DislikedI'm thinking about placing a buy stop @ 1.5950. It will be a break to a new highs but I'm worried of 1.6000 resistance. What do you think guys?
OceanIgnored
Jacko's Forex House of Pleasure and Pain
- #2,287
- Mar 31, 2008 11:14am Mar 31, 2008 11:14am
- | Commercial User | Joined Oct 2005 | 2,899 Posts
ok, so how many of you went short and tested counter trend strategy? ;-))
.....
10ps below ppz @ 1.5890. Let the trend change now...
- #2,293
- Mar 31, 2008 11:47am Mar 31, 2008 11:47am
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
well here's my 2 pips worth, 1.6000 is being well defended, if we look at the spikes on the daily and 4 hour charts we can clearly see this, so for me a drop is on the cards - how far - Who knows, so if anyone has who's number can you call him and let us all know.
here's some charts to ponder
Monthly, look at the rate of climb, consistant with the 2001 climb, that was followed by a 2000pip drop
Weekly chart - nice TL was formed form 2005, but again we see a rapid climb, step TL tend not to hold so again this supports a drop
Daily Chart - shows clearly the rejection of the new highs over 1.5900, strong defence in place.
4h - shows a false breakout of the triangle pattern to the long side
For me all this shouts correction due, but the buyers want 1.600 and the sellers are protecting it, i think the daily chart offers the best opertunities and i am therefore on the sidelines until the markets tells me other wise.
just my view and it's all technical
edit: 1.5600 and 1.5150 still look to offer the best buy on my charts
here's some charts to ponder
Monthly, look at the rate of climb, consistant with the 2001 climb, that was followed by a 2000pip drop
Weekly chart - nice TL was formed form 2005, but again we see a rapid climb, step TL tend not to hold so again this supports a drop
Daily Chart - shows clearly the rejection of the new highs over 1.5900, strong defence in place.
4h - shows a false breakout of the triangle pattern to the long side
For me all this shouts correction due, but the buyers want 1.600 and the sellers are protecting it, i think the daily chart offers the best opertunities and i am therefore on the sidelines until the markets tells me other wise.
just my view and it's all technical
edit: 1.5600 and 1.5150 still look to offer the best buy on my charts
- #2,294
- Edited 12:11pm Mar 31, 2008 11:57am | Edited 12:11pm
Gagiul,
Just kidding about the tops & I agree with your post. Plus 5900 could be seen soon. Just waiting to see. Tks.
Anyway, I dont think its a good time to buy now either, its the end of the month. Lets see how the daily candle will look like and I will decide later tonite. Good luck everybody.
Edit: My gut tells me that if we dont see euro falling hard tomorrow, this is just a consolidation before 1.6. The spike today might have been just a temporary price rejection. But I still feel that we will see 1.6000 before any strong retracement.
We leave no soldier behind.
- #2,296
- Mar 31, 2008 12:21pm Mar 31, 2008 12:21pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Hi Rac,
It looks like you wish is grantedA daily PIN is forming.
http://www.forexfactory.com/showpost.php?p=1928566&postcount=9766