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  • #24,601
  • Aug 27, 2008 1:38pm Aug 27, 2008 1:38pm
Quoting Rocroy
I'd say that we have a bottom at 665 (double on 5M, fib support etc.) and at least 50 pips is available if you go long now.

There is also a bigger correction coming (check the 4H chart: signs are pretty clearly visible there), and this long could well be a good runner....

Just my cents.

R
Hi Rocroy--would you explain what you see in the 4h chart? Thanks.
  • #24,602
  • Aug 27, 2008 1:43pm Aug 27, 2008 1:43pm
> U.S., Europe, Japan Planned To Rescue Falling Dollar In March TOKYO
> (Nikkei)--With the dollar plunging and the global financial markets
> teetering on the brink of crisis in March, authorities in the U.S.,
> Europe and Japan had crafted a contingency plan to jointly shore up
> the greenback, The Nikkei learned Wednesday.
>
> The financial troubles at U.S. investment bank Bear Stearns Cos.
> surfaced in mid-March, triggering renewed concerns about the lingering
> repercussions from the subprime mortgage turmoil. Amid a widespread
> sell-off of the dollar and stocks, the U.S., Europe and Japan also
> considered issuing an emergency statement through the Group of Seven
> industrialized nations.
>
> Officials from the U.S. Treasury Department, Japan's Finance Ministry
> and the European Central Bank drew up the currency intervention plan
> over the weekend of March 15-16, according to sources familiar with
> the matter. In addition to agreeing on the need to limit excessive
> swings in the foreign exchange market, they hammered out a framework
> for coordinating a dollar-buying intervention.
>
> The parties did not set a specific exchange rate for initiating an
> intervention or outline the potential scale of the operation. In the
> event the dollar faced the risk of a free-fall, however, the plan
> called for their respective central banks to aggressively buy dollars
> while selling yen and euros.
>
> Under the intervention framework, Japan was to supply the yen
> necessary for the underlying currency swaps. A previously established
> swap mechanism between the U.S. and Europe was to be used as well.
>
> The dollar sank below the 100 yen threshold at the time and marked new
> lows against the euro on a daily basis. But after falling to the 95
> yen level, the greenback has rebounded moderately and no market
> intervention has taken place.
>
> The U.S., Europe and Japan have not intervened together in the
> currency market since September 2000. Japan's last unilateral
> intervention came in March 2004. Although the administration of
> President George W. Bush had expressed caution toward such moves, the
> flight from the dollar essentially forced a shift in U.S. policy.
>
> The dollar has recently been relatively stable, but renewed weakness
> could rekindle discussions of market intervention.
  • #24,603
  • Aug 27, 2008 1:49pm Aug 27, 2008 1:49pm
Quoting IRISH37
Hi Rocroy--would you explain what you see in the 4h chart? Thanks.
Here is the 4h chart that I have that shows a double bottom at 1.4665 circled in red. It could mean that we might test the weekly highs of 1.4800.

-Ambrodel
Attached Image (click to enlarge)
Click to Enlarge Name: EU1.JPG Size: 122 KB
Imma do the things that i wanna do I ain't got a thing to prove to you
  • #24,604
  • Aug 27, 2008 1:53pm Aug 27, 2008 1:53pm
Thanks Rocroy.
  • #24,605
  • Aug 27, 2008 1:58pm Aug 27, 2008 1:58pm
i assume you are not referring to the double bottom pattern, as that definitely is not

Quoting Ambrodel
Here is the 4h chart that I have that shows a double bottom at 1.4665 circled in red. It could mean that we might test the weekly highs of 1.4800.

-Ambrodel
  • #24,606
  • Aug 27, 2008 2:04pm Aug 27, 2008 2:04pm
Quoting traderpinoy
i assume you are not referring to the double bottom pattern, as that definitely is not
My mistake. I should have not used double bottom in my post. I meant to say bottom, as you are correct that is not a double bottom pattern. I was merely showing the bottom that Rocroy was referring to.

-Ambrodel
Imma do the things that i wanna do I ain't got a thing to prove to you
  • #24,607
  • Aug 27, 2008 2:08pm Aug 27, 2008 2:08pm
My double bottom was on 5M chart

Quoting Ambrodel
My mistake. I should have not used double bottom in my post. I meant to say bottom, as you are correct that is not a double bottom pattern. I was merely showing the bottom that Rocroy was referring to.

-Ambrodel
  • #24,608
  • Edited 2:18pm Aug 27, 2008 2:08pm | Edited 2:18pm
I think the EURUSD will hit 1.4800 tomorrow.
The reason behind my thinking is that Gold ( which correlates to Oil ) will be going up at least 15 USD , because Oil will continue to go up, and therefore
EURUSD which tends to also go in the same direction will also go up to 1.4800.

If not Thursday then watchout Friday.

P.S. I don't play EURUSD only GOLD

Good trading all.
  • #24,609
  • Aug 27, 2008 2:13pm Aug 27, 2008 2:13pm
The reason is because you think something else might happen. Oh okkkkkay.

And to think some try to predict just one market.
  • #24,610
  • Aug 27, 2008 2:25pm Aug 27, 2008 2:25pm
Quoting Two percent
I think the EURUSD will hit 1.4800 tomorrow.
The reason behind my thinking is that Gold ( which correlates to Oil ) will be going up at least 15 USD , because Oil will continue to go up, and therefore
EURUSD which tends to also go in the same direction will also go up to 1.4800.

If not Thursday then watchout Friday.

P.S. I don't play EURUSD only GOLD

Good trading all.
And it might go to .4600.

And it might not move at all.

And if it does go to .4800 it will be another great shorting opportunity.

And the holiday is next week.

And liquidity is low.

And volume is low.

And moves are exaggerated.

And... the last one... this pair is headed south.
  • #24,611
  • Aug 27, 2008 2:33pm Aug 27, 2008 2:33pm
even on the 5M chart that is still not a double bottom..

Quoting Rocroy
My double bottom was on 5M chart
  • #24,612
  • Aug 27, 2008 2:34pm Aug 27, 2008 2:34pm
Quoting acumen
And it might go to .4600.

And it might not move at all.

And if it does go to .4800 it will be another great shorting opportunity.

And the holiday is next week.

And liquidity is low.

And volume is low.

And moves are exaggerated.

And... the last one... this pair is headed south.

GE Unemployment figures tonight
Pippin ain't easy, but it sho is fun!
  • #24,613
  • Aug 27, 2008 2:42pm Aug 27, 2008 2:42pm
this might be the double bottom that is forming (we need to break that neckline to confirm a reversal)....

http://img183.imageshack.us/img183/1626/er5ny8.gif
  • #24,614
  • Aug 27, 2008 3:10pm Aug 27, 2008 3:10pm
Maybe something like this?:

Looks like in the book now.

And also H&S pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.JPG Size: 63 KB
  • #24,615
  • Aug 27, 2008 3:16pm Aug 27, 2008 3:16pm
Quoting magictrader
Maybe something like this?:

Looks like in the book now.

And also H&S pattern.
I agree with your analysis...look clear trend on EU heading to south before continue rebound
  • #24,616
  • Aug 27, 2008 3:21pm Aug 27, 2008 3:21pm
Quoting traderpinoy
this might be the double bottom that is forming (we need to break that neckline to confirm a reversal)....

http://img183.imageshack.us/img183/1626/er5ny8.gif
A bullish double bottom is when the 2nd (more recent bottom) is higher than the first.
  • #24,617
  • Aug 27, 2008 3:30pm Aug 27, 2008 3:30pm
Take a look at my 4H chart attached. Is it possible that a H&S is forming? If so, assuming that the right shoulder will complete development, to about 1.4742, where is the neckline? How far should it drop?

Thanks to anyone,
Ed
Attached Image
Up or down, gimme a ticket
  • #24,618
  • Aug 27, 2008 3:38pm Aug 27, 2008 3:38pm
Quoting SpecialEd
Take a look at my 4H chart attached. Is it possible that a H&S is forming? If so, assuming that the right shoulder will complete development, to about 1.4742, where is the neckline? How far should it drop?

Thanks to anyone,
Ed
If the H$S gets confirmed I would take the pivot 4648 + 10 pips as a TP.
My personal opinion.
  • #24,619
  • Aug 27, 2008 3:42pm Aug 27, 2008 3:42pm
Quoting SpecialEd
Take a look at my 4H chart attached. Is it possible that a H&S is forming? If so, assuming that the right shoulder will complete development, to about 1.4742, where is the neckline? How far should it drop?

Thanks to anyone,
Ed
I would think that the 1.4665 bottom would be the neckline. I think we might test the weekly low if it does drop. With the pending hurricane showing up in the gulf over the weekend, I wouldn't be surprised if we test the weekly low or make a new low to get a better buy before oil shoots up because of the storm. Then again we might be on the up escalator because of the storm, but I don't think so. Just my thoughts.

-Ambrodel
Imma do the things that i wanna do I ain't got a thing to prove to you
  • #24,620
  • Aug 27, 2008 3:44pm Aug 27, 2008 3:44pm
Quoting cobraforex
If the H$S gets confirmed I would take the pivot 4648 + 10 pips as a TP.
My personal opinion.
Thanks Cobra. So, what does it have to do to be confirmed? Also, I understand you to mean to short EURO at some point of confirmation and then tp at 4658, right?

Sorry, but learning.
Ed
Up or down, gimme a ticket
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