together but the down one was at the end of a wave 5 (not really confirmed yet but we shall see) and the upward one presenting itself as part of an a-b-c so from what I understand there is no contradiction in this.
anyway , just thought I would share this morning.
good trading all.
Hi peat, thanks for this info, I downloaded it when you posted it and have been following it a bit.
I noticed a good examples from last week on the 1H chart, in AUDUSD.
But looking at the current EURUSD i see one potentially breaking out.
130 pips+ after the break of the diagonal triangle, and has retraced past the number 2 point as specificed in peat's document.
see attached
thats awesome silverlight. glad you're making use of the info.
Potentially a diag tri showing on the NASDAQ ...
looks like a short term bear flag diag triangle on the Euro broke about 7 am this morning as well
a deal has been done....
euro higher?
I always wonder in times like this where Oanda offers after hours trading if I shouldnt hit it hard even with an increased out of hours spread.
price moved up as trading commenced - tho the spread doubled from 10 to 20
weekend position now up 30 pips and that includes the spread so yes I should have hit it harder - oh well any money for jam is good.
Hi Peat
We had a good run on the blog last week on a couple of trades with Euro
http://i44.tinypic.com/zwz334.gif
big night ! markets routed.
I wasnt short but wasnt long either , certainly a night to have had stops in place.
interesting piece on financial crises out from stratfor last night
http://www.stratfor.com/weekly/20100...6321fbed31d503
quite philosophical in nature , but I enjoy this kind of stuff
I've actually recently bought a book by George Friedman (dude who runs Stratfor) called "The NExt 100 Years" where he puts it all on the line with longterm forecasts re geopolitics... I'm just a few chapters in but its pretty clear he doesnt buy the standard popular China becoming dominant theory , in fact he's saying the 21st century is going to be when America comes of age, describing it as a pimply adolescent right now.
Not something to trade on obviously but I believe the guy needs to be given some credence.
Sounds interesting Peat.
I did warn on the blog yesterday about Euro bearish potential
Eur.Usd #41 – Consolidating. Bearish continuation still looks feasible in the medium/longer term ........... Chikou resistance @ 3218 and Kijun at 3227 are holding up north bound progress.
Also gave Aussie and Kiwi as shorts.
Aud.Usd #42 - Continuation south cautiously feasible in the short term as the action struggles against the daily charts broken minor up-trend line with potential to form a mini 123 on the 4 hour. Chikou below as possible support zone area 9198-9166.
Nzd.Usd #47 – Short term looks slightly bearish on break of Bear Flag (1H chart) with potential for test of Chikou 7241
looking back its all so apparent huh. A totally perfect gartley on the Euro Weekly chart here.
And Phaedrus says Fibonacci levels have no value pffft.
I apologise for only doing this in hindsight - one day I'll get it right for the future
I will say that looks like a hammer on this very last candle.
Peat, my Dow thread comments on Fibonacci retracements referred specifically to their application to Indices, in this instance, the Dow. As support for my opinion, I cited the following :- "A recent study by Professor Roy Batchelor and Richard Ramyar found no evidence that Fibonacci numbers work in American stockmarkets. They tested nearly 90 years of history of the Dow Jones Industrial Average (1914-2002) and found no indication that trends tend to reverse at the 61.8% level - or at any other Fibonacci level." http://www.cass.city.ac.uk/media/sto...004_65846.html
It is unfair of you to take my comments totally out of context and then apply them to Forex trading - a completely separate topic and one that I did not so much as mention.
I appreciate that many Forex traders utilise Fibonacci levels but this has nothing to do with the Dow, my opinion as stated, or the findings of the Batchelor/Ramyar paper referred to above. You might like to read this article :- http://www.proshareng.com/articles/s...ws.php?id=1121 The author has no difficulty whatsoever reconciling these two separate viewpoints.
I say that Fibonacci levels don't work with the Dow.
You say that they do work with Forex.......
Where is the argument?
ok
I never appreciated that distinction.....I'll follow up in another thread (this one is for Eur$$$ )
Does anyone use Heiken Ashi indicator? If yes, what other indicators could be useful with Heinken Ashi?