Igrok how do u know when a diamond will turn into continuation and when will it break in the opposite direction

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DislikedIgrok how do u know when a diamond will turn into continuation and when will it break in the opposite directionIgnored

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

240 min EUR/USD chart. This pattern is more likely to work initially as a continuation formation but not guaranteed. I would say that the probability is about 80%.

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From here (after making the bottom at around 1.4480) the EUR/USD is likely to get back to 1.4820-30 initially.

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DislikedFrom here (after making the bottom at around 1.4480) the EUR/USD is likely to get back to 1.4820-30 initially.Ignored

in my daily calculation method i found something similar with your view.

from H1 chart using a combine of bollinger and ma, i have 1.4575 then 1.4760 as the projection target.

thanks

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

DislikedIgrok, will you share the reason for it ?

in my daily calculation method i found something similar with your view.

from H1 chart using a combine of bollinger and ma, i have 1.4575 then 1.4760 as the projection target.

thanksIgnored

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

DislikedThere is no need for making precise calculations. The best way of evaluating ranges is not algebraic but rather geometrical which means going by analogies and comparing the length of the bars virtually. A single glance at the chart is usually enough to get the idea which range is already excessive, which is just about average and which is still too short.Ignored

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DislikedThank you for the explanation. Can you please explain what are unsatisfied divergences, I have never heard of before.Ignored

Recent data from UK showed uptick in inflation, might mean BoE won't cut as much and as quickly.

I think many carry traders have ditched their JPY shorts as the one way bet on JPY has been going for too long and Japan is out of deflation so the BoJ might start talking about normalising again. I think many of these carry traders will now look to swiss as the financing currency of choice.

These combined make me favour a break of 2.1750 for GBP/CHF. What do you think about this and what does the chart say?

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

Disliked

Recent data from UK showed uptick in inflation, might mean BoE won't cut as much and as quickly.

I think many carry traders have ditched their JPY shorts as the one way bet on JPY has been going for too long and Japan is out of deflation so the BoJ might start talking about normalising again. I think many of these carry traders will now look to swiss as the financing currency of choice.

These combined make me favour a break of 2.1750 for GBP/CHF. What do you think about this and what does the chart say?Ignored

- | Joined Mar 2005 | Status: Member | 143 Posts

On 1h eurusd is that a diamond...or maybe just a triangle? 4h looks more like a diamond.

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DislikedOn 1h eurusd is that a diamond...or maybe just a triangle? 4h looks more like a diamond.Ignored

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

DislikedWell it has taken a few hours but have finished reading this thread.

I have ordered the book and should receive it next week, looking forward to reading it.

Also managed to find the July 2007 article from Currency Trader Magazine which was good.

Thanks Igrok and keep the posts coming mate.

Cheers.Ignored

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

Based on what I see on daily charts, 217.00 on GBP/JPY is a must. Same is most likely true for 120.20 on AUD/JPY. On all majors together it's quite likely that the ultimate bottom for the buck will be reached just as soon as USDX hits 73.90 level, which makes it possible for the Cable to reach 2.02 and for the EUR/USD to get to around 1.52 level before that.

- | Membership Revoked | Joined Dec 2006 | 2,771 Posts

There is a microscopic current week's range on the CAD/USD. Just a bit over 100 pips and thus it has a good chance for an extension today. Considering that on the Cable weekly range is well above average, it is more likely that USD will gain on Friday across the board. However, given the fact that the previous week was unusually volatile and there are sill plenty of unfinished business above current levels on Cable anf EUR/USD it would make more sense to stay with the direction of the main move of the day rather than predicting the next move.