hm..they just voted a "NO" to the $700bil bail out...seems like these few months of trading would be rather difficult..

H&S for both GU and EU.
EU broken the neckline while GU not yet.

Only posted 1 chart since both is similiar


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i need a retracement....

p/s : reversal and retrace are the same term or not ?

euro will probably go lower n lower due to the financial crisis spilling over to them..

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Added on September 30, 2008, 12:04 pm@normeck...
what pair u need retracement ? ur account back d eh ?

This post has been edited by kelvin_tan: Sep 30 2008, 12:04 PM

people are avoid europe in fear of it'll be the same as US.

the credit system in the world is freezing up quickly, last night's borrowing cost made a sudden increase (although i dont do carry trade). Traders who require leverage will find some difficulties. Hopefully, it wont affect the margin required and the spreads too much in forex...

If u did listen to Paulson's and Bernanke's Testimony, u can probably guess almost all of the follows @ Capitol Hill dont buy Paulson's & Bernanke's plan. There is no surprise here lah.

yeah...virtually everyone slap and slam when they get their turn... kinda pity them that time...

billy, need your opinion. what are the chances that europeans traders/investors will flood the Treasury? wanna keep track on where the money goes.

i want GJ retracement...cause i already open my hedging....

Money goes into Gold + JPY mostly. I cant really answer ur question. Because I dont know.

But the market now is the traders are unsure off where to put their money to, they have been flip flopping between USA to Europe to other places. Today is USA problem then Europe problem then the next day USA problem again. U see the whole market fly in and out in diff places, this is why u see a lot of whipsaws @ EU, GU, AU. Suddenly bull then bear again.

I am still looking forward to see Credit suisse, UBS and Citi failure, the next one should be Deutche Bank. Especially Citi.

This post has been edited by billytong: Sep 30 2008, 01:13 PM

a little TA on EU.

from the monthly chart, the recent down move is still being hold by the strong support line drawn. but based on a weekly chart, where a shooting star marked the reversal of the small correction. We might see a revisit breaking of 1.38xx, when it may try to challenge the support line again, provided that if there's no better news coming out to change the sentiment.


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i will not touch EU for a long time... finally from -50 pips its -10 pips and waiting..

IMO, it'll still be worth it to watch from the sideline if not trading. It'll be good experience watching the price actions, live. It's not like we have a crisis every year the next time it comes, could be better prepared. For scalpers, it's the best time to pump up entry-exit skills

euro is going into deep shit soon.. they had to bail out and inject money into so many banks..

short USD JPY now at 105.119 TP 103.90 SL 105.380

wow.. ur SL is really tight compared to ur TP ><

TP is the best price i will close out, i might even close early if price stall. Hopefully it can break the pivot level @104.90
Have you found any good setup?

This post has been edited by r326196: Sep 30 2008, 07:11 PM

good setup? there aint gonna be a good setup with this kind of market conditions T_T but usually my SL i set at roughly 50-60.. TP = 80 - 100

actually...there is...patterns like triangles/pendants works well especially in this choppy movement, where it'll tend to form one prior to reversal. In addition to that, is of course, candlesticks .. basically, reading the price actions is still applicable, but due to the high and fast movement, entry-exit must be rather precise.

....

darn it...EU keep falling...should have just leave my TP as it is...

lol.. i also got confused on EU .. i exited too early:(.. my UJ got stopped but my EJ is doing nicely ^^ +120.3 pips as we speak

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Added on September 30, 2008, 9:43 pmi think... we will see new lows for the EJ pair .. gonna short until it reaches the 123.6% fibo

This post has been edited by kelvin_tan: Sep 30 2008, 09:43 PM

i want to say SELAMAT HARI RAYA to all muslim trader...

and for non-muslim

HAPPY HOLIDAYS...