I was hoping no one would notice that
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- SeekingLight Joined Jul 2006 | 3,235 Posts | Status: Charts + PA > *
As soon as you guys spoke it went down
Trust price. Know yourself.
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- clockwork71 Commercial Member | 6,527 Posts | Joined May 2007
Really kids, it's as simple as shorting that daily pinbar formed yesterday.
I guess there was an announcement of some sorts about half an hour ago. Something called ISM.
Ok, well....the pinbar still stands, whatever ISM means.
No I just need to figure out where to take profits. This looks a lot like the last pinbar to me.
Euro is getting heavy.....very heavy.
Seeking Light is right, everyone is already long the Euro. And I heard something about a EUR bank writing down losses......this is only the first one.
Through chaos, there is profit.
I guess there was an announcement of some sorts about half an hour ago. Something called ISM.
Ok, well....the pinbar still stands, whatever ISM means.
No I just need to figure out where to take profits. This looks a lot like the last pinbar to me.
Euro is getting heavy.....very heavy.
Seeking Light is right, everyone is already long the Euro. And I heard something about a EUR bank writing down losses......this is only the first one.
Through chaos, there is profit.
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- Plutonite Joined Mar 2007 | 1,374 Posts | Status: we are stardust, we are golden
Interesting moment now on both cable and EURUSD. What was initially a pickup from the dips has now formed nice tops, and reversal action downward ensues. I think if the bearish action holds for another 4 hours, the stage is set for 1.9650 GU and 1.5350 EU. And no this is no "elliot wave" count, you nutters. Sheesh. 
Much more dangerous playing on euro than on cable though, given the strong trend in the former.
Good luck.
Much more dangerous playing on euro than on cable though, given the strong trend in the former.
Good luck.
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
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- Plutonite Joined Mar 2007 | 1,374 Posts | Status: we are stardust, we are golden
UPDATE: The supports are holding like concrete. Classical partial take profit situation for me (mutters something about bird in the hand being better than 2 kissing on a tree).
Interestingly enough, the euro drop is more sustainable than on cable at the moment. Similarly, dollar gains on swissy are not being sold off quickly. New York actually looks to be interesting today? Wow.
Interestingly enough, the euro drop is more sustainable than on cable at the moment. Similarly, dollar gains on swissy are not being sold off quickly. New York actually looks to be interesting today? Wow.
Interesting moment now on both cable and EURUSD. What was initially a pickup from the dips has now formed nice tops, and reversal action downward ensues. I think if the bearish action holds for another 4 hours, the stage is set for 1.9650 GU and 1.5350 EU. And no this is no "elliot wave" count, you nutters. Sheesh.
Much more dangerous playing on euro than on cable though, given the strong trend in the former.
Good luck.
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
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- forexlion Commercial Member | 8,453 Posts | Joined Sep 2009
if 5747 breaks then we can see a retest of 5869
5869 holds the key to a test of year high 5903 or 5915 major resistance.
break 5915 and we see 1.6 psychological level.
but if 5747 holds, we go to hawaii
March month close holds the key here
5869 holds the key to a test of year high 5903 or 5915 major resistance.
break 5915 and we see 1.6 psychological level.
but if 5747 holds, we go to hawaii
March month close holds the key here
Once again we have Euro CPI out way above target. This time even higher (3.5% vs. previous 3.2%)
In case you missed it last time, this is very bullish as it eliminates any chance of an ECB rate cut - in fact it may even prompt another (do I dare say it?) hike. See you at 1.7000
The market has to realize that Eurozone interest rates are not coming down any time soon. If interest rates are still the predominant factor in fx, then we could see 1.7000 before this trend finally gives up.
- SeekingLight Joined Jul 2006 | 3,235 Posts | Status: Charts + PA > *
Thank you for your link Seekinglight, which turned out to be one exceptional thread !
Trust price. Know yourself.
- SeekingLight Joined Jul 2006 | 3,235 Posts | Status: Charts + PA > *
Attached Image (click to enlarge)
Trust price. Know yourself.
Hi SL, here is what I think might be happening from an Elliot ponit of view, btw notice the monthly rsi close last month telling sign)
I think that the Euro had just entered a correction( minor count supports this view as of now) to ve exact a 4th wave correction within the 5 wave advance from 1.1638, since wave 2 of the same degre (II) was a shallow correction, \i would expect a wave IV to be sharp, most likely a zigzag. You are right, first support is not untill 1.4967 that is my first target, well actually 1.5000 even, simply because the market tends to like round numbers. I will start to look for reversals around 1.4500-4750 areas, although it should be visible at that time if we are done or not, 1.4000 or slightly above is not out of the question in my mind but perhaps a little too farfetched at the moment, hope this helped
Gene
I think that the Euro had just entered a correction( minor count supports this view as of now) to ve exact a 4th wave correction within the 5 wave advance from 1.1638, since wave 2 of the same degre (II) was a shallow correction, \i would expect a wave IV to be sharp, most likely a zigzag. You are right, first support is not untill 1.4967 that is my first target, well actually 1.5000 even, simply because the market tends to like round numbers. I will start to look for reversals around 1.4500-4750 areas, although it should be visible at that time if we are done or not, 1.4000 or slightly above is not out of the question in my mind but perhaps a little too farfetched at the moment, hope this helped
Gene
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