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  • #15,921
  • Jul 24, 2008 3:58am Jul 24, 2008 3:58am
Quoting Donyouth4eva
I hope so i've been riding this trade from yesterday morning in long position. Entered at 1.5717. Do you think it will retrace back to that level or further up? Just trying to decide if i should hold onto this trade.
I rather be long that short at these prices.
  • #15,922
  • Jul 24, 2008 3:59am Jul 24, 2008 3:59am
Anyone got any long positions open to back up to 1.58 or higher?
  • #15,923
  • Jul 24, 2008 3:59am Jul 24, 2008 3:59am
Quoting FXCapitalist
Possibly next candle we see a reversal?
Maybe a small one, but IMO I really expect bulls to be back between 1.5550 and 1.5600. As you can see there is a nice weekly support and I would feel safer entering long in that zone.

Also, gold and oil need to recover from that downtrend we have seen these past days and DJI to retrace back in those daily charts.

This is my view.
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... /$ -> LONG
  • #15,924
  • Edited 5:20am Jul 24, 2008 4:00am | Edited 5:20am
Like I have stated in previous posts...

These past days are a correctional move which you could have seen coming miles ahead if you follow fundamentals & key news...charts confirming which key levels are broken, about to be broken or where major resistance is to be expected.

Reversal entry points will be there pure & only based upon fundamentals & key news which is the major driver behind market sentiment...

Current situation is still more negative fundamentals for the EUR & a growing believe (risk appetite) that the USD and its economy is slowly starting to recover.

Until market sentiment turns, which wont happen overnight with the expected rate hike for the USD to come much sooner then expected, the new trend currently is bearish...

OIl & DJI can disturb market sentiment, but both are indicating and confirming growing confidence in the USD.

If you want to trade safe and you are not an experienced chartists....who is able to scalp small retraces against the trend...do what has been said over and over...follow the trend and my personal favorite...market sentiment.

Looking ahead for today:

Again London session might see a small retrace I'm expecting to see it ranging between 1.565 (Support) & 1.569 max
US open will acknowledge EUR negative news, causing a downside pressure
DJI & OIL will give you a good indication of market sentiment
Larger moves I dont expect till after 3pm(GMT+1) when USD economic news is released and when FOMC Member Geithner speaks

Overall I remain bearish and my short target of Monthly Pivot 1.563 (been reached halfway) stays in place...

As always just my 2 cents...
  • #15,925
  • Jul 24, 2008 4:05am Jul 24, 2008 4:05am
Quoting FxApasionado
So far 42 hold up, now finding resistance @ previous support. 1.5670
lolz, *what* resistance??
  • #15,926
  • Jul 24, 2008 4:06am Jul 24, 2008 4:06am
Quoting uncleforex
I rather be long that short at these prices.
If you think support will hold you'd better hope existing home sales prints very poorly or the Euro will find support... near .5500.
  • #15,927
  • Jul 24, 2008 4:07am Jul 24, 2008 4:07am
Quoting Donyouth4eva
Anyone got any long positions open to back up to 1.58 or higher?
...right below 1.58...i was relying that the 1.5666 wouldnt be even seen,..not tested,...so much for the devils,..ofcourse it needed to be tested....should have know!
its just money
  • #15,928
  • Jul 24, 2008 4:08am Jul 24, 2008 4:08am
Quoting Shadowfx
Like I have stated in previous posts...

These past days are a correctional move which you could have seen coming miles ahead if you follow fundamentals & key news...charts confirming which key levels are broken, about to be broken or where major resistance is to be expected.

Reversal entry points will be there pure & only based upon fundamentals & key news which is the major driver behind market sentiment...

Current situation is still more negative fundamentals for the EUR & a growing believe (risk appetite) that the USD and its economy is slowly starting to recover.

Until market sentiment turns, which I wont happen overnight with the expected rate hike for the USD to come much sooner then expected, the new trend currently is bearish...

OIl & DJI can disturb market sentiment, but both are indicating and confirming growing confidence in the USD.

If you want to trade safe and you are not an experienced chartists....who is able to scalp small retraces against the trend...do what has been said over and over...follow the trend and my personal favorite...market sentiment.

Looking ahead for today:

Again London session might see a small retrace I'm expecting to see it ranging between 1.565 (Support) & 1.569 max
US open will acknowledge EUR negative news, causing a downside pressure
DJI & OIL will give you a good indication of market sentiment
Larger moves I dont expect till after 3pm(GMT) when USD economic news is released and when FOMC Member Geithner speaks

Overall I remain bearish and my short target of Monthly Pivot 1.563 (been reached halfway) stays in place...

As always just my 2 cents...
  • #15,929
  • Jul 24, 2008 4:13am Jul 24, 2008 4:13am
Quoting de123
it would be SO nice if we dont make new lows....
I'm still expecting a drop to 1.5615,, but in this market,, who knows,,
  • #15,930
  • Jul 24, 2008 4:19am Jul 24, 2008 4:19am
Quoting acumen
If you think support will hold you'd better hope existing home sales prints very poorly or the Euro will find support... near .5500.

Up to you my friend.
  • #15,931
  • Jul 24, 2008 4:28am Jul 24, 2008 4:28am
0919 GMT [Dow Jones] EUR/USD is now likely to go through a complex, messy corrective phase with parameters of 1.5576 and 1.5906, those being the longer-term upchannel support and the 2-week resistance line respectively, says Commerzbank analyst Andy Hart. Comes after EUR/USD closed Wednesday below its 27-day MA, currently at 1.5743 and this altered the near-term outlook for the rate. Very near-term he sees risk down to 1.5576, before a strong recovery is seen. EUR/USD now at 1.5680. (GST)
  • #15,932
  • Jul 24, 2008 4:28am Jul 24, 2008 4:28am
At the moment it is nice for long EU. Why :

1. GJ already overbought. We can see today it drop from 215.80 to 213.85, and we will see more drop during NY session.
2. When GJ drop it depreciate US dollar, so will give advantage to EU for even more up.My target around 1.5980/90

Not reco just info.
  • #15,933
  • Jul 24, 2008 4:36am Jul 24, 2008 4:36am
Quoting PandoraBox
At the moment it is nice for long EU. Why :

1. GJ already overbought. We can see today it drop from 215.80 to 213.85, and we will see more drop during NY session.
2. When GJ drop it depreciate US dollar, so will give advantage to EU for even more up.My target around 1.5980/90

Not reco just info.

Same view.
  • #15,934
  • Edited 5:00am Jul 24, 2008 5:00am | Edited 5:00am
On short term EURUSD does indeed have a hard time negotiating above this morning's resistence at ~1,5710. My bet is that it will pass, but we'll see ...
  • #15,935
  • Jul 24, 2008 5:16am Jul 24, 2008 5:16am
hi,

short term watch the usdchf support at 1.0345/50 if it goes(targeting 1.0320), then eurusd has a chance to break 1.5723 level to test a bit higher(1.5740/60 area).
would then try to short eurusd and buy usdchf with stop reverse at 1.5785 and 1.0275.
uschf would have 20/30 pips potential more than eurusd.

bibi
  • #15,936
  • Jul 24, 2008 5:29am Jul 24, 2008 5:29am
...Barclay adjusting its outlooks....great to see one of the large players have to admit they been over confident....must hurt...

1026 GMT [Dow Jones] EUR/USD's breach of the 1.5750-1.57 support area suggests to Barclays Capital that this downside correction will be deeper than first thought, and that it will not exit its 1.53-1.60 range during the summer. While capped below 1.5760, the bank says the intraday outlook is bearish, and fuelled by weakness on the crosses, it could head back down toward 1.5590. EUR/USD now at 1.5680. (GST)
  • #15,937
  • Jul 24, 2008 5:39am Jul 24, 2008 5:39am
Am I the only one who saw that E/U Bearish in short term??
Life is about choosing... Long or Short... Discipline and consistency
  • #15,938
  • Jul 24, 2008 5:43am Jul 24, 2008 5:43am
Quoting KyoOishi
Am I the only one who saw that E/U Bearish in short term??
If you use a forum like this....might I suggest reading posts back to at least when the day starts..think you'll find your question answered...
  • #15,939
  • Jul 24, 2008 5:44am Jul 24, 2008 5:44am
Quoting KyoOishi
Am I the only one who saw that E/U Bearish in short term??
I have the same view but in M/L term... more fundamental than technical.
  • #15,940
  • Jul 24, 2008 5:45am Jul 24, 2008 5:45am
my useless view:


b.d.d. big down day! this is a mass trampeed.
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