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EURUSD

  • #33,061
  • Sep 22, 2008 11:46pm Sep 22, 2008 11:46pm
Quoting psiholog
the 2 points are this
1) break above the blue line (descending triangle combined with 23.6fibs)..not a falsie a real one with possible retest of that wall to make sure it has become support
2)a break below the 23.6% fib level and the lower wall of this uptrend channel...i consider that wall the red line now as i originally thought...again it has to be a clear break with a potential retest of the wall only

either move will bring alot of pips but its suicide to rush in before then
after an extended attempt to break up it seems the bears took control and #2 is happening as confirmed by first 15m close below 23.6% fibs today. HOWEVER....we are in bull territory nowadays, this pair could spike back at any time so short at your own disgression...personally...im a risk taker
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for profit taking targets i will follow closely all fib levels created from the market open low to high

also note that news is coming out soon
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  • #33,062
  • Sep 22, 2008 11:47pm Sep 22, 2008 11:47pm
Test 1.4690 and if broken we could see lower very sharply.
  • #33,063
  • Sep 22, 2008 11:48pm Sep 22, 2008 11:48pm
hi,

M5 Strange candelstick on my Alpari chart just now
  • #33,064
  • Sep 23, 2008 12:01am Sep 23, 2008 12:01am
price just crossed past bollinger band on the 15M chart.any one know if this a downtrend.?
  • #33,065
  • Sep 23, 2008 12:02am Sep 23, 2008 12:02am
Quoting emmyi29
price just crossed past bollinger band on the 15M chart.any one know if this a downtrend.?
it's news
FUBAR...
  • #33,066
  • Sep 23, 2008 12:04am Sep 23, 2008 12:04am
also note this fastly moving downtrend channel best represented by 1m chart....watch for one of those wall breakouts to determine true direction of this pair
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Different opinions highly valued, ignorant to slander.
  • #33,067
  • Sep 23, 2008 12:06am Sep 23, 2008 12:06am
Quoting MackS10
Test 1.4690 and if broken we could see lower very sharply.
is 1.4690 the %50 fib?
  • #33,068
  • Sep 23, 2008 12:18am Sep 23, 2008 12:18am
Quoting psiholog
also note this fastly moving downtrend channel best represented by 1m chart....watch for one of those wall breakouts to determine true direction of this pair
True direction determined by a 1m chart right after the London open?

Maybe you should start another thread to explain your methods as you suggested earlier. I mean if it continues down another 100 pips w/o breaking your "wall", you'll still be waiting for true direction?
FUBAR...
  • #33,069
  • Sep 23, 2008 12:19am Sep 23, 2008 12:19am
Quoting akirax
is 1.4690 the %50 fib?
No, just a trendline created by two low points in yesterday 15min chart. To me it looks weak and could easily be broken with the bad euro news.
  • #33,070
  • Sep 23, 2008 12:21am Sep 23, 2008 12:21am
Quoting ak4x
True direction determined by a 1m chart right after the London open?

Maybe you should start another thread to explain your methods as you suggested earlier. I mean if it continues down another 100 pips w/o breaking your "wall", you'll still be waiting for true direction?
lol good point...that was the beggining formation of this downtrend channel however since then it has evolved and is clearly visible on 5min chart...as far as what happens when the walls are broken now i dont know...im just enjoying the ride
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  • #33,071
  • Sep 23, 2008 12:23am Sep 23, 2008 12:23am
Quoting psiholog
lol good point...that was the beggining formation of this downtrend channel however since then it has evolved and is clearly visible on 5min chart...as far as what happens when the walls are broken now i dont know...im just enjoying the ride
Good call. Your walls are right more often than not keep up the good work.
  • #33,072
  • Sep 23, 2008 12:26am Sep 23, 2008 12:26am
Quoting turboguru
Good call. Your walls are right more often than not keep up the good work.
thanks...note that we have encountered serious support at 38.2% fibs (yesterdays open low to high)....whether this is temporary or a reversal will happen here...well see
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  • #33,073
  • Sep 23, 2008 12:27am Sep 23, 2008 12:27am
I really think you should start the thread. I know people are probably wondering who I am because I don't post often (been reading a lot though). I strictly trade the E/U and have read your post and really think many newbies like myself could benefit from your threads. Speaking for myself as a newbie, I often shy away or get confused when people start posting things about Oil, Gold and such other investments. So, I'm all for you starting your own thread.
  • #33,074
  • Sep 23, 2008 12:27am Sep 23, 2008 12:27am
Quoting psiholog
lol good point...that was the beggining formation of this downtrend channel however since then it has evolved and is clearly visible on 5min chart...as far as what happens when the walls are broken now i dont know...im just enjoying the ride

Damn should have not focus too much on indicators now I am back where I started 2 weeks ago.
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  • #33,075
  • Sep 23, 2008 12:29am Sep 23, 2008 12:29am
don't know about you, but if i were a girl, that EURUSD uptrend would turn me on
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  • #33,076
  • Sep 23, 2008 12:30am Sep 23, 2008 12:30am
Upper wall was just broke, curious to see what happens now. I'm short so I'm getting a little nervous but I'm going to hold on.
  • #33,077
  • Sep 23, 2008 12:34am Sep 23, 2008 12:34am
Quoting Dl1982
Upper wall was just broke, curious to see what happens now. I'm short so I'm getting a little nervous but I'm going to hold on.
retest attempt here...if it cannot re enter the trend i would close your short
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  • #33,078
  • Sep 23, 2008 12:37am Sep 23, 2008 12:37am
ive been testing a new strategy a 5 min chart with bollinger bands stoch and a few emas and it tested the ema, but im not worried yet of the down trend changing.
  • #33,079
  • Sep 23, 2008 12:38am Sep 23, 2008 12:38am
That's exactly what I was thinking. Should I be looking for signs to consider a long after closing out my short if it does not re-enter the channel. Are we still at the 38.2 fib level support?

Edit: Just closed out my short for 40 pips. Thanks for the advice.
  • #33,080
  • Sep 23, 2008 12:41am Sep 23, 2008 12:41am
Quoting Dl1982
That's exactly what I was thinking. Should I be looking for signs to consider a long after closing out my short if it does not re-enter the channel. Are we still at the 38.2 fib level support?

Edit: Just closed out my short for 40 pips. Thanks for the advice.
personally i would wait here......since the previous trend ended and now were in a somewhat consolidation period until a new pattern forms or the current low(or 38.2%fibs) gets broken i would sit on the sidelines
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