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  • #6,581
  • Apr 13, 2008 7:30pm Apr 13, 2008 7:30pm
Quoting smjones
Thought someone might enjoy this chart.
Dear smjones ,

can u please explain what can we get from that chart for less experienced traders like me ?
  • #6,582
  • Apr 13, 2008 7:31pm Apr 13, 2008 7:31pm
Quoting slappy
im not familiar with this pattern....what does it mean?
It means Look out Below!

It is a type of pattern that is an indication that price is going down. I cannot discuss much about how to construct it, because the guy who invented the concept holds the copyright, but it means basically that the price will probably at some point drop to the downward sloping trend line. a minimum of 1.5317, probably lower.

But, there is a bit of a conflict in that markets hate to leave open gaps, so I personally think the gap will close and then the price probably will fall dramatically.
  • #6,583
  • Apr 13, 2008 7:35pm Apr 13, 2008 7:35pm
Stay out for today!
If not, so trade tiny trades for 50 pips.
Or maybe big ones with short SL for 3 pips.

Trend Reversal will start soon, Will be 1.59 the top?
Let's see if 1.59 will resist once again, if yes so Trend Reversal is confirmed, but my opinion if price breaks 1.5850, we go for 1.62 or 1.63 as the last bull move!

THIS $USD PRICE LEVELS START TO BE DANGER FOR WORLD ECONOMY!
Big Boys have done their JOB!
THE END!
  • #6,584
  • Apr 13, 2008 7:38pm Apr 13, 2008 7:38pm
don't u always see a retrace when you have a gap?
  • #6,585
  • Apr 13, 2008 7:43pm Apr 13, 2008 7:43pm
Quoting slappy
don't u always see a retrace when you have a gap?
I still have left to see anything like "always" or "100%" in this market
Measure twice, cut once
  • #6,586
  • Apr 13, 2008 7:45pm Apr 13, 2008 7:45pm
We may see a Trade channel of around 150/250 pips either way!
This gap is telling you!
Stay out!
I will go sleep now, to see the show in a couple of hours!
  • #6,587
  • Apr 13, 2008 8:03pm Apr 13, 2008 8:03pm
Humph.

I closed that out. loss of 20. What ever its doing, it seems to want to go lower. The bottom trend lines blown out too so who knows now.
  • #6,588
  • Apr 13, 2008 8:06pm Apr 13, 2008 8:06pm
Quoting BoredToLoose
Too risky that 50 pips SL at this point!
GL
Only time s/l ever gets hit is if I am away, or asleep. If I see something fishy in price action I bail out(cut losses) and either reverse order, or stay out.
  • #6,589
  • Apr 13, 2008 8:12pm Apr 13, 2008 8:12pm
This gap is a nightmare.
  • #6,590
  • Edited 8:34pm Apr 13, 2008 8:19pm | Edited 8:34pm
Bought at 1.5681 on this dip. My target is 1.5753, which is 50% of the gap.
  • #6,591
  • Apr 13, 2008 8:35pm Apr 13, 2008 8:35pm
This pair just hit the 61.8 % fib level on the DAILY, including the DAILY UTL that forms a nice ascending triangle. with that last push down. I would say we are looking at 1.600.

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 38 KB
  • #6,592
  • Apr 14, 2008 12:05am Apr 14, 2008 12:05am
Quoting hard1head1
This pair just hit the 61.8 % fib level on the DAILY, including the DAILY UTL that forms a nice ascending triangle. with that last push down. I would say we are looking at 1.600.

Jim
Maaaan, you haven't been following the news or this thread have you ? You know G7 and all that...
On the path to Enrichment.
  • #6,593
  • Apr 14, 2008 1:51am Apr 14, 2008 1:51am
Anyone notice any good opportunities for arbitrage? With so many different quotes from different brokers, a LOT of money could have been made... I wish I had been awake. Should have known the opportunity would be there after G7. I hope someone took advantage though.
  • #6,594
  • Apr 14, 2008 2:05am Apr 14, 2008 2:05am
Closed at 1.5753 as planned, and earned 73 pips. I was only expecting it to close the half of the gap. It was an easy and safe trade

http://www.forexfactory.com/showpost...postcount=6575
  • #6,595
  • Apr 14, 2008 2:48am Apr 14, 2008 2:48am
Quoting Jurrasic
Maaaan, you haven't been following the news or this thread have you ? You know G7 and all that...
G7 does not mean that it will not still go up, it has not shown a confirmed trend break yet and that trend is still up until something shows different
Don't chase the market, Let the market come to you
  • #6,596
  • Apr 14, 2008 4:43am Apr 14, 2008 4:43am
Lookin good for me, what the heck is G7, this is basic fundys. The have been trading like this for years.

J


Quoting Jurrasic
Maaaan, you haven't been following the news or this thread have you ? You know G7 and all that...
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 39 KB
  • #6,597
  • Apr 14, 2008 4:59am Apr 14, 2008 4:59am
Quoting Tmac
G7 does not mean that it will not still go up, it has not shown a confirmed trend break yet and that trend is still up until something shows different
Was thinking the same thing last night. Bought in at low 1.57 and just closed trade at 1.58.

Thanks hard1head1 for the motivation to go long.
  • #6,598
  • Apr 14, 2008 5:11am Apr 14, 2008 5:11am
Gap is closed for business, Pair is now up against 4 Hr DTL, may retrace for awhile. Aint this cool.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 44 KB
  • #6,599
  • Apr 14, 2008 5:13am Apr 14, 2008 5:13am
No problem.

Quoting aqua
Was thinking the same thing last night. Bought in at low 1.57 and just closed trade at 1.58.

Thanks hard1head1 for the motivation to go long.
  • #6,600
  • Apr 14, 2008 5:22am Apr 14, 2008 5:22am
Hmm.. G7 may not mean everything but it means something.. considering most peoples' been saying it will go down anyway. Well, hope you 1.6+ guys have your stops in place, I think it won't be long now (a couple more days) and it might hurt...
On the path to Enrichment.
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