Sure makes hedging sense in some circumstances. You just need to think a little farther to recognize that. It is only that … uhm … brokers/banks with deep pockets don’t like hedging, because it confuses them. It could be like playing chess and you would sacrifice a pawn for a dirty little trick in your favor.
Okay, back to euros. My “gap” was already played out at Friday, lol. I do still see more probability upwards. Maybe 75%. There is a hammer or close alike that on a chart and if there is a hammer on a chart and this chart is a weekly chart and the price is at a decision level, this tells something.
If you check back Mike, I was short from 1.34 Friday. Looks like the daily is coming over the top… usual hi/lo on shorter 4h TF but gradually lower. Then a sharper down.
Looks like you cleaned up there San! Closed my 1.34 short at 1.33 and took that 38 fib bounce and out again at 1.329. Think that will do until I get a better idea of what PA wants to do… is the daily a retrace then back to long or is it going south?
Looks like it could become an inside candle on the daily. Right now it went back into the channel. So, it’s respecting that tl. Plus it is right now at the open of last week and reacting. Very nice so far. Will those traders out there see this hammer?
Under normal circumstances, that hammer would be a great signal but taken in context for the moves last week and the likely news this week, you gotta be careful taking that as a lone signal…but systems are systems
BTW, is there a GBPUSD Daily thread anywhere and maybe a USD/JPY?
Would be good to spend 1 post a day looking at those given that it’s less stressful trading the Weekly, Daily, 4hr - easier to manage trades.
After much thought… LOL… I’ve closed out my weekly short and am letting the daily ride. Were now back up to the weekly low trend line as I see it… so I’m thinking the daily is in fact going to breakout long. But I’ll be watching the 4h like a hawk!
I’m with you RC. Something just isn’t setting right with this. I missed out on the big move down last night for the most part. Got 20 pips early on, and have been flat ever since.
Long has my attention, but I’ll be sitting on my hands until further development. This is turning into a nice 123 on the daily, but the weekend jacked it up a tad, so my faith in it is a little shaky.
My low (well you know what I mean lol) trend line off the weekly runs from 09/20/08 right to where price is now… easy to miss if concentrating too much on the daily high trend line, but its there! LOL
