Anyone read about that oil tanker wreck off the coast of New Zealand? Comments?
No I have not herd about it I looked it up and it looks like a pretty bad situation. dont think it will effect to much in the markets but I am a saltwater tank owner and diver. Stuff like this hits close to my heart as there are reefs out there but hopefully they can get it cleaned up before to much damage is caused. Those are some pretty reefs out there and most of the world dont know that alot of the worlds medicine come from the reefs so without them things can get ugly. I am not a tree huger though so I know the importance of shipping lanes just hope they can get that cleaned up in time. Have you seen pictures of that ship man talk about over loaded man I know the world is in a tight spot but a little more common sense can go along way here.
Yikes that sounds terrible. I hope they get that cleaned up in time.
Good morning/afternoon everybody. Anyone see the sharp sell off on this pair around 2:00 am EST on the 15 min t/f??? Was there news on this pair that I was oblivious to??
Yes sir I was short from last night. Was going to close out my position and go to bed but something told me to take a leap of faith. So I left the trade open and I am glad I did woke up this morning to a great surprise. I moved my stop loss to 100 pip profit and let it run. Hope fully trade will make it through till I get home tonight that would be nice. Also glad to see price finally broke out of the range it has been stuck in for so long.
Bob, any ideas on what caused the move??? I bought the pair looking to get a few pips off support at .7942, and I was almost at my take profit of 30 pips before I got slapped in the face.
Aussie mortgage figures came out overnight, a good chunk better than expected, don’t know whether that should have any impact. USD has moved a lot against a number of currencies today.
Anyway, I had a short order last night on this pair last night for purely technical reasons, great downward channel on a number of TFs particularly the Daily, think I mentioned it on here a while back, plus this also worked as a consolidation breakout trade - once consolidation has built up for a while the eventual break is often quite powerful. Few other factors such as Fib, Pivots in there, just made a lot of technical sense.
Nice work capturing a chunk of it, bobmaninc!
ST
I looked at that setup, but it seemed to me that the Resistance around 0.8000 was stronger than the Support you mention - comparing the clarity of the rejection of each - plus we were within a clear downtrend on the Daily with a decent selloff from a high on both the Monthly and the Weekly. So technically I was only looking for Shorts.
But no idea what caused the move, sorry, which is why I largely tune out fundamentals - sometimes there is no obvious fundamental cause behind a move, other times the market does not react as one would expect. Over the long haul, I find that TA stands up far better.
I have to agree with Simon I dont really see much fundamentally causing this. But there are alot of things technically to back the move and with the rally in the US dollar last night sure helped to kick things off. I was short last night just tradeing the range off S1 pivot since it was in a range I was not looking to get much. But now it broke out I honestly have to idea how far it will go. Maybe a retest of last weeks low? Would be nice but I wont count my chickens before they hatch.
I see that my original TP is a perhaps-optimistic 0.7620, but will probably trail my Stop ahead of that!
Well my retest of last weeks low was hit with ease. Thats all I could hold out for. 7620 is possible but I would trail a stop. As for me its back to the sidelines. With 30% gain of my account on one trade this week I cant argue with that.
Excellent. And yes, absolutely hear you on the Stop!! I have trailed up so have a decent profit locked in. I’m also short USD/JPY and EUR/CHF, have profit locked in on all three so a decent week and probably won’t bother trading tomorrow. Nothing like your 30% in one week, though, nicely done!!! You’re going to be rich, one day, if you can keep anything like that going! That’s got to send you intot eh weekend with a smile on your face.
ST
Wow, how long were you in that trade? Or did you over risk?
Best regards
That trade went about a full 24 hours if I remember correctly. I did not over risk but I had a real small Stoploss and a small profit target. But as price reached my target it was picking up steam so I let it run. Sure glad I did. If I remember that trade correctly it was in a tight range and I went short at the top of the range. Only looking for price to hit just below the bottom of the range but in stead price broke out and just kept on going. I wont call it lucky timing but I did not expect it to be that good.
On a side note I am going to drop a hint. It was about the same market conditions as we are seeing now. Last I seen my charts last night the kiwi and the aussie were ranging. I would look to short toward the top of the range as it is aproaching black friday here in the states and people are oging to be spending alot of money. Cashing out of stocks to pay for the holidays. So there is a good chance we could see a dollar rally and if thats the case we could have a repeat of that trade setting up.
Anyone here in a short Kiwi trade? Or looking to jump in? NZD/USD seems to be testing the trend line and there could be resistance at any of the Fibs.
Do you think the downtrend will continue? Or are we in for a midweek reversal?
Long time no see happypip. I do think this is a mid week reversal as my beloved Aussie seems unwilling to go to fair value this time around and has since rejected moving north about 100 pips. But I would monitor this as I see a fake out setting up. A trip to fair value looks almost inevitable and we both know how much these to pairs like to follow each other.
As Big Pippin pointed out, NZD/USD looks ready to pullback to the falling trend line, former support, and 50% Fibonacci retracement level.
Do you agree that the downtrend could continue? And will this potential pullback be my chance to catch some pips this week? I’d love to hear your thoughts!
Hey man! How’s it going? Do you think AUD/USD will stay below parity this time?
Yes, NZD/USD is on my 3-ducks watch list, I’m looking to sell when the ducks line up! :44: