The only sovereign I can allow to rule me is reason.
Well that does it for me
I see bulls back in play until market close
I can finally go to sleep....running on fumes here
Enjoy your weekend Tom
Zack
Hey Zack,
If your reading this, I suggest you get a hobby!!! Get away from here for a day or two! hehe, just wanted to say have a great weekend.
forexnoob101
- #805
- Apr 12, 2008 2:46am Apr 12, 2008 2:46am
Hey Zack,
If your reading this, I suggest you get a hobby!!! Get away from here for a day or two! hehe, just wanted to say have a great weekend.
forexnoob101
For those that recognized it there was a bearish triangle or pennant that had formed....I have everything outlined in this picture.
What I want to let everyone know is that the G7 meeting was expected to make the US dollar very weak or look for any weakness in the dollar....there was a significant decline from 201.15 obviously because we are sitting 200 pips lower.....I have the chart drawn out here...there was also a consumer confidence report that was leaked a little bit early....G/J went to 199.10 and dropped to the absolute low for the day at 198.43 with that announcement....this was the first part of the bearish triangle.
Now what I find interesting is that this pattern should have produced a breakout today....the interesting part is that it didn't....it started to, but was denied several times. Now there is a descending trendline that was producing lower highs during the US session, with a Support line that was holding...I indicate this line with grey dashes. Usually when you get lower highs and are getting closer and closer to a support line, it usually means you will break through it....funny thing though is that it didn't....that line held til the close of the market. and actually produced a higher high by the time the market closed and was rising.
I just wanted to share this with you guys, because I know there are many out there that think the dollar is about to be flushed down the toilet again...I am not saying that it won't be...I am saying that from what I observed in the market today I think there is a high chance that the dollar has something up their sleeve or that the market is intending not to continue down.
You can think what you want...there are three possibilities as I see it
Market opens on sunday, we retrace and continue down......
we just continue moving up to the original targets because the dollar begins its rally
Or we break the support at 198.55-198.60 and we start heading down like a skydiver without a parachute.
I also found it interesting that Eur/Usd seemingly formed a quadruple top instead of breaking to find new highs....right now I think the dollar has something up its sleeve that not many are expecting. Of course I could be horribly wrong and if we break the 198.55-198.60 we continue down.....only time will be able to tell.
Enjoy your weekend everyone, feel free to comment about my chart.
Zack
The only sovereign I can allow to rule me is reason.
I have a feeling we will go down in regards to gbp.jpy. I don't think we will see a rally in the dollar yet. Anyone know the outcome of the G-7 meeting? I didn't see a posting yet. I think the pattern that Zack showed earlier will be completed before the rally happens even though gbp.jpy broke from it. Are we going to see 205's??? I am all for the rally as most of my positions are waiting for a rally on the usd, but don't know if we will see it. I certainly hope so. Either way I hope everyone has a great trading day!!! I know I will as I celebrate my birthday so, Happy Birthday to me!!!!!!!!
- #808
- Apr 13, 2008 3:35pm Apr 13, 2008 3:35pm
I have a feeling we will go down in regards to gbp.jpy. I don't think we will see a rally in the dollar yet. Anyone know the outcome of the G-7 meeting? I didn't see a posting yet. I think the pattern that Zack showed earlier will be completed before the rally happens even though gbp.jpy broke from it. Are we going to see 205's??? I am all for the rally as most of my positions are waiting for a rally on the usd, but don't know if we will see it. I certainly hope so. Either way I hope everyone has a great trading day!!! I know I will as I celebrate my birthday so, Happy Birthday to me!!!!!!!!
GBP/USD down 70 pips...in favor of the dollar
USD/JPY up 50 pips....in favor of the dollar
The only sovereign I can allow to rule me is reason.
Well hate to say I told ya so....Euro down 150 pips in favor of the dollar....
GBP/USD down 70 pips...in favor of the dollar
USD/JPY up 50 pips....in favor of the dollar
- #810
- Apr 13, 2008 4:38pm Apr 13, 2008 4:38pm
- Joined Jan 2008 | Status: I'll Take Your Pips | 1,338 Posts
