EURUSD

EW

Thanks for the chart, as they say a picture is worth a thousand words.


Is this Elliot Wave trading? Do you find it reasonably accurate in predicting the waves?

I am still beginning to plot the waves, it is not a simple thing to do but accurate yes, combine it with fibs and S/R and its a good way to predict movement
This Chart is from American Trader

Thanks.

Do you know a good place to start learning about Elliot Waves?

http://www.geocities.com/WallStreet/...es/EWRules.htm

there are many others

http://www.gold-eagle.com/editorials...eld032408.html

gold is a big factor in todays market

As i said EURUSD is moving again up, 1.5800 broken... i think it could be 1.5900 until this week ends..

I wouldn't waste my time with EW. No offense to TMAC, but has probably not been trading for very long if he thinks EW works good.

no offfense taken Zappa

I do quite well and this is my full-tme job

Well, if you can make it work, then more power to you.

Glad I could help.

Looks like we got daily high at 586x and a rebound starting..

Looks like everybody is waiting to see if you are correct...

I think a bounce off of 1.582X (23.6 fib) and back up or maybe flat.

I hope you stuck with your long order for 100+ pip gain as it worked out well...

I looked through the news and I think from fundamental point there's nothing major happening to lift above 59xx today. I think it's one of those slight moves. They are saying European market stock market was not doing too well today. So, must be no reason for a hard jump imho. I played few scalp short from 5840 and from 5837 and got out of EUR for now. Just got USD/CHF long.

Interesting, please keep us posted with your trading...

Useful information in the below paragraphs.

Excerpt from: http://au.biz.yahoo.com/080409/36/1ov4g.html

Written by Boris Schlossberg, Terri Belkas, and Jamie Saettele, Analysts for DailyFX.com

"European Central Bank – Still Hawkish, But No Hike.
Rate Announcement: April 10, 2008 at 11:45 GMT
Bias: No Change

The European Central Bank is expected to leave rates unchanged at 4.00 percent, but traders will be far more interested in the tone of ECB President Jean-Claude Trichet’s remarks, rather than the highly anticipated policy statement. Throughout the first quarter of 2008, Mr. Trichet has been unrepentantly hawkish, stressing the need to control prices first and foremost. Part of the reason for Mr. Trichet’s emphasis on inflation rather than growth comes from ECB’s mandate, which in contrast to the Federal Reserve, commands the Bank to maintain price stability rather than stimulate growth. However, the other reason for Mr. Trichet’s steadfast commitment to a restrictive monetary policy is due to the fact that for most of the first quarter, the Euro-zone has been largely insulated from the negative impact of the credit crunch that afflicted the US economy, essentially decoupling from the economic slowdown in the US.

Indeed, while the US economy has experienced job losses for the past three months in a row, Euro-zone labor markets continued to expand as the unemployment rate dropped to 7.1 percent - the lowest reading in this decade. The buoyant employment picture has allowed ECB officials to maintain its tight monetary policy without incurring too much political criticism. As we’ve noted in the past, “the ECB is unlikely to move on rates unless and until the employment situation in the 17 member region begins to deteriorate.” Yet, despite the relatively healthy labor market, the Euro-zone economy is beginning to show signs of weakness, most notably in the consumer sector. The latest retail spending report produced a shocking surprise to the downside as sales dropped 0.5 percent versus a 0.2 percent projected gain. Furthermore, the situation was even worse in the southern part of the region as Italian Retail PMI dropped to a recessionary-like reading of 36.4, marking its weakest performance since the survey began.

In short, the global slowdown in growth is beginning to afflict the Euro-zone economy as well, and the currency market will be watching carefully to see if Mr. Trichet acknowledges that fact. The ECB does not like to surprise the markets, preferring instead to prepare investors for any policy changes well in advance. Therefore, if Mr. Trichet chooses to de-emphasize price pressures and instead focuses on the possible downside risks to the Euro-zone economy, traders will interpret his words as a sign that the ECB’s monetary policy bias has turned from restrictive to neutral. In that case, with no future prospect of any additional rate hikes in the Euro-zone, traders are likely to sell the euro across the majors on a wave of profit taking. On the other hand, if the ECB remains stalwart in their focus on inflation, the currency could continue to be bid on the same de-coupling theme that has taken the unit to record highs against the dollar."

More reading for the days ahead...

Jacqueline Thorpe, Financial Post Published: Wednesday, April 09, 2008

Nouriel Roubini says the United States is facing a 12- to 18-month recession that will make a mockery of the recent stock market bounce and the notion of global economic decoupling, cause commodity prices to slide 20% to 30%, and hit Canada hard.
"I see the stock market rally as being the last leg of a sucker's rally -- essentially people believing the Fed can rescue the economy," Mr. Roubini said in an interview Wednesday. "Once the flow of market and financial news gets worse and worse, the expectation of the Fed rescuing the economy is going to be dashed, and the stock market is going to plunge much more."

Link to article http://www.financialpost.com/story.html?id=433862

Roubini's blog http://www.rgemonitor.com/blog/roubi...nancial_crisis