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  • #13,301
  • Jul 5, 2008 1:51am Jul 5, 2008 1:51am
small rally that started has kept going. could this be short covering maybe. but after seeing the selling that got snapped back maybe not.

What we have:

Heiken Ashi on price has gone blue is above nom point. Heiken Ashi trend is also turning blue. There is solid divergence on the MACD that lines up with a lower low.

I am still holding to my limit price of 1.5754. another push down from 15721 or abouts to the low could suggest some problems in this rally.

market will tell us soon.

good trading.
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  • #13,302
  • Jul 5, 2008 7:49am Jul 5, 2008 7:49am
I am getting a diamond on the 30min. chart.

Ready to break on the upside.

These are very rare formations.

Cheers to all.

Attached Image (click to enlarge)
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  • #13,303
  • Jul 5, 2008 9:45am Jul 5, 2008 9:45am
Quoting jupiter_peak
I am getting a diamond on the 30min. chart.

Ready to break on the upside.

These are very rare formations.

Cheers to all.

Expect this diamond bottom to go up 71 pips from breakout.

Let's see how it plays out.
  • #13,304
  • Jul 5, 2008 11:23am Jul 5, 2008 11:23am
My opinion for Monday and next week:
Last Friday better not to take that serious, the long legged doji I see just as a doji, too easy to jump from one resistance to another, NY and the big boys had holydays, which means for me that the pair EURUSD had holydays.
Crude oil is in a run towards 150$, doji in daily USDJPY, US Non Farm Payrolls and ISM Non-Manufacturing Composite negative and highest price index since 11 years. All this can’t give me too many reasons for going short. We don’t expect high impact news on Monday so the trend could get formed easily. Will observe the Asian session looking for a good entry(above 1.5700) and going long in short term (daily) and may be scalping in indecisions of the market. 3 lots =>TP 1.5742 => TP 1.5762 => TP 1.5792 SL in 1.5640 and shortening SL to 1.5690 with trailing stop in case that uptrend is formed.
In case that the trend will go short won’t enter for the moment.
Please don’t follow this if you aren’t sure, this is my personal trading plan and could be wrong.
A nice weekend to all of you
  • #13,305
  • Edited Jul 6, 2008 10:49am Jul 5, 2008 4:03pm | Edited Jul 6, 2008 10:49am
Quoting thegerman
My opinion for Monday and next week:
Last Friday better not to take that serious, the long legged doji I see just as a doji, too easy to jump from one resistance to another, NY and the big boys had holydays, which means for me that the pair EURUSD had holydays.
Crude oil is in a run towards 150$, doji in daily USDJPY, US Non Farm Payrolls and ISM Non-Manufacturing Composite negative and highest price index since 11 years. All this can’t give me too many reasons for going short. We don’t expect high impact news on Monday so the trend could get formed easily. Will observe the Asian session looking for a good entry(above 1.5700) and going long in short term (daily) and may be scalping in indecisions of the market. 3 lots =>TP 1.5742 => TP 1.5762 => TP 1.5792 SL in 1.5640 and shortening SL to 1.5690 with trailing stop in case that uptrend is formed.
In case that the trend will go short won’t enter for the moment.
Please don’t follow this if you aren’t sure, this is my personal trading plan and could be wrong.
A nice weekend to all of you
Let's see how it does? My short term is view Bearish and Long Term Bullish.
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  • #13,306
  • Jul 5, 2008 9:28pm Jul 5, 2008 9:28pm
Quoting jupiter_peak
I am getting a diamond on the 30min. chart.

Ready to break on the upside.

These are very rare formations.

Cheers to all.

good observation, thanks for sharing
  • #13,307
  • Jul 6, 2008 1:34am Jul 6, 2008 1:34am
Short Euro, till todays open
"Diversification is an excuse for a lack of talent" ~FXC
  • #13,308
  • Jul 6, 2008 7:26am Jul 6, 2008 7:26am
Hopefully this will keep moving down in tandem with Cable this week.
  • #13,309
  • Jul 6, 2008 7:43am Jul 6, 2008 7:43am
Quoting forexmoments
Hopefully this will keep moving down in tandem with Cable this week.

Don't tell buy or short
  • #13,310
  • Jul 6, 2008 7:50am Jul 6, 2008 7:50am
Saudi cuts Aug light crude prices to Asia and U.S.

Sun Jul 6, 2008 12:25am EDT
DUBAI (Reuters) - Saudi Arabia cut its official selling prices for August for light crude oil to customers in the United States and Asia, state oil firm Saudi Aramco said late on Saturday.

The kingdom cut the price of Arab Light to U.S. customers by 55 cents a barrel to WTI minus $3.00 a barrel.

It cut the Arab Light price for customers in the Far East by 70 cents to the Oman/Dubai average plus $1.35 a barrel.
(Reporting by Ola Galal; Editing by Thomas Atkins)

Could make for an interesting open.
  • #13,311
  • Jul 6, 2008 10:05am Jul 6, 2008 10:05am
Do u see what I see??


sonic
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  • #13,312
  • Jul 6, 2008 1:07pm Jul 6, 2008 1:07pm
yes, I think it's about right Sonic... we will see
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  • #13,313
  • Jul 6, 2008 1:16pm Jul 6, 2008 1:16pm
another thought ...
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  • #13,314
  • Edited 3:15pm Jul 6, 2008 3:01pm | Edited 3:15pm
I think I see what you guys see now, a short term fib bounce to around 1.5740 area?

Then from there who knows.
"The markets are the greatest chess match ever played."
  • #13,315
  • Jul 6, 2008 3:08pm Jul 6, 2008 3:08pm
the pair's medium term upside is still valid....
  • #13,316
  • Jul 6, 2008 4:54pm Jul 6, 2008 4:54pm
I went short on Friday, based on the distance the market has to fall before reaching the bottom of the current daily range.

Good luck this week, everybody.

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  • #13,317
  • Jul 6, 2008 5:01pm Jul 6, 2008 5:01pm
I am long above 1.5690.
  • #13,318
  • Jul 6, 2008 5:18pm Jul 6, 2008 5:18pm
Quoting DownRiverTrader
I am long above 1.5690.
Hi DRT,

What is your ST target if you don't mind? On a side note, kudos for your sharing your analysis, I always read it as something to pay some mind to.

TFX
"Timing Is Everything. Really I Swear It Is"
  • #13,319
  • Jul 6, 2008 5:21pm Jul 6, 2008 5:21pm
Im still holding my longs too ^ ^ well at least for today
Money often costs too much...
  • #13,320
  • Jul 6, 2008 5:27pm Jul 6, 2008 5:27pm
ST is 5780.

Upside is really open for me at this point, unless we move below 5690. I think we are going to see at least a couple more weeks of strength. That could all change with early price action this week, but that is what I am seeing now.
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