1st on Forex

Video Response to Comment - Question: Will Pound Rebound?

Reader Comments

Hi, Do you expect any bounce in GBP above 1.90 again... or looking towards 1.80 levels this month

regards - krishna  - Posted by: krishna | August 13, 2008 at 05:53 PM

 

I Thought I Would do Something Different - A Video Response:

 

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Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients  Click Here for a Free Self Evaluation Survey.

 

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1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

1987 Crash Conference Call and "TAF" - Exposed Online

Treasury Auction Facility or "TAF" - Defined

During today's "1st on Forex - The Week Ahead" Webinar I was asked by a participant if I could explain what the "TAF" is and why it is important. I hemmed - and hawed and choked - debating with myself - for about 2 seconds - on whether I should embark on this relevant tangent or focus on the charts.

The charts won.... But I want to answer the question here.  The Treasury Auction Facility - otherwise known as "TAFS"  allows the Federal Reserve to provide liquidity to banks during times of interbank stress.

FOMC Historical Documents Now Online

Lot's of great information at the Federal Reserve web site. 

1987 Crash Conference Call - "Why is the Dollar so Strong?"

I found interesting a transcript of a conference call during the Crash of 1987 where Chairman Greenspan is asking Sam Cross manager of Foreign Operations to explain, "Why is the dollar as strong as it is?" Mr. Cross replies, " That's a very good question  and I wish I had a good answer for it."

It reminds me of a line from the movie "Apocalypse Now" when Martin Sheen asks a soldier in the middle of a fire fight "Who's in charge here?" to which the soldier replies, "I thought you were!"

Link to the 1987 conference call transcript is:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19871020confcall.pdf

Jerry Furst  is an active trader, educator, and Founder of Investors Education Network (IEN),He is available as a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.

Technorati Tags: TAF,Treasury Auction Facility,Greenspan,1987 market crash,Apocolypse Now,Martin Sheen

Reader Comment on Inverse Head and Shoulder Pattern

Hello.

Well, in my opinion the h&s pattern which is pointed out is not a good one, and if I am wrong, then where is the "neck line". A "neck line" should be a decision making line or "triggering point in h&s pattern, but on your  chart, I see a line called "decision line".
I apologize if my comment/question is not clear. I will try to make it clear: where is the neck line for the pattern show on your chart (chart2)?

Thank you and good luck to all.

Rezo
===============================

Hi Rezo,

Thank you for your question. Allow me to elaborate - This is a "potential " Inverse Head and Shoulders pattern. It is not yet confirmed. You shoudl be able to see the "potential" slanting neck line drawn is clearly visible at R2 (approx 1.9230-1.9270).

R1 is what I labeled the "Decision Point" meaning price will decide whether this will or will not become an Inverse Head and Shoulders. Notice I draw an arrow that bounces down off this resiitance point (R1) If that happens, then this is a failed pattern that was setting up. (Reviewing this for you I noticed that the arrow for this H&S failure should have been drawn from R2 - not R1.) 

The other possibility is where I have drawn another arrow that continues through R1 and R2 all the way to a H&S Completeion point at approx 1.9800.  This would be the maximum potential of the Inverse Head and Shoulders patern.

Time will tell the accuracy of this potential pattern and analysis. Interpreting the right edge of the chart is a bit more challenging than going back and showing you what has already come to be. I encourage all my readers to send me thier "right edge" analysis - as that is the market!

You can be  sure I will discuss this chart during Mondays 12:00 GMT Free Webinar on FX Street - Feel free to log in and ask me your questions live!

You must pre-register ahead of time by clicking on this link: http://www.fxstreet.com/live/sessions/session.aspx?id=152c5efa-528a-4d2e-a1da-b8210f2fe7d0    

Good Trading to all - Jerry Furst for "1st on Forex"

Go Ask Jerry: Q and A - EXECUTION IS KING!

From the Internet:

Hi Jerry,  I really enjoy reading your blog and looks like you are making some good observations. I have a question.

Q: I was trading the EUR-USD long this morning (Oct 16 2006 EST) and I got my 1st profit target of 1.2527,and should have gotten my Profit Target 2 of 1.2537 according to my charting program.  My broker apparently did not see that the markets reached my PT2. By the time I looked at my charts again I was loosing 2 Pip's on PT2, and then I closed my trade. At least I did make 4 PIPS on PT1 of 1.2527. 

Can You Tell Me Why I was Not Filled at 1.2537?
Grass Hopper 

A: Grass Hopper, The EUR-USD only ticked at your target: 1.2537, briefly this morning. Congratulations on calling "Thee Top" of the day! Butt I have to ask,  Were you being greedy with a pip or two? If so, Let that be a lesson to you. (Hey, that rhymes!). Although you did not provide me with a chart of your analysis or how you calculated 2537 - I will assume for the purpose of this blog that you tried to capture the absolute top - instead of being happy with one or two pips less.

The bottom line is that your charting service (which I have concealed the name of) is a composite of several hundred banks and brokers trading on the inter-bank market. It appears as if your broker (who I have concealed the name of) never traded at the high of 1.2537 for the few ticks that a few others did. Remember, there is no central exchange and although the Forex market is extremely liquid - your broker might not be!

This begs me to tell you that in all trading - whatever you trade (stocks options, futures, milk, corn, gold, EUR-USD) EXECUTION IS KING! It's worth every pip as your example clearly points out - as you lost much more than one pip. I also suspect that you were trading with market and not limit orders.

Tsk tsk, Grass Hopper!..... I suggest you demo trade Tuesdays PPI and TIC Reports and Wednesdays CPI and Housing Starts  :>)

Happy Trading - Jerry Furst for "1st in Forex"