hm..like what Adam said, the bail out will happen. For this and other reasons, i'm actually targeting the bullish will have a another try at 1.6000 by year end

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just wanna add a little of my view. In forex, it's more about where the money goes, rather than plain TA+FA. The latter combination would be good for stocks, but not 100% for forex.

When GU and EU going bearish, doesnt necessarily means UJ has to be bullish. Yen could be suffering worse than USD at that moment, for all the reasons there could be. News and reports could affect the trend, but not 100%. It's better to know which index, commodity, etc is going up/down, before and after the news, cause there's where the money will go, hence altering the exchange rate.

This post has been edited by small-jeff: Sep 26 2008, 05:41 PM

deleted

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Added on September 26, 2008, 5:45 pmi would say EJ is going down based on the chart i posted eariler.. going to retrace back to the 23.6 fibo... anyone can give me some of their point of views on this matter ? i'm quite a newbie in fibo trading.. ><

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Added on September 26, 2008, 6:11 pmholding -ve pips isn't fun the chart going sideways now for EJ

This post has been edited by kelvin_tan: Sep 26 2008, 06:11 PM

The only problem is the positive correlation between oil and euro. If oil dips again, euro will suffer the same fate. And if the GDP numbers disappoint, oil will continue to tank bringing along euro. When NY opens, euro should be trading above 1.46 to hold the bullish bias. However, if it dips further into low 1.45 area, we might see another low later on tonight.

finally positive.. >< whew..

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Added on September 26, 2008, 6:18 pmexited my EJ with +1 pip.. phew

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Added on September 26, 2008, 6:18 pm@adam.. i thought gold also correlates to euro ?

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Added on September 26, 2008, 6:23 pmswt.. dammit EJ went lower right after i exited

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Added on September 26, 2008, 6:24 pmanyway is elliot wave forming on the daily EU chart ?

This post has been edited by kelvin_tan: Sep 26 2008, 06:24 PM

Gold correlates strongly with oil. It's time for us to buy euro and load up. Once the bail out is approved, oil will rebound.

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Added on September 26, 2008, 6:30 pmBase on price action, euro will dip below 1.45 tonight.

This post has been edited by AdamG1981: Sep 26 2008, 06:30 PM

the bailout may be dead adam.. however how does oil rebound once bailout is approved?

The logic is if the bailout is approved, US will avoid a dreaded recession and demand for oil will not fall alot. Hence, today oil and euro are declining because there was a standoff among house republicans and democrats on the bailout bill.

EU going back up

So technically, you want to buy EUROS now and wait for the bail out news to be released.

swt... trading news again? i nearly had a heart attack last night >< lol !

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Added on September 26, 2008, 6:41 pmmy siggy is a kind reminder to me that I am not asking for a lot of gain.. just as i am not asking for a lot of losses either... i'll skip the news as there is too much speculation on whether the deal is dead or going to be approved..

This post has been edited by kelvin_tan: Sep 26 2008, 06:41 PM

LOL......

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Added on September 26, 2008, 7:01 pmMissed buying at 1.4560 area...shoot!


This post has been edited by AdamG1981: Sep 26 2008, 07:01 PM

haha there is a reason y i set my profit target to 1% a day.. some of the ppl here gain like 10% a day without breaking a sweat... but i dont think i can handle if i lost 10% a day..

that's why i tend to move my profits to my stock account. Forex income is good, but easy come also easy go.

anyway..back to a question where mphpopular asked before.. what is the exact time US opens? and if possible provide me with london and also japan.. euro opens at 3.30 am i right ?

Kelvin, check babypips!?!?

lol.. yes.. i do check babypips.. i know US opens roughly .. 8.30 OR 9 OR 9.30.. and they are affected by daylight savings.. i do not know how does that one work

Kelvin, daylight savings do not affect the opening time, except that our time will be one hour more ahead.

For example, if NY is 12 pm, our current time is 12 am. When daylight savings end, our time will be 1 am.



This post has been edited by AdamG1981: Sep 26 2008, 07:23 PM

lets say US opens at 9pm our time.. so during dayligth saving.. the time they open does not change but will ours change to 10pm instead?

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Added on September 26, 2008, 7:27 pmon a side note.. u've been very patient in answering a lot of my questions adam.. i appreciate the help and guidance u have given me.. lets hope there are more ppl to share like you =)

This post has been edited by kelvin_tan: Sep 26 2008, 07:27 PM

Yes, that's right. You welcome!

I will day trade equities tonight. Laying off forex.

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Added on September 26, 2008, 7:44 pmWATCH EURO GO!!!






This post has been edited by AdamG1981: Sep 26 2008, 08:03 PM

If that is the case we might see a short term bullish on USD. Market optimism to USA economy is USD+ hence having lesser % of pricing in of IR cut. But in the long term we all know printing money is VERY USD-.

Not quite agree on that. It depends on how many % of margin u use. If play forex and aim for ROI similar to stocks, i am pretty sure it is almost the same. Forex is more like a fast forward type of stock. Stock takes days,months or even years to get decent income, wheres forex is probably a 1/10 of that.

My definition of Forex income should be Faster come faster go.

EDIT: Again it is Friday I hate to get my lazybones up again since yest Streamyx cut me off. (<--good also if not I probably took a long up there already). Happy weekend time. These days I am getting lazier and lazier.....Cant help it.

This post has been edited by billytong: Sep 26 2008, 08:09 PM