Hi, I just wanted to say that I'm following this thread with great interest.
I have started getting interestied in forex about 6 months ago and after trying many systems and methods... and getting wrong finally, I'm now looking more to trade on price action and support/resistance level which make more sense to me than following lagging indicators...
Thanks for sharing all these valuable informations !
|
Joined Jul 2006
|
Status: Pay the man ! !
|912 Posts
Here is some shots of the euro in a 1 hr technical channel. It seems like nobody wants to talk about the euro anymore. Every body loves the Pound.
I will offer this. The GBP/USD mostly follows the EUR/USD tech and the Euro tech is often clearer than the pound picture. So many pound traders might do well to know what their sweatheart pounds less attractive sister thinks, cuz she has some influence............
|
Joined Jul 2006
|
Status: Pay the man ! !
|912 Posts
Here is a closer picture of the Euro channel with a support line drawn under the candles.
With the strong rejection of the bottom of the channel on retail sales I beleive we will make the top of the channel.
Like many people I find myself wishing I had held my pound long from this mornings reversal.
Here is a closer picture of the Euro channel with a support line drawn under the candles.
With the strong rejection of the bottom of the channel on retail sales I beleive we will make the top of the channel.
Like many people I find myself wishing I had held my pound long from this mornings reversal.
Ignored
Hey,
Nice going. Do you draw your channels manually or use a MT channel such as LRC or Fib?
|
Joined Jul 2006
|
Status: Pay the man ! !
|912 Posts
Here is an update of our euro channel as it continues its technical behavior.
What happens now that we are at the top of the channel?
The standard play here is to short the euro and reverse to a long position if it breaks out.
There are a few things to consider such as this week's upcoming data and the fact that it is a holiday. But, form a purely technical perspective, that is the play.
|
Joined Jul 2006
|
Status: Pay the man ! !
|912 Posts
The euro broke our channel. This is an exciting invitation for a swing long. Unfortunately I was sleeping when it happened so I am left looking for a good pull back entry for myself. We will see how the empire index affects the market in the u.s. session.
|
Joined Jul 2006
|
Status: Pay the man ! !
|912 Posts
Great initial break of the channel gave it all back quickly on some odd price action before the empire state news realease.
The current price action leaves me looking for a new setup. It is possible that the market will remain in this range until some good direction is given form the CPI.
