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29-08-2007, 04:09 PM
#791
how big is the trail arco
it bounced over 100 pips y'day arvo/evening. you trail larger than that ???
For clarity, nothing I say is advice....
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29-08-2007, 05:42 PM
#792
Hi Peat
Apologies for any confusion.
I had a very Major Gann support (Major+3) at .67266 where remaining shorts
were auto exited. A Dead cat bounce of sorts was sure to follow, therefore.....
I took a smaller long position with auto exit at the 1st Gann resistance .71784 (a tad early unfortunately)
Re-entered short again after bounce off old uptrend line and break back thru
Gann resistance, stop now trailing.
The wave pattern is confused at the moment, so its hard to know exactly where
the action is going next. Keep an eye on the Major Gann supports mentioned, because
if they and the weekly uptrend line break the target could be alot lower.
Present Gann calcs
Active Resistances
Minor .7178, Intermediate .7411
Active supports (potential targets)
Minor .6842,
and below that
Intermediate .6694 / Major .6665 / .6590
GTA - arco
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29-08-2007, 06:02 PM
#793
i shorted from 7120 last night (on the way back up ) with target 6950 but only had a 30 pip stop so alas a few pips too stingy on the stop and got burned , quite disappointed when I saw how close i was to getting 170 pips.
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29-08-2007, 06:15 PM
#794
I'm stopped out now but will re-enter shorts below 6880. Overall a good day - puts the dinner on the table! :-)
Success is a journey AND a destination!
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29-08-2007, 06:23 PM
#795
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29-08-2007, 09:47 PM
#796
LOL
Close - Homemade fish & chips. Nothing too flash, but success makes them taste just that little bit better.
Success is a journey AND a destination!
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31-08-2007, 12:07 PM
#797
Reserve Bank spent $1.49b last month to slow kiwi's rise
The Reserve Bank laid out $1.49 billion last month intervening in the foreign exchange market in a bid to slow the New Zealand dollar's rise - twice as much as it spent in June.
At the end of the month its net open foreign currency position had increased to $2.26 billion from $700 million at the end of June and from a foreign currency deficit of $58 million in May.
Despite the bank's selling, the kiwi climbed for most of July from US77c at the start of the month, reaching post-float highs of US80.6c and 76.7 on the trade-weighted index.
The appreciation was checked on July 26 when the bank raised the official cash rate for the fourth time this year, but said that would probably be it for the current cycle.
Bank of New Zealand economist Craig Ebert said any enduring impact from that statement depended entirely on subsequent data proving weak - as it had for retail spending and the housing market in particular.
"Otherwise it would have looked like wishful thinking."
The dollar's subsequent decline, to around US70c over the past couple of weeks, was mostly because of the turmoil in world financial markets.
"Substantially, it has been the global unwind of leverage," he said.
"It has come the Reserve Bank's way by good fortune rather than good management, I suspect."
The dollar is now 6 per cent below where the bank's economic projections in the June monetary policy statement had assumed for the second half of this year.
It closed at US70.18c yesterday.
Good Fortune
* The Reserve Bank sold 1.49 billion New Zealand dollars last month.
* The dollar traded between US76.1c and US80.6c over the month. So, with the dollar now trading at around 70c, the Reserve Bank has made money.
* But the dollar's recent decline is thought to have more to do with global risk aversion than the bank's intervention.
http://www.nzherald.co.nz/section/3/...ectid=10460885
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31-08-2007, 01:25 PM
#798
hi arco ,sounds like alan knows a thing or two on how to make a bob on the markets, maybe he'd like to come along as well
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31-08-2007, 06:51 PM
#799
Kiwi just breaking out of a beautiful symmetrical triangle. Assuming not a false signal minimum target should be 7147.
I have jumped on for the ride. I read on the wires that Bush is throwing some serious money at the Subprime related issues - probably will put some fire into the markets overnight.
Success is a journey AND a destination!
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01-09-2007, 09:02 AM
#800
Bugger. Got the breakout but only made it to just over 0.7100. Now broken back down to the low 0.700's. Not sure which way things are heading now so standing aside.
Success is a journey AND a destination!
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