11:20PM December 9, 2008 (eastern time): my short position is built. eur/gbp at 0.8775 area. This might be the last final call before the falling process starts. Time is 11:25PM when I hit the publish button on this forum. (keep record of the clock!).
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Eur/gbp (top)
- Thread starter riskfreetrading
- Start date
Quote from riskfreetrading:
you can say that. I like to nail tops and bottoms.
I am always at a top selling, or at a bottom buying.
it happens that eur/gbp is at a top. so I want to cut some british heads, who are short their own currency.
I also took profits on Nasdaq 100 at 10:24AM, the current standing bottom on NDX. Readers of my blog can tell you that I like tops and bottoms.
Picking bottoms will get you stinky fingers, my friend.
Quote from short&naked:
Picking bottoms will get you stinky fingers, my friend.
Are you sure? If you are sure, I will pick only tops then.
PS: A bottom is a top if you turn the chart upside down.
Check this thread to see how I deal with tops and bottoms: http://www.elitetrader.com/vb/showthread.php?s=&threadid=127406&perpage=6&pagenumber=54
Quote from riskfreetrading:
11:20PM December 9, 2008 (eastern time): my short position is built. eur/gbp at 0.8775 area. This might be the last final call before the falling process starts. Time is 11:25PM when I hit the publish button on this forum. (keep record of the clock!).
The above is still the standing top. Now is 1:59PM, and pair is sliding nicely so far. It is below .8750.
Some strong buyers are spotted at 0.8745. We will see if they will get defeated at first contact, or whether a lift and dump is needed to get rid of them.
We got stopped out at 0.8765 few moments go with 10 pips profits after the position made around 35 pips at certain point and no draw down.
We are going to re-enter again.
4:15AM December 10, 2008 (eastern time): eur/gbp at 0.8780 area. We are re-entering on short side. 4:19AM as I submit this to the forum.
We are going to re-enter again.
4:15AM December 10, 2008 (eastern time): eur/gbp at 0.8780 area. We are re-entering on short side. 4:19AM as I submit this to the forum.
Quote from 4XQs:
Just bounced up again - I got 0.8779 as the new ath for now.
That is called a headfake, if it turns out to be a real heafake. eur/gbp is back challenging the area where the buyers were faked. (0.8740). It should break it to deliver the warning to longs!
Are you long?
Additions:
5:40AM. Pair is at 0.8730. We have another 50 PIPS built in it as a profit (in addition to the earlier profits realized), plus the nailing of the current top (which is priceless).
RFT...why only trade the EUR/GBP?...how many lots do you throw at it per trade?
RFT - I'd be very careful about calling a top here. The Euro benefits from irrational bouts of exuberance, and I think this is one of those. The Euro absolutely shouldn't be gaining here, but it is. One would think the pound would gain faster, but again, it's not. It's almost as if investors have forgiven any downturn in the EZ, but penalized the UK for it's recession. Stupidity, as usual.
I think what we're seeing is a (temporary?) repricing of inflation right now. IE, commodities, and as a result, the Euro, beginning to think of what happens after we're out of the current downturn.
If it proves to not be temporary, then we'll undoubtably see a run back to the 1.34-6 area.
I think what we're seeing is a (temporary?) repricing of inflation right now. IE, commodities, and as a result, the Euro, beginning to think of what happens after we're out of the current downturn.
If it proves to not be temporary, then we'll undoubtably see a run back to the 1.34-6 area.