BTW for anyone who laughs at the ote concept - draw a fib yesterdays high to low - ote sweet spot 3036 - this morning reversal point - 3036 - happens all the time 
You must have missed the overly positive Spanish bond sale this morning. Technicals mean nothing unless backed by fundamentals.
Fundamentals have their place, but technicals get you into the trade. Peterma is right about OTE, he just had the wrong one! Fib pulled from yesterday low to LO high which coincided with yesterdayâs NYO level - 70%R LONG hit to the pip. Bond market divergence with 5 year failing to go higher when 10 and 30 did. Wait for CME GLOBEX Open Outcry to kick off the party at 8:20, andâŚBOOM. Itâs a beaut.
LoL Thrax everybody here have own opinion if u like gangnam style doesnt mean i like that s*** too, but yes fundametals have their own + and -
Its amazing how quickly you can change your bias
Fastest 80 pips ever, while trailing the stop aggressively. Went Long @ big figure (check the 1H, OTE zone for Long), 0.5% risk. Paid off nicely⌠Out at noted 1.3080 institutional. I think Iâm done for the week. 1.31 possible, a nice spot for long term traders to rest their stopsâŚ
I think that was my point, wasnât it?
Hey look, if you want to continually be on the wrong side of the market, then by all means be blinkered and chase your fib levels on a hope and a prayer.
I think I finally understand why Banker vacated this thread.
Alishijo, this isnât a personal attack on you, itâs just a general observation
Like a true pro
Just lucky, toss a coin, throw a dart, its all good 
:51:
Fundamentally, Iâm not buying this EURO rally. From what Iâm hearing, the ECB thinks the economy will grow without further support? Hmmmm
Could be an interesting NFP tomorrow
I donât buy it either, but I am once bitten twice shy and staying out the way until the dust settles.
I didnât take it as an attack. Should I? haha! I look at at the fundamentals, but I donât look at the bond sales. If you would be kind enough to point us to your source, then that would be a fine contribution.
Thrax, you have been around here long enough to know this is a technical trading thread. Banker left because he is a fundmental trader. If you also believe that fib levels are a hope and a prayerâŚwell, you know where the door is and donât let it hit you on the way out. Otherwise, if you stay, then do not give anyone a hard time for trading fib levels, because that is how it has always been done on this thread and how it will continue to be done
Jonny - good trade - the clue was the usdx/ bond divergence yesterday / why i was saying about dbl bottoms and questioning the fibre falling - the bond market is more often right that the fx market, now everything is back in sync, it was just a move down yesterday by the big money (doânt like calling them smart)
Hey Alishjo, I just wanted it to be clear it wasnât directed at you. I picked the news up from the Reuters website. Iâd recommend having a twitter account with appropriate sources being followed. Being in the habit of marking up the key announcements each week and seeking out information about them before and when they transpire will help you enormously.
Lazydogs, what gibberish are you spouting? Donât talk such drivel. No-one attacked anyone except you. The point being made is not to trade solely on technicals, because (fib) technicals will point both directions for any chart on any timeframe at any point in time.
âŚbut if you would be so kind as to tell us your bond sale info before you leave!
Sorry Lazy, didnât mean to steer the thread off course. Itâs been a while and I forget how these things work.
Let me add some HTF Fib levels to make it up to you:
Cable:
Daily 127Ext from June 1st low to Jan 2nd high: 1.4966
January Monthly range 200Ext: 1.4974
Fiber:
Daily 70%R 1.2968
Nice of them to schedule the bond sale for today!
btw the fundamental reasoning for todayâs action, 2 schools of thought.
- draghi end his press conf, nothing changed, less prospects of rate cut ahead - ???
- usd selling, no special reason, just âweaknessâ - ???
Hard to day trade the fundies, who could have called a turn - the techies of course
Thank-you Thrax. I am in the habit of doing that, but I never seek out the bond sale info. Scotiabank is an excellent resource for fundamentals. I would recommend it highly. Back to the technicals!
what gibberish am I spouting? Have you read what you said? What part of your statement is not attacking an important tool we use here?..Hey look, if you want to continually be on the wrong side of the market, then by all means be blinkered and chase your fib levels on a hope and a prayer.
I think I finally understand why Banker vacated this thread.
Ali, you were not derailing this thread. Thrax attacking technical trading on a technical trading thread is what irked me
Read more: 301 Moved Permanently
Again, more drivel Lazydogs. A complete failure in comprehension on your part. Quit while youâre behind. Also, this is not a technical trading thread.
Iâm reading the NFP might be disappointing tomorrow. Donât trade it.
Just to get the ote thing in perspective, yesterdays fall, from itâs high (3067) to itâs low (2961) was âengineeringâ, there was zero reason for the fall, risk was on the rise, all bond yield (quick way to measure risk) were marching up, inevitably the slide stops ( I had been hoping for 2950 for an agressive long - but thatâs greed) -.
So if you are bearish, you missed the move, you do not chase, you wait for the pull back, where to? - it pulls back to the ote sweet spot as it does many times.
A fib from the high of the slide to the low of the slide - 3036 ote s/ spot - good for a scalp, would I trade that - no, because the slide down was imo false I was expecting the swing up to mirror the risk level as shown by the risk indicator - bond yields.
The Spanish sale was a not a market surprise.