Busy Day Tomorrow

[torero 10]

I have short on for GBPCHF, anyone has any close support other than 1.9620?

 

Today has been very tight despite the important news coming out. Is there any reason for this action?

[milliard 10]

Next area of interest we got resides a figure further down the ladder torero.

 

9510-30 has vibrated (ahead of 1.94) all the way back to early Jan.

 

Not sure what you mean by 'tight'? It's (Cable) only 30 odd pips shy of it's avg daily range. If you're referring to the general scenario out there, then I guess some of that reluctance will be down to fresh credit-crunch jitters entering the arena again on the back of the State Street conf call earlier.

 

Players began booking profits on one or two of the crosses, which blanketed the Euro. Yen crosses especially have been impacted. Still, it'll open up when spec & fast money accounts follow thru on any nervy breakout shifts, such as the one unfolding on Cable.

 

It will be reserved to specific pairs & dependant on levels.

[cowpip 10]

I have short on for GBPCHF, anyone has any close support other than 1.9620?

 

Today has been very tight despite the important news coming out. Is there any reason for this action?

 

 

G'day Torero... support on GBPCHF support below 9620 is pretty sparse given it's multi-year lows. I'd start basing my support levels off of daily ranges and pivot-based levels (daily and weekly pivot S/R levels). Otherwise, you have to go WAAAAY back in time to find charts that will give you references to support zones.

 

I think the more important news (CPI) coming out tomorrow is containing price action today on the yen crosses. I suspect if CPI increases in accordance with consensus, there may be some yen selling going on (if only temporarily). A response similar to what happened with PPI today wouldn't surprise me. But ultimately, unless the Fed starts to talk up the dollar with stiffer hawkishness, I can't see a dollar rally taking away too much from yen strength.

 

BTW, I won't trade this idea unless the bigger dogs do so first. Have two plans of action, and follow the one that best matches reality. Profitability in this game is all about being a reasonably good (and aggressive) sheep. You want to be as close to the leader sheep as possible. Too close or too far from the leader, and the wolves will gladly pick you off.

[torero 10]

Apparently my target didn't even make it to 1.9620 before it went the other way and hit my stop. I had a small position on since I saw GBPUSD was not doing much except going the other way, which I didn't like that too much. Thanks, guys.

[milliard 10]

Apologies torero, I got my ninety sixes all tangled up :o

 

Gave you the chatter on the wrong pair..

 

Yeah, as Cowpip say's the long range defense on that pair is a little sparce. A case of respecting the close quarter levels (hourly & sub hourly reaction lows) if you're intending chasing it back & forth on the lower time frames.

[Anna-Maria 10]

 

You want to be as close to the leader sheep as possible. Too close or too far from the leader, and the wolves will gladly pick you off.

 

Either the wolves or a severely confused Andre....that's if he can remember which pair he's supposed to be hammering :haha:

 

Hey Cary,

 

My brother informs me your buddy (Jack) is trading out of Hawaii these days? I assume he’s rolling FX?

 

Is he being bankrolled by Frank Pooley’s outfit in Honolulu? Buk didn’t elaborate or say as much.

 

Good for him, he must have caught Big Frankie on a good day. He’s a miserable son of a bitch at the best of times.

[cowpip 10]

Apparently my target didn't even make it to 1.9620 before it went the other way and hit my stop. I had a small position on since I saw GBPUSD was not doing much except going the other way, which I didn't like that too much. Thanks, guys.

 

Sorry to hear that, Torero. The saving grace is the small size, which was wise (imo) considering the whippy nature of price at those levels. Price is quite "springy" down there, isn't it?

[cowpip 10]

 

My brother informs me your buddy (Jack) is trading out of Hawaii these days? I assume he’s rolling FX?

 

G'day, Anna!

 

Yep, he's still rolling FX. He hasn't been able to roll full-time though, until now. He just arrived (this week, in fact) and has picked out a nice place to stay with an ocean view while he rolls his coins. I'm not sure of the other details you've asked about. He's quite excited about it all.

 

I'd be packing up and choosing a shack somewhere warmer too, but my kids would mutiny! I won't trade family sanity for scenery (at least, not yet). :doh:

[Art Krantz 10]

Prices flopping into Krantzy’s lower tier (from post #8) which should now act as a soft ceiling if we get a healthy close into the lower sixes down here.

 

Time to get your 1.94 calling cards located children, playtime is looming!

 

That ceiling will be softer than usual this morning judging by the London boy's reaction to the Merrill news.

 

Aggressive buying on this pair into the open from Mid-East accounts should drive it (& GY in sympathy) thru the layered stops. Intraday specs & fast money stops continuing to get whacked on this 2 way ratcheting.

 

Who'd be a short range player in this environment?

 

Looks like your defenders are out in force this morning Andre. Rain check on the 9400

[milliard 10]

Aggressive buying on this pair into the open from Mid-East accounts should drive it (& GY in sympathy) thru the layered stops.

 

Looks like your defenders are out in force this morning Andre. Rain check on the 9400

 

Well Mr Krantz, I'd much rather have mercurial Mid Eastern compadres stomping point than a raggedy assed russky twitching & balking at the first signs of supply.

 

Successful assault & coverage of 9720 see's the color of 775, otherwise your ceiling holds for now.

 

I couldn't resist posting Jimmy's technical masterpiece here abouts He must have sneaked 2 extra large mugs of caffeine into him as Tokyo stoked up last night (+ he aint a member here, so he can't fight back heheheh).

 

Shame it took place during the Jap doldrums, not a bad little flip even for him!!!!!

[Anna-Maria 10]

I couldn't resist posting Jimmy's technical masterpiece here abouts He must have sneaked 2 extra large mugs of caffeine into him as Tokyo stoked up last night (+ he aint a member here, so he can't fight back heheheh).

 

 

You best watch your step cowboy, Jimmy has a buddy on here who just happens to pack a little (moderator) muscle!!

 

Aint that right torero?

 

He's equipped to fire your ass directly to the sin bin for a stretch if you go disrespecting his buddy in public :o

 

Besides, that flip is still floating & registering profits, headed for his upper reaction level as we speak!

 

See how this current hourly bar plays out on that ugly old Cable. You might have some more defending to do at the days lows yet mister!

[Anna-Maria 10]

Successful assault & coverage of 9720 see's the color of 775, otherwise your ceiling holds for now.

 

You boy's got your 775, time for a smoke now ahead of our (U.S) inflation numbers.

 

Yen Bulls getting repelled at those sub 100.75 stops for now. NY appetites might be a little juicy for those along with that batch atop 9850 on your Cable upline.

 

See those French windbags cackling to the wires again this morning as EU blows thru 5875. Do they seriously suppose we're as stupid as them?? :o

[torero 10]

 

I couldn't resist posting Jimmy's technical masterpiece here abouts He must have sneaked 2 extra large mugs of caffeine into him as Tokyo stoked up last night (+ he aint a member here, so he can't fight back heheheh).

 

Shame it took place during the Jap doldrums, not a bad little flip even for him!!!!!

 

Keep posting, Andre, I'll just copy and paste PMs to him on fxstreet :haha:

 

Wow, new high for EU again, not surprised it was a matter of time. Been watching the ascending triangle forming since mid-March, now to make a decent entry...

Edited April 16, 2008 by torero

[milliard 10]

Keep posting, Andre, I'll just copy and paste PMs to him on fxstreet :haha:

 

He's long gone from across there torero, Mr Krantz has him on a tight leash these days

 

No, he's a smart fella is Jimmy. I can't hold a candle to his technical ability & that's a fact.

 

He'll be nodding affirmatively when he spies that nice clean graph of yours I'd imagine. He might suggest you bin that weird looking angular line on there, but you'll get a box of candy & triple malt for your horizontal markers for sure

 

Horizontal markers are the bitches britches as he say's :o

[torero 10]

Yeah, I've noticed over the few months that angled trendlines don't hold up too well in forex, mostly horizontal lines, which is what I base most of trading decisions on. It's certainly helpful to have these trendlines from time to time to identify the bias on the direction during consolidation periods such as the chart I posted above.

 

Aren't you all technically skilled in order to trade forex? Or are there elements of fundamental analysis by brainstorming what-if questions (like Bruce Kovner does)?

[Anna-Maria 10]

Aren't you all technically skilled in order to trade forex? Or are there elements of fundamental analysis by brainstorming what-if questions (like Bruce Kovner does)?

 

He (Andre) just scans the wires every 60 seconds, sweeps up & supplies everyone with luke-warm, piss awful British tea torero.

[Art Krantz 10]

:o :o :o

[BlowFish 10]

I almost spat my luke warm tea all over my laptop when I read that. I bet you just love our beer?

[milliard 10]

Ho ho ho, I’m splitting my goddamn sides here. For chrissakes don’t let Jimmy or that grinnin Irish genius across from me see these couple posts, they'll have me sitting a 20 question tech exam by sun down.

 

torero: yeah, we keep tabs on the main techs across the pairs. Some a little more closer than others. I guess if folks go stomping all over those itty bitty timeframes then they’ll require to be wired into the circuit a little tighter? But generally a 60m+ view will give us all we need.

 

Horizontal grids, an awareness of the key supply-demand zones, a check on the main drivers (fundamental flavors) & an eye on the wires is about all that’s required to feel your way round the table to be honest.

 

Folks have a nasty habit of making life awful difficult for themselves. Analysis overload? is what it’s termed as?

 

Mr Nuuu Yaaaark (Kovner) made a whole lot of his dough on the back of “stupid governments & clueless central bank bandits” & he aint wrong there. There’s still a lot of dough to be made from that particular quarter, believe you me.

 

As long as we got clueless half wits running the treasuries/finance streams & major trade floors out there, they’ll be a dollar to be made. Particularly if they’re Russian bank desks or high agg spec operators

 

I had to get that one in Gregorvy!!!!....just waiting to be tagged LOL.

 

Blowfish: we're quite partial to your John Smiths & Wherry Ale. Anna & a couple of the girls cook their grey cells with the Irish Cider & Black stuff, but on the whole it's very palatable

[Sledge 13]

Hope you’re still positioned to the short side Mr Sledge?

 

Prices flopping into Krantzy’s lower tier (from post #8) which should now act as a soft ceiling if we get a healthy close into the lower sixes down here.

 

Counter bids unusually light at the 650-80 huh Annie Oakley? Those pirates talk a lot of shit at times.

 

(weak) Russian lethargy if you ask me, that + EU/GB hot thru .8025

 

See how much reliance on that the Pound bears are likely to stomach.

 

Time to get your 1.94 calling cards located children, playtime is looming!

 

 

Sorry for my delay here- a few "Life issues" cropped up in the last 48 hours. Yes sir, working shorts when I can get in on the high side. But have been having some good fortune taking the longs on the pump-ups also. Love this market- can win no matter which direction you favor!

Edited April 17, 2008 by Sledge

[milliard 10]

have been having some good fortune taking the longs on the pump-ups also.

 

You sure will have today that's for sure. Soon as 775 consolidated, the shorts ran for cover & fired off those close quarter stops thru 9850.

 

Fleet of foot the name of the game (again) if transacting Cable this week

[torero 10]

Been busy last couple of mornings so I´ve been missing good entries on these runs. There´s always next time.

[Sledge 13]

Fleet of foot the name of the game (again) if transacting Cable this week

 

Heh, and when is it not? :o

 

One of these days I'll actually understand all of the lingo trading. It was a good read with Art, Anna and yourself. But I think I got a bit lost back there- I'll catch up!

[torero 10]

What;s going on with the pairs just now? There was no news but GBPJPY and EURJPY are all spiking upwards. Is there a huge pump of sells on JPY?

[Art Krantz 10]

$/Jap just popped thru heavy (technical) stops at the much touted 102.75 for 103 torero. A lot of desks have been primed on that number past couple sessions.

 

Crosses will attract 'sympathy' accompanyment, especially GBPJPY. For extra confirmation on that pair; see Sterling strength (Cable & EURGBP).

 

EURJPY has been well bid all the way through the pipe into late NY trade, knocking on from very heavy appreciation (stops) thru the key 161.50 ceiling.

 

Just take a looky at your technical graph re; the EY, that tells you all you need to know regards that baby.

 

 

Now, if I could just drag that pain in the ass vsa thread stirrer & the rest of those bandits out of the bars, we might earn a few more commissions before the day's out