A break of above mentioned yearly support at 4967, and sustained trading below it opens the way to 4300 area.
The keypoint to watch here will be Gold.
The keypoint to watch here will be Gold.
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DislikedGold drops further, breaking 2007 year end close and also 2007 peak, sending dollar into a bull run.
With 4967 taken out, it becomes resistance now.
Phil your comments are awaited.Ignored
DislikedIn the 3+ years I've been on this forum I have never once given my opinion on the market. The truth is, I spend no time thinking about it and have no opinion whatsoever. I find the opinions offered here to be random guesses and I look at them for entertainment value only.
Who cares where gold closed in 2007? Did you think number had some magical powers? The dollar was gaining strength before today. Do you really think 4967 is now resistance? How does that make you a better trader? Will you make future trading decisions off of that number?
I am not trying to be an ass but I do know it sort of sounds that way. I just don't think much of what is said here actually matters. When it comes to market opinoins I have no respect for what others think and, as a consequence, I reasonably assume that they would care less about mine.Ignored
DislikedIn this particular case the diamond has about 90% probability to be a continuation pattern. So, 1.4650-70 is the most likely target before the end of the week.Ignored
DislikedThere is no such thing as a diamond continuation pattern...until today. You should give your creation a name.Ignored
DislikedThere is no such thing as a diamond continuation pattern...until today. You should give your creation a name.Ignored
DislikedIn this particular case the diamond has about 90% probability to be a continuation pattern. So, 1.4650-70 is the most likely target before the end of the week.Ignored
DislikedThis is the most obvious "continuation diamond" example on the weekly EUR/USD chart that even a complete TA idiot must be able to identify correctly.Ignored
DislikedI'm having a hard time getting those diamonds correctly.
Welcome to trading room btwIgnored
DislikedThis is the most obvious "continuation diamond" example on the weekly EUR/USD chart that even a complete TA idiot must be able to identify correctly.Ignored
DislikedCall me an idiot, but that's not a diamond! It doesn't even have a named shape in geometry, maybe a non-symmetrical rhombus or something. Oh dear.
http://en.wikipedia.org/wiki/Lozenge
PS: Only joking, I hope all is well with you both (long time no see, Phil!)Ignored
DislikedThis is the most obvious "continuation diamond" example on the weekly EUR/USD chart that even a complete TA idiot must be able to identify correctly.Ignored
DislikedWhat criteria do you use to distinguish between a diamond top/bottom and a diamond continuation?
The Encyclopedia of Chart Patterns has research that shows 73% of all diamonds reverse and reach their profit target. That would mean that only 27% of diamonds are what you would call continuations. Why would anyone trade a pattern that in only 27% accurate?Ignored
DislikedWhat criteria do you use to distinguish between a diamond top/bottom and a diamond continuation?
The Encyclopedia of Chart Patterns has research that shows 73% of all diamonds reverse and reach their profit target. That would mean that only 27% of diamonds are what you would call continuations. Why would anyone trade a pattern that in only 27% accurate?Ignored