It may not make it to the 1.54. That is simply my target, doesn't mean it will be hit. The charts will tell you when it is time.
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DislikedSince my fledging trading career began 2 years ago,one of the greatest Trader and Teacher I have come to know and respect is Forexlion.He has the head and tool to nail the market nicely.I know for a fact!!!
Charles.Ignored
QuoteDislikedAgreed, could range and could spike but don't forget we have NFP coming too...anything can happen. If you notice that even back in 2008 when it dropped like a rock in the ocean each monthly candle retraced back into the previous month (most being a 50% retrace). That is one reason why I think it will retrace back in. In addition, we hit a major support line (bottom of bear flag) 161.8 fib for quarterly candle etc. In all my years of trading I have never seen a pair blow through a major support/resistance line without at least some form of a retrace...
QuoteDislikedi will go short after 1.54 and go on vacation then http://cdn.forexfactory.com/images/s...m/big_grin.gif
QuoteDislikedClouds,
That is about the same level I was thinking, I have a 1.05 level in mind.
DislikedI'm no Elliot Wave expert (if U R please comment) but this might have some merrit.
Food for thought.
Attachment
JDIgnored
DislikedWell, the whole point is whether it will retrace to 1.54
If 1.50 is the last call to enter the short ride, then think for a moment.
Enter short at 1.50
Cover it at 1.40
1000 pips gain
1000 pips X 10 standard lots = $ 100,000Ignored
QuoteDislikedor SELL 4990 TP 4900, SELL 4890 TP 4800, SELL 4990 TP 4900, SELL 4990 TP 4900 , SELL 4890 TP 4800, SELL 4990 TP 4900, SELL 4890 TP 4800, SELL 4990 TP 4900, SELL 4990 TP 4900 , SELL 4890 TP 4800
= $100,000
Dislikedtomorrow we have NFP
IF es drops tomorrow due to no demand bar today we could see gu move down into 1.4830 or lower . The bear flag on the daily has broken and now it is sell all rallies unless 1.5100 is taken outIgnored
DislikedThe play came about much the way we discussed last night mal, no true confirmation on the M30, and a spike down after the attack at HOD, yeah, I think we were both pretty much expecting that during London, not the NY crossover....
We were even damn close on the retrace area...(I was a little closer)
Point is...
Every time (over the last monthish) we have hit the retrace zone, which is where both of our 2 last HOD's have been, we have gone into a mass plummet, and not stopping to pick up hitch hikers along the way. STRAIGHT
DOWN. This time...Well,...Ignored