[06:27:19] jordan: funny we were just talking about the Fed causing deflation - 2 hrs 32 mins ago - Fed eyes record low interest rates to battle deflation now it is the headlines
[06:27:24] jeongwoohan: Spec entry
[06:27:56] jordan: that probably mean 15min stop out for me then
[06:29:29] giovi: hi guys good morning
[06:29:51] jordan: hi giovi
[06:29:53] giovi: yesterday i did again another long on euro
[06:30:07] jeongwoohan: hi giovi
[06:30:09] giovi: i cannot believe
[06:30:32] giovi: closed first lot at 100 pips
[06:30:33] jeongwoohan: conquer entry now
[06:30:56] giovi: and now with second up + 230
[06:31:18] jordan: that is a beautiful drop in on the 15min eur/usd. wish I took it!
[06:31:34] jordan: nice & spec
[06:31:58] jeongwoohan: At now Conquer order 3 trigger right?
[06:32:06] giovi: yes but didn't cross 30
[06:32:56] giovi: on euro
[06:34:52] jeongwoohan: Today, Conquer order 2, the past 2% order 1 so total order is 3.
[06:34:53] jordan: that is true, what made you take the trade then?
[06:35:57] jordan: total of 3 orders now open. the past 2%, current 2.5% and 2% (total 3)
[06:36:06] jeongwoohan:
[06:36:38] giovi: gbpjpy h4 ready to go
[06:36:49] giovi: short
[06:37:51] jordan: if order 2.5% takes profit and we set sl to break even on the new 2%, we will also move the current order 2 (currently +851 pip into profit) to the new 2% stop loss
[06:41:08] jeongwoohan: Do you have to modify the past order2 sl to 139.500?
[06:42:36] jeongwoohan: today 2% order SL 138.000, past 2% order SL 139.500 right?
[06:44:09] jordan: today's sl is 139.50 for both order1&2. previous 2% sl is 146.74
[06:44:38] jordan: 860 pips away at break even
[06:47:29] jeongwoohan: I'm sorry
[06:47:31] jeongwoohan: I mean when 2.5% order have to TP, it will be modify SL.
[06:48:32] jordan: yep, if order1 or the 2.5% takes profit we will modify sl to break even for 2% (and also adjust the past 2% to this new sl as well)
[06:50:16] jeongwoohan: Thank you so much. Jordan

Calling this a recession doesn't justice to the reality of our economic situation.

Interesting though the S&P is down 39.48% as of yesterday for the year. At its intraday low for the year it was down 49.5%, but that was 3 weeks ago now. Even still is is a fun graph to look at.

[21:11:48] jordan: i am listen to Ben Bernake's speech and they are announcing the Fed is going to start buying treasury debt. So they are going to start printing money to cover the debt of the money they have already printed. geee that sounds like a solid plan!
[21:15:54] jordan: Ben is also saying that now foreign banks will borrow from each other. they will call it "swaps". They can borrow as much money as they want from each other and it provides "almost no risk" since they are the ones who create the money. He also said they are not sure if it is the Fed itself which is causing all of these problems through it's monetary policy. It is too soon to tell.
[21:16:15] bink: Hot potato, eh?
[21:16:29] bink: musical chairs
[21:17:02] jordan: grasping
[21:17:48] bink: I have confidence this will not blow up in anyone's face
[21:18:27] bink: I have also begun flapping my arms really fast while walking on my roof blindfolded
[21:18:54] jordan: most of my friends and family have lost at least 40% of their retirement savings. seems like it blew up in all of ours. you had me for a second!
[21:22:05] jordan: here is the link. listen carefully to what he says. Bernake on Econominc Challenges, Pt 1

Bernanke Highlights Unconventional Federal Reserve Policy

Bernank: Fed could Purchase Longer-Term Treasury or Agency Debt

Which means they Fed will print money to buy or debt and charge us interest for doing so.

Bernank: Fed could Backstop Liquidity in Other Financial Markets Outside of Banks

Does that include private hedgefunds?

Bernank: Swap Lines Pose No Credit Risk
Yeah free money, we heard that one before.

Bernank: Fed Liquidity Programs Have Failed to Return Private Credit Markets to Normal
Fed failed. End the Fed.

Bernank: Market Itslef Must Ultimately Address Financial Problems

So please get out of it's way and stop messing with it.

Bernank: Govt "Intervention is Necessary to Protect the Public Interest"
Please do not do us anymore favors!