EURUSD

I like your posts and im glad to know that other people apart from me and my wife got burnt thursday night. Now i don't feel left out.

Triangles in a downtrend.....

Ouch, but I guess the risk was worth it...

I don't think I've posted on FF yet, but I've been reading the forums of this site and BabyPips for a couple years. I'm still pretty inexperienced, I occasionally play with a $100 live account (currently down about $14 after being ahead $10).

Anyway, here's a screenshot of my weekly chart. If you pay attention to the two white trendlines (with accompanying arrows), you'll see that the EUR/USD has two potential support lines to contend with, not to mention the 1.50 mental price barrier. I currently have no open positions, and I definitely don't have a successful record, but this is what my novice brain is pointing out to me.

I would like very much to get along with you. Just ask me something reasonable that does not conflict with my efforts to please others and I will try to answer your issues if they are valid. I never claimed to know it all. There are many talented posters here. You are one of them. We need to help each other. It is a jungle out there.

Peace Out !!!


Bruce

looks like big money fund managers are dumping their long positions,euro is in deep shit

"You Can not Clap with one hand"

"Let Every Bird Sing it's own Song"

Peace ..

My advice is to stay out for some time.

This business has a lot of risk. but today risk has xfolded.
Your broker will slip you on these moves.
There are 1000 better days to come. It's not worth risking anything on days like this.
Sit and watch and learn and be glad not to pull the trigger

And here.. we.. go!

Sometimes a Novice Brain is better than an experienced one because perhaps we sometimes out think ourselves. Glad to see you post here.


Bruce

what we have today......is the bear continue to attack ?

thanks....

i hope some people picked up longs at 4930

and oil too

the down tl has been broken, and we have a historical support and a fib 261 support at 1.49

if price does not drop below that level, there is a possibility for longs, first target 50 fib retracement at 1.52

R

I posted earlier on this thread my opinions and views of the present situation on EUR/USD

In order for some who have not seen it and it is still very much on topic I will take the liberty to repost it.

Enjoy or Not !


http://www.forexfactory.com/images/icons/icon14.gif This Is The Way It Works Fundamentally !!!
This is my personal view of how to play EUR/USD

This is also my view of what will probably happen to cause EUR/USD to return to the 1.5500 level. Japan has yet to open so we need to see if anymore liquidation of EUR/USD longs will come from Japan.

Then we need to see if there is anymore longs to be sold in Europe. This selling will also include Margin Calls.

When the entities that NEED to buy their Inventory which is MONEY see that the market has stabilized the first ones that need to build up their inventory of Euro Dollars will start to buy. When the others see it move up they will get in to buy at the best price possible. Others that have lost fortunes since Thursday such as large Hedge Funds will start to buy as well.

It is called Supply and Demand !!! The More Buyers there is the more the EUR/USD goes up. The INTERVENTION and Panic Selling has ended.

I will not buy EUR/USD until I see it move over 1.5000 and hold there and above. I will wait until at least 2:00 AM EST before I go back into EUR/USD

I am also watching USD/JPY because I have a feeling that it might be ready to reverse directions if the Dow starts to sell off again.

If for any reason you see Oil moving Back over $120.00 or better yet $125.00 you will also see Gold move back towards $900.00

You should also watch the Yield on the 2 Year Treasury Bonds and the 10 Year Ones. The spread between the two of them is also important.

That tells you were the money is flowing. When the US Bonds are sold the Yield Goes Up and the Cash either goes into Oil or Gold Or other Currencies.

Follow the Money Flow. The Charts are useful to see where the New Support and Resistance Levels are.

I am going to be highly amused when I see the so called experts talking about the need to CUT FED funds to below 2% as the Meltdown continues in Housing and Financials.

Then Trichet will Hint at a Rate Increase and Guess What, The EUR/USD is again above 1.5500

The Lower Euro causes more inflation since it is also more expensive to buy Oil. If and When Oil goes back up the Inflation issue is back on the table.

When the Dow melts down Risk Aversion is back on the Table and USD/JPY heads back towards 106.00

Gold will eventually go Over $900 US again and sooner than even I think because of the constant printing of Dollars by the Central Banks to replace Money the Banks are not lending because they themselves are in serious financial shape.

These are my thoughts and mine alone. Right or Wrong I have shared them with you. It should be a interesting week in Forex .


Good FX Trading To All !!!

Here Is A Technical Opinion so You See Both Sides of the Same Coin !!!

Attempts to recover have been thwarted just shy of 1.5000 and the price is easing again. Hourly studies are rolling over and a dip back to the overnight trend low at 1.4910 is on the cards in favor of the short trade. Stops have been lowered and lock in profit on the position. Daily trend stidoes are deep in oversold territory. Cautious of rebounds. (AS) 06:46 GMT

i just read on yahoo news that oil price has increased by $1.46. Do you think this will finally make eu head up in the next 24 hours??? Still seems short right now, but i think it's just testing the 1.4920 support line

Yes we did yesterday and took 1/4 profit near 1.500

http://2.bp.blogspot.com/_nmIuQsC9b-...ver+eur111.png

Bad French data. Could this be a falling knife?

yeah, reading in the papers tomorrow, 1.5150 seems most reasonable.

Date: 2008/08/11Time: 08:03 (GMT +2)Ticker: EURLast: 1.4968Pivot: 1.5051st sup.1.4922nd sup.1.493rd sup.1.4851st res.1.5052nd res.1.50913rd res.1.5132Title: EUR/USD intraday: Under pressure.Summary: Update on supports and resistances.Story: Pivot: 1.5050.
Our Preference: SHORT positions @ 1.504 with 1.492 & 1.49 in sight.

Alternative scenario: The upside breakout of 1.505 will open the way to 1.5091 & 1.5132.

Comment: A limited recovery can't be ruled out, but the 1.505 area maintains a downside pressure.

Trend: ST Ltd Downside; MT Bullish

Key levels Comment

1.5132** Fib retracement (61.8%)
1.5091** Fib retracement (50%)
1.505*** Intraday pivot point
1.4968 Last
1.492* Intraday support
1.49** Fib projection
1.485** Fib projection
http://www.tradingcentral.com/chart/...0811080202.GIF