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EURUSD

  • #2,561
  • Sep 4, 2007 12:45am Sep 4, 2007 12:45am
It's heading down to 1.3500 then back up to 1.3850.
  • #2,562
  • Sep 4, 2007 2:51am Sep 4, 2007 2:51am
Hmm it looks like the pair is moving to its 1.3600 psychological double zero level. I decided to place a long trade with a SL at 1.3585 and PT at 1.3650, anyone else going long on this pair???
"Don't work for your money, but let money work for you."
  • #2,563
  • Sep 4, 2007 10:02am Sep 4, 2007 10:02am
Quoting chady250
Hmm it looks like the pair is moving to its 1.3600 psychological double zero level. I decided to place a long trade with a SL at 1.3585 and PT at 1.3650, anyone else going long on this pair???
i am pondering going long, however not sure enough yet, however i think it will break 1.3600
Twitter: @forexpokerpro
  • #2,564
  • Sep 4, 2007 1:12pm Sep 4, 2007 1:12pm
been long since 3574 ...so far so good
  • #2,565
  • Sep 4, 2007 2:42pm Sep 4, 2007 2:42pm
Short at 1.3610 with 1.3500 as target (.61fib from daily chart)
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 18 KB
  • #2,566
  • Sep 4, 2007 3:10pm Sep 4, 2007 3:10pm
Quoting MackS10
Short at 1.3610 with 1.3500 as target (.61fib from daily chart)
Hopefully it drops, I have a trade just like that currently, lets hope for the best.
"Don't work for your money, but let money work for you."
  • #2,567
  • Sep 4, 2007 4:08pm Sep 4, 2007 4:08pm
Quoting chady250
Hopefully it drops, I have a trade just like that currently, lets hope for the best.
I'm hoping it goes up .... LOL
  • #2,568
  • Sep 4, 2007 4:30pm Sep 4, 2007 4:30pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting chady250
Hopefully it drops, I have a trade just like that currently, lets hope for the best.
IMO i would lock the profit in at 1.3550 and trail the rest. i think we will see it but only for it to bounce and resume the uptrend. just to clarify it it makes it by wednesday we still have some room to drop further but if it takes this week we will see it fight with the lower bull TL aswell as the fib's.

was just login of for the night so will post chart tomorrow to show my opinion.

best of trades to all.
  • #2,569
  • Sep 4, 2007 6:41pm Sep 4, 2007 6:41pm
Quoting Schminner
I'm hoping it goes up .... LOL

It went up ..
http://www.forexfactory.com/showpost...7&postcount=10
  • #2,570
  • Sep 4, 2007 11:55pm Sep 4, 2007 11:55pm
Quoting MPP
IMO i would lock the profit in at 1.3550 and trail the rest. i think we will see it but only for it to bounce and resume the uptrend. just to clarify it it makes it by wednesday we still have some room to drop further but if it takes this week we will see it fight with the lower bull TL aswell as the fib's.

was just login of for the night so will post chart tomorrow to show my opinion.

best of trades to all.
I see what your trying to say. I think I am going to reverse my position when it drops to 1.3560 and create a PT of 1.3600 as a intraday trade. What do you think about this plan???
"Don't work for your money, but let money work for you."
  • #2,571
  • Sep 5, 2007 3:50am Sep 5, 2007 3:50am
Key support at 1.3560 is broke below, EURUSD topped at 1.3719 level. Further fall below 1.3360 to reach the next cycle bottom on daily chart is expected. Near term resistance is at 1.3719, only break above this level will signal the resumption of the up trend. For long term analysis, EURUSD is in sideways consolidation to the long term up trend and will move without trend in a range between 1.3262 and 1.3851. Up trend will resume after consolidation and rise towards 1.4300 to reach the next cycle top on weekly chart is still possible.
If I Go Broke Trying Then I Will die happy.
  • #2,572
  • Sep 5, 2007 11:18am Sep 5, 2007 11:18am
I think we are still on low liquidity market. Not many "big actors" are moving EUR/USD and that's why this pair is unusually "spiking". I don't like it.
Attached Image (click to enlarge)
Click to Enlarge Name: eu_m5.gif Size: 20 KB
  • #2,573
  • Sep 5, 2007 11:45am Sep 5, 2007 11:45am
Quoting owkenobi
I think we are still on low liquidity market. Not many "big actors" are moving EUR/USD and that's why this pair is unusually "spiking". I don't like it.
Me to that spike right there is concerning me. It was able to penetrate near resistance level 2 at (1.3670ish) on the pivot points calculator. So I decided to place a short with a PT of 1.3640 (Former R1 w/Pivot Points) and a SL of 1.3680. So lets see if it can return back down to the 1.3600 area.
"Don't work for your money, but let money work for you."
  • #2,574
  • Sep 5, 2007 1:05pm Sep 5, 2007 1:05pm
Quoting chady250
Me to that spike right there is concerning me. It was able to penetrate near resistance level 2 at (1.3670ish) on the pivot points calculator. So I decided to place a short with a PT of 1.3640 (Former R1 w/Pivot Points) and a SL of 1.3680. So lets see if it can return back down to the 1.3600 area.
The "Spike" is what makes this market so exciting ...
  • #2,575
  • Sep 5, 2007 2:12pm Sep 5, 2007 2:12pm
Lol that is soooo true, the candles after the excitement, can also be harder to predict.
"Don't work for your money, but let money work for you."
  • #2,576
  • Sep 5, 2007 4:59pm Sep 5, 2007 4:59pm
watch out for the ECB rate decison. there are 3 possible outcomes:

1. (unlikely): ECB raises rates to 4.25 percent
this would be very good for the euro, and expect it then to reach 1.37
2. ECB leaves rates at 4 percent and make some comments from which traders can get that interest rates will remain unchanged for the rest of the year
bearish for the euro, expect it to reach 1.3550
3. ECB leaves interest rates unchanged and "comments" and thus leaves the door open for further rate hikes.
reaction should be limited
Twitter: @forexpokerpro
  • #2,577
  • Sep 6, 2007 3:31am Sep 6, 2007 3:31am
I think that spike was due to the Economic announcement of the US Non farm payrolls. The result came out much worst than expected and much worst that the previous month. The result was the increase in the rate.

It happened last month too with almost the same exact reaction.

As BBPI_fxtrader said the next big announcement is today where ECB rate Decision.
  • #2,578
  • Sep 6, 2007 3:40am Sep 6, 2007 3:40am
US Non farm isn't til Friday.


Quoting yolybear
I think that spike was due to the Economic announcement of the US Non farm payrolls. The result came out much worst than expected and much worst that the previous month. The result was the increase in the rate.

It happened last month too with almost the same exact reaction.

As BBPI_fxtrader said the next big announcement is today where ECB rate Decision.
Trade what you see, not what you think.
  • #2,579
  • Edited 10:31am Sep 6, 2007 9:32am | Edited 10:31am
what do you think ? will it reach 1.37 ? i say yes

edit: and it did

edit: anybody else long ?
Twitter: @forexpokerpro
  • #2,580
  • Sep 6, 2007 3:26pm Sep 6, 2007 3:26pm
Quoting BBPI_fxtrader
what do you think ? will it reach 1.37 ? i say yes

edit: and it did

edit: anybody else long ?
Lol good read their. I placed a long position on the retracement of what happened earlier. As of right now, it seems the pair has reached support of 31.8% and 50% retracement, I do believe however that this pair will make a jump up to 1.3700 but due to psychological reasons, it may test the 1.3680 area again. Current Stoch and RSI are moving upwards which is definitly a good thing on the 15 min charts, 1 hour and possibly daily charts support the move upwards however on the 4 hour charts, it doesnt look that pretty. Currently I placed a long trade at 1.3688 ( Resistance Level 1 which is now support) and hopefully to gain pips at 1.3710 (Resistance Level 2 1.3709). SL is at 1.3660. As of now I like how the trade is going but it may reverse, if nothing happens within the next 2 hours.
"Don't work for your money, but let money work for you."
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