EURUSD

If you look at the 4hr and or 1 hr chart, you will see a double hit today at 1.4806.
These hits are at exactly the same high hit on 8-19 of what looks like a pretty typical head H&S pattern. Left sholder high on 8-19, and the right sholder high today.
Right now we're at stuck at the 38.2 fib retrace. May head down to 68.1.
if it can close below .4764

We'll see

Jim

Wow man thanks! You caught that one quickly. This is a good sign, we're likely to test 650 tommorow as people catch up to it I guess.

My pleasure.
I too am hoping it plays out that way.

Jim

what make you think we should go back up again? I would think that the double top we just had was enough to go test the S1

can you enlight me?

Didn't realize the big H&S part, maybe we won't.. Still a retrace off of 47 area or maybe during the night today is possible. Things are rarely straitforward in forex I think..

Things are rarely straitforward in forex I think.. [/quote]

true, i was just wondering if i missed something that could imply another run to the 1.48xx
thanks and good trade

where is everyone

They are counting up their profits on EUR/USD


Bruce

everyone is trading oil .....range is 114,2 to 115.5 it has done that 4 times today .....

that is 520 pips ..... oil scares me ...lol

I am scared

Not a bad idea, will try it on a demo.

i cant trade oil on my platform.mt4 trader from alpari uk

hmmn... when i read that, I zoomed way out on the 4hr, blinked a few times, spin a round twice and turned my monitor upside down. It's a TF issue.

I think there's as much support for a "dirty fat headed" inverted H&S there as not (white shaded). At least THAT pattern, such as it is, is at the end of a long price move on a higher TF. You could even find a prettier one all in the "head" part of the chart below (green shaded). Good catch on the 1 hr H&S tho...

I try not to give too much weight to "reversal patterns" in the midst of long ranging or consolidation periods, which is what I think any "bull moves" are right now. It's taking a while to digest that last waterfall, and I'm happily trading both directions.

Still, as for bias, I'm $ bullish, and I don't plan on trading anything I just said at this point, other than as short term counter trend trades. Still riding an EJ short from 66.75 and looking for that 1k pipper...

London moves the biggest part of the FX cake, cause of that (vacation London) this pair moved slower than a turtle today.

Here's another very simple way to look it it without turning your monitor upside down and spilling coffee on your keyboard.

I'm still not gonna trade it tho.

Does anybody know a good broker to start off trading oil with a practice account? I want to get the hang of it first as my current broker don't offer oil trading.

Thanks

Try ODL

Do you see what I see on this weekly oil chart (attached)?
Reached 61.2 Fib.

Another Storm ?

18:53 USD/JPY: Dead Cat Bounce from 109.00, New Storm Threat New York, August 25. Prices found bids at 109.00 midday, but gains have been limited to the 109.40 area thus far as US stocks remain down sharply and Tsy yields are also under pressure. A new factor is coming to fore as another tropical storm has developed in the Caribbean and has put a small bid into oil at the close, though still down 34 cents on the session. Illiquid trading creates intraday risks as the last two weeks or so of trading has demonstrated. For now, trading the range from the low 108s to the mid 110s is the strategy. Prices are now in no-man's- land between the range extremes and far from an ideal spot to establish new positions. [email protected]

EUR/USD

Euro Outlook
18:22 GMT August 25th EUR/USD opened New York around 1.4770, held a tight
1.4757/07 range for most of the day, then plunged to the days low of 1.4745 from
1.4806 in the last few hours as oil, gold and equities dropped. Cross selling vs
Yen was the primary depressant, EUR/JPY collapsed from 162.40 to 161.25 and
closed near the lows. The Dow dropped 1.8%, driving the Yen higher; oil dropped
on "sources" that stated that OPPEC would maintain production unchanged at next
week's meeting and growth concerns after US existing home sales. Data was
better, but still grim. Gold fell almost $7 to $826.50.
There was talk of "official sales" around 1.4800, slated to be East European
central banks, with some murmurings that cash is still leaving Russia, and the
central bank is holding the Ruble in. Liquidity was extremely thin, IMM volumes
extremely low, and IMM positioning close to flat by the end of the day after
being modestly long at one stage (E100mn). All eyes are on tomorrow's slew of
German data which will be a litmus test for where we go next; GDP expected -
0.5%. The Ifo

my 124 zone is still posssible .. maybe even higher. It does not make any sense as oil is well over valued and should be only 70 or less.

The fact that we were bouncing around in a 1.5 range today was of interest as this shows the bulls / bears are gang fighting right now with no winner.

113.5 breakdown 108 here we come , 116 break upo 124 here we come .... those are my thoughts , but if I see a range , like to dya to trade on a 5 min chart I will trade it.