"Black Thursday" turmoil, great opportunities.

Published on Friday May 7th, 2010 at 11:13AM by Pipmonium

Good day everyone. Some people probably made their career best trades yesterday and those idiotic traders without stops lost all they have. "Blame Electronic Trading for Stocks Plunge" NYSE Official Says.Last night was pretty interisting with alleged "Black Thursday", what a big "ballsup".I hate that it happend, cause now the euro markets is more volatile and for my method of trading the stops has become too big to enter. Damn I could of made some bucks since last night. Well we know for sure that there's some people who started to party out their bucks from last night. We talking about sudden billions, yes billions that came into a unsuspected market. I believe the euro and the yen is going to make some big retraces.Let's take a look at the EUR/USD:

The black horisontal line just under 1.2900 is a good target I would say to watch (if I was able to get in at 1.2700 that is). Trendlines are broken, yesterday's weekly broken support, seems to just have been a spring affect, or it's making the pullaback to get some extra downward steam. Here's the 4hour for the confirmation.

Just be weary of the 1.2805 price, for there being some strong resistance.Let's wait and see what will turn out, but every market and stock is running around trying to recap the losses of yesterday. Fun fact, there was one company which $50million stocks plummeted 90% and then regained a few hours later. Damn that's some panicky stuff I would say. Hope the board of that company didn't get any hart attacks.well, enjoy the weekend and happy trading.Live long and prosperous.
  • 8 comments
  • Go to jiolany's profile

    On Friday May 7th, 2010 at 02:01PM by jiolany -

    what moving average are you using it seems to work very well with the trendline?
  • Go to Pipmonium's profile

    On Friday May 7th, 2010 at 02:37PM by Pipmonium -

    Yeah, it's awesome. I trade all my candle info off it. Blue: 34EMA/Median price.Silver: 34EMA High/low respectively.Looks like the 1.2800 resistance did hold, was a good trade, just sad my method didn't allow that entry..
  • Go to lukenn's profile

    On Friday May 7th, 2010 at 03:53PM by lukenn -

    The funniest thing about yesterdays glitch : Accenture shares were going for USD$0.01 ! If only I was in the equities market. Heheh... ;P
  • Go to Pipmonium's profile

    On Friday May 7th, 2010 at 07:55PM by Pipmonium -

    Damnnnnnn!!!! That's robbery and with prices so low one would wonder if there was spread, not that it would bother at that price, but still (corny trading thoughts).
  • Go to buruguduy's profile

    On Monday May 10th, 2010 at 02:50AM by buruguduy -

    I'd watch out for that 1.3000 handle too. That's just between the 61.8% Fib and 50% fib *using last week's highs and lows as my swings* I think you're right though, playing the retracement might be better this week. I'll probably follow your tip but risk a smaller amount of money because it's against the overall trend and fundies.
  • Go to lukenn's profile

    On Monday May 10th, 2010 at 05:07AM by lukenn -

    1PM (-8:00 GMT) right now. Its heading there. 1.2970 hit and bounced. Its insane at today's open. the 15 min chart is showing at least 7, 50 pip candles. Pretty strong moves over the Asian session. Good luck !
  • Go to Pipmonium's profile

    On Monday May 10th, 2010 at 08:28AM by Pipmonium -

    Damn this market!!!!! I mean damn this volatility!!!!! haha. had a nice long signal for 55pips, but noooo, volatility made the entry impossible with a 72pip stop. It's screwing with my method, the reason why I left the GBP. aaaaaah. o well, next time hopefully.The price is making some significant jump off that weekly trendline at 1.2721. I'll only recommend short term trades for the moment. Thanx for the inputs and happy, profitable trading to you all.
  • Go to Pipmonium's profile

    On Monday May 10th, 2010 at 08:39AM by Pipmonium -

    Watch 1.3114 for some decent resistance, if there's a break 1.3250 will be the next and ultimate test of what the euro is going to do.

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