Yeah, I can see we operate very differently. When I'm in between trades, I'm agnostic about what direction my next trade will be. I wait for the market to tell me. I would also never use Europe as a confirmation of anything other than itself. Between 3 AM and 9:30 AM Eastern there's enough that can happen that regardless of how Europe trades, the ES can trade differently, so it's best to take the ES as it comes. For a guy who doesn't have a crystal ball, you sure talk like you do. Just an observation.
Europe??? Who gives a sh*t... If the global markets go up that means supply/demand has increased and our market if gapped is already priced by the open and more likely to go sideways and fall. LoL!
You're 100% correct. I'm just analyzing a different time-frame. I sound like I do because i'm very confident in my analysis. Enough so to post it on here and put my neck on the line. Unless the over-night session tosses me a warning, I'm extremely confident in this area which certainly helps as well (price action has respected it nicely). If i'm wrong, I'll be stopped out and most likely looking to reverse this position short
I like to know what is going on in multiple timeframes from daily to weekly to monthly... So that I know how fast the core of the market is moving and which direction. It's like these daily engulfing reversal rallies... If you daytrade short in the first few days of these and get stuck... You WILL get trapped short even if you time an hourly swing top perfectly. 90%+ odds... And buried 10-20+ handles before the next swing cycle. Most of the people on here are scalpers and this doesn't apply to you though.
The EUR/USD doesn't matter to those trading the SPX... It's technicals are cross correlated and built in. Too many global alogo's playing that trade. These messages were between me and elovemer. Current EUR/USD > S&P 500 correlations are only Medium/Low. Traders are not focused on Europe at the moment. "Told ya about the euro... Trending... Always trending... Thats why I don't trade FX. I don't care for neverending trending and erratic price movement... The EUR/USD will bottom when the S&P and Euro indices find support... 07-12-12 07:08 AM" "Re: EurUsd Buy Confirmed Just wait until the EU situation heats up again. The EUR/USD starts trading in a lock step correlation with the S&P 500... In late 2009 into 2010 there was a huge correlation between the EUR/USD and the indices. It's useful because the EUR/USD turns can lead the S&P. RangeTrader wrote on 07-09-12 08:51 PM: http://simplert.com/share/elovemer/EurUsdConfirmed.png It has two days to rise... If it doesn't make headway by then it will fail lower as expected. It's in a fundamentally driven downtrend which may be unstoppable in the medium/long term. The EU doesn't seem to want to do anything big to fix their debt situation like a fiscal union. I expect it to end as a currency within a couple years."
When it comes to FX the one thing I remember the best was the weird divergence between the USD and the CAD in winter of 2008/2009 I think... I was up in Canada at Whistler and managed to get hundreds off on my pair of skis because I had dollas!!! Dolla dolla bill yall! She's gonna be strong again when the EU blows. ETA < 2 years... Put the thought out of your head until it starts to appear in the headlines. I haven't looked at the debt curves lately but when I analyzed them a couple years ago and extrapolated it out interest rates were modeled to go parabolic into 2013 by my math.
You really should make an effort to stop embarrassing yourself. You eeled out of RedDuke's repeated request to make live calls to support your unsupportable claims. At least you had the sense to step down from a stupid ledge, if not quite the integrity to admit that you did so. Rather, you blamed a most accommodating RedDuke on a fabricated "misunderstanding" of your own making. Shameless.