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  • #2,481
  • Aug 7, 2008 5:23am Aug 7, 2008 5:23am
Quoting pipeye
Looking for a retest of broken TL and support in the 1.5440 area. This would result in a beautiful Inverted Head and Shoulders pattern with a profit target of around 1.5600.
Looking at that one too
Time hides Nothing
  • #2,482
  • Aug 7, 2008 5:32am Aug 7, 2008 5:32am
Quoting CindyXXXX
Looking at that one too
Nice! We fulfilled the price projection from the 1-2-3 bottom @ 1.5468.
  • #2,483
  • Aug 7, 2008 5:54am Aug 7, 2008 5:54am
Quoting BillyRayValentine
Look for a break/confirmed move/close below 1.0550 for continued downward movement targeting 1.0500.
im hoping for a clean break above 1.0610 next resistance @ 1.0720, have to wait and see which way it wants to run.
  • #2,484
  • Aug 7, 2008 6:41am Aug 7, 2008 6:41am
Quoting Tulip
im hoping for a clean break above 1.0610 next resistance @ 1.0720, have to wait and see which way it wants to run.
Apparently (as of now) a lot more bears out there wanting to hold under 1.0570; but that could change very quickly of course.
  • #2,485
  • Edited 8:16am Aug 7, 2008 8:04am | Edited 8:16am
Jean Claude Trichet still speaking at the Press Conference following the no-rate-change decision by the ECB.

"We have only one needle in our compass - price stability", he tells us.

CNBC reporting their reading of his conference as slightly more dovish than they had expected, at this stage.

Better let him finish and see how the markets choose to react to what he had to say.
  • #2,486
  • Aug 7, 2008 8:06am Aug 7, 2008 8:06am
Hope some orders were cancelled before that!!!

When does he finish speaking?
Time hides Nothing
  • #2,487
  • Aug 7, 2008 8:19am Aug 7, 2008 8:19am
Quoting CindyXXXX
When does he finish speaking?
Soon, I hope !

Within another few minutes... it's on Bloomberg TV online, in Europe at least.

http://www.bloomberg.com/tvradio/tv/...ex_europe.html

It's a great cure for insomnia...
  • #2,488
  • Aug 7, 2008 8:23am Aug 7, 2008 8:23am
Quoting CindyXXXX
Hope some orders were cancelled before that!!!

When does he finish speaking?
J C Trichet has now finished speaking, including the Q+A after his Press Conference.
  • #2,489
  • Aug 7, 2008 8:26am Aug 7, 2008 8:26am
could be a long way down...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd0708.gif Size: 15 KB
Enter Signature
  • #2,490
  • Aug 7, 2008 8:34am Aug 7, 2008 8:34am
Quoting loudoniii
J C Trichet has now finished speaking, including the Q+A after his Press Conference.
Cheers
Time hides Nothing
  • #2,491
  • Aug 7, 2008 8:48am Aug 7, 2008 8:48am
The USD/CAD is bumping against the former support a year ago at 1.05 ... this fall into the no brainer category or is there a factor I'm not seeing? Looks like a great short to me.
  • #2,492
  • Aug 7, 2008 9:07am Aug 7, 2008 9:07am
Quoting krullmagnon
The USD/CAD is bumping against the former support a year ago at 1.05 ... this fall into the no brainer category or is there a factor I'm not seeing? Looks like a great short to me.
Might be.
But if you look back thru this thread, you'll see that this pair broke so many resistances recently - its bullish momentum is nasty. Be careful.
  • #2,493
  • Aug 7, 2008 9:07am Aug 7, 2008 9:07am
How bout USD CHF short from 607 -624?

Or is this risky because it already tested and bounced off this level yesterday?
Time hides Nothing
  • #2,494
  • Aug 7, 2008 9:10am Aug 7, 2008 9:10am
Euro approaching major support at 5340-60 area, but dollar is pumping, so is this one of those cases when you should not take a punt against. Will have moved 160 pips today if it gets there.
Very possible you would see some retracement there, or maybe it could head for next support level at 5300, but i doubt we will see that today???
  • #2,495
  • Aug 7, 2008 9:19am Aug 7, 2008 9:19am
Attached Image (click to enlarge)
Click to Enlarge Name: !!nobrain.gif Size: 27 KB


Looks like watching price go by tick by tick does help
  • #2,496
  • Aug 7, 2008 9:22am Aug 7, 2008 9:22am
Quoting CindyXXXX
How bout USD CHF short from 607 -624?

Or is this risky because it already tested and bounced off this level yesterday?
1.0615 is 50% Weekly Fibo level on the Swissie, right about where it is now.

As Steve Shutts says, USD is pumping right now so I wouldn't bet against it by shorting the Swissie at the moment.

Wait and see if probably the best idea.... a decisive 1-hr close over the 623 sort of area might convince me to go long.

An anaemic hook back up to the same level from underneath would suggest to me a possible short.

Time to use the Mark I Eyeball tool, I think.

Price action should make clear which way to go.
  • #2,497
  • Edited 9:37am Aug 7, 2008 9:27am | Edited 9:37am
EUR/USD (Euro) short @1.5395, just below the 1.5397 - 1.5510 Support area, or thereabouts.

Stop maybe 30 PIPs higher, above the 54 double zero level.

What do you folks reckon on this setup ?

It may not get back up there anytime soon, of course.
  • #2,498
  • Aug 7, 2008 9:28am Aug 7, 2008 9:28am
LONG gbp/usd 1.9428

Cable is due for a bounce here imo
  • #2,499
  • Aug 7, 2008 9:29am Aug 7, 2008 9:29am
GBP/USD (Cable) short @ 1.9463, just below Support level of 1.9465 - 1.9476 or thereabouts.

Stop Loss 30 PIPs above.

There's a 118-PIP big red candle so far on the way down on the 4-hr chart, so looks bearish to me.

As Len says, there is Support in the 1.9410 sort of zone, so let's see how this one pans out.

I think BRV also gave us 1.9410 as a Support level on Cable.

Similar to Euro short trade @ 1.5395.

As with Euro, it may not get back up there anytime soon, of course.

Comments ?
  • #2,500
  • Aug 7, 2008 9:37am Aug 7, 2008 9:37am
nzd/usd approching major support at 0.7098 - 0.7069
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