This has nothing to do with algo trading nore Greece either. That was a nice little trade based on the weekly and I am not the only one who watched it. Just done by hand. Did you look at the weekly chart? Could you see something there?
yes it has to do a lot with HFT… a 5 minute spike of +100 pips is not because a weekly chart…
but i am not here to impose my point of view… 
So, you can’t see something at the weekly? Okay, then it must have been Greece and hft trading. LOL!
As I said, it would be better now to look for long entries. But that’s (just) me. lol.
I didn’t lose any money in this trade… I have posted my weekly chart and live trades
I never made fun of your trades or anybody’s trades (but that’s just me)… but I you are OK doing that to others…fine
I do not make fun of anybody, beside of my little humor regarding Greece, lol. I asked you a question if you watched something on the weekly what could have initiated that move. Plus I warned you that this short move might be over just to protect your money. That’s all.
110+ pips now.
Regarding “wide stops and algo trading”:
I went in with a tight stop below the low. Just 30 pips risk. Moves were slow then for around an hour. I even went for dinner. Until it seems more at some hedge fonds have recognized this tl bounce off the weekly. And then if several traders do the same - boom. Sure the press comes now with Greece, because they don’t know it better. If they don’t know anything, it’s Greece right now. Up, down, whatever. It’s Greece, the center of the universe. LOL! I’m really wondering what they would come up with if Greece wouldn’t exist, lol. Maybe Cuba? Or what about Sardegna? Nice island and worth a vacation, btw.
I do not deny the fact that the move down was due a bounce… but come on… look at the 1M chart that move is not in response of a support level… it was because a news event…
reuters breaks this report: “Greece reaches agreement with EU-IMF inspectors on 5-yr austerity plan”
sure everything sums up and the spike happens… we have to live with that kind of spikes nowdays
but surely looks rigged in order to give fresh air to the markets until june 28…
I am just pissed off that I waited for a good price to enter a trade… and it is over because a reuters’ headline that IS NOT true…
I now this happens in this game …but is not easy to digest…
That you are p**** off because of anything trading related doesn’t change anything. Leave emotions behind while trading. Your opinion is yours and if you don’t believe me, then I have no problem with this. I made my money because of a nice trade and I watched something happen. That’s all what counts for me.
Just think about that Greece news come around almost every hour and almost nothing happens. And if you look at what happened to the weekly chart it was the same last week. The candle looks like the same. That’s twice a off bounce a tl.
Anyways, I am not the initiator of the bounce, lol. Happy pipping to you. :57:
i am fine with the news either they move or not the market… but news tailor made?
I can careless about emotions, I have traded enogh to know that… but i am not a robot and my trading goes beyond that … other way i would trade only with bots…
Now I have to wait at least 5 days to place a trade that i am confident with… meanwhile i will scalp the 5 minute chart either long or short…
Okay, regarding news. I am not just a trader. I have a lot more skills. I know for example a lot about IT. If I just read news about IT, I could laugh the whole day. I do no say it’s all BS. But most of it is. And if it goes to trading, where almost nobody knows how a market works or what the smart money does, it’s even worse. Almost everybody who trades a demo and makes 1 million out of 1k in a year thinks he knows almost everything. Then it comes to the point when he blows his first account. After the third blown account he might realize he does better in teaching others how to trade and writing news. So, that’s how I think news are generated. From exactly those guys. If they could trade, they would rather go trading than working as a press slave. Or not? Exceptions are there, sure. Just to generalize a bit, lol.
Regarding Greece. If it goes up, it’s Greece now. If it goes down, its also Greece. No matter what. Eur goes up: Greece. Dow goes down: Greece. I tell you one thing. If the smart money would be that stupid, we would all be rich, lol.
Yup. Little bitty Greece.
Fact is, and it’s not my personal hypothesis, but it’s the word of every economist with any respected opinion that WHEN Greece defaults, it will likely trigger a very very very bad scene.
That little country is getting propped up for as long as they can prop it up, in order to prevent failure beyond Greece’s borders. At this point, it default is a given. But behind the scenes of all this can kicking is a rather desperate bunch of moves aimed at hedging off a massive European banking crisis.
Think of that what you may, but it is FACT. Those banks with the most exposure are scrambling like mad to keep from being overleveraged, and defunct once Greece can no longer make payments.
And yes, that spike today, happened to the second that Reuters report on Greece’s agreement hit the wires.
It would have gone up anyway, but it would have been more a grind than a massive spike. The euphoria will wear off, and the down trend will begin anew.
The ebb and the flow of the market doesn’t ever change, just the pace and direction.
Just gotta be light on the feet always:D
It doesn’t matter how hard I will it too, the market wont fall because of my bearish opinion of it.
So I’m just as willing to buy, as I am to sell.
Yeah, that’s my understanding of the Greek issue too, personally I don’t know much about government bonds or international banking but here’s one of the story I’ve heard.
No one really cares that much about little old Greece. What they do care about are the French and German banks holding lots of Greek bonds. If the Greek bonds being held by the French and German banks go into default the capital requirements of the French and German banks will not be properly met.
If the French and German banks get downgraded they can no longer participate in global Money Market accounts. If the French and German banks can’t participate in the global Money Markets, the Money Markets could default “Break the Buck”, having less than 100% of the value of the customers deposits in capital, as they started to when Lehman went bust back in 2008.
Apparently there are large sums of corporate cash deposited in Money Market accounts and if they started to “Break the Buck” that could lead to a major global corporate financial meltdown.
So, Greece defaults on their bonds and the next morning the auto dealership in my hometown doesn’t have access to the cash in their Money Market accounts to meet payroll, wow!
It’s pretty interesting how inter connected the world has become!
What I’d really like to know is how much is is held by US banks
Are you talking about long term positions based on trend ? Its a funny pair to trade really when you think about it, both currencies in such downltrends of their own, its like trading against whose downtrend is the worst lol.
Heh, don’t think you’re going to be able to convince him otherwise. He’s come to the mental state of mind whereby he has decided that he must always think for himself and that all external news sources are to be considered suspect. Thinking for yourself is of course fine and dandy but the unfortunate corollary that’s happening in his case is that he can’t reconcile it when the conclusions he draws are different to the actual reality. In his mind he’s always right and if people don’t agree with him it’s because they just don’t get it. Those people then get the snidely superior follow-ups with the condescending lols, rolfmaos, etc. designed to belittle their posts - all of which he hides as “his humour”. This will continue even when the conclusions he has drawn are absolute drivel. It’s an ego thing at the end of the day which unfortunately often detracts from what can be otherwise sometimes be quite good points.
True though I guess they might be different sorts of downtrends. Taking the Emerging Markets currencies as an example where their economies were undergoing booming growth. The Euro went on such a meteoric rise from 2000 against those currencies until the current crisis that it could be seen as a correction towards a mean. USD has been in a pretty consistent downtrend against most of those currencies since 2000 given that we were in the middle of a boom for the early part of the decade. I can see the Euro accelerating it’s losses though over the coming years as all in all I think the U.S. is in slightly better shape to haul itself up quicker than the EZ.
Good afternoon, folks!
Crazy Friday in it’s name delivers. 
What do I care, what analysts babble? Them are like politicians or even worse. I went through a school almost no analysts went through. And definitely just maybe 1 of a million traders. LOL! And if you believe in Greece reasons for daily price jumps, just do it. I know better and I brought some evidence and if you don’t take those facts into consideration, it’s not my money what you play with. It seems also, MT, you don’t put your money where your mouth is. Because if so, you would trade your opinion. Would you? You just trade the technics. I do not say that is wrong. But it gives evidence that you do not even believe as much in your own opinion that you count on it while trading.
Regarding defaults. No european politician would let go Greece default. I bet almost anybody who talks about a default never put a foot onto the european continent. Greece is not the only country in the world with financial issues and the ez is not the only with financial issues either. Some guys seem to think that 15 trillions of debt is no issue. If you value euro in usd though, you do not just value the eur, but the usd as well. And that value shrinked around 98% in the last 100 years against gold. So far about value of the usd. If analysts babble about risk aversion if ppl go into the usd, I smile from ear to ear and beyond, lol.
Another [B]fact[/B], Greece default or not: Investors (not traders) gave the eur the value of 1.39 til 1.49 in the last months. Thats 40 til 50% more value than the usd. That’s because they KNOW that Greece will not default. At least not in the short term. I said already that in the long term the eur will have the same future as the greenback. But that will take a while.
did you see the trader that made rcarter about gbpusd?i havent words for it…
No, but RC is for sure a great trader. As far as I know.
At H1 looks like it could be a fibb tank station right now. If it doesn’t break below that tl. Bearish tone however from M5 til H4 today. Everything else unchanged. Rejected at the dpp. Difficult overall picture to trade right now I’d say. Hovering around the pp.
edit: Ok, broken I’d say. Not the close, but I expect it to go more tanking now.