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  • #40,121
  • Oct 20, 2008 1:50am Oct 20, 2008 1:50am
Quoting psiholog
honestly...this whole day looks alot like elliot waves...where the pros on the subject when we need them =/...if that is the case..we are about to enter wave 5 which is up...i will definetely learn elliot waves now as they are intertwined with fibonacci

oh yeah...im still short for the time being...a break of 1.3525 seems like a job for powerful forces right now...
well with that move what would be wave #5 is complete...now is the moment of truth as weve reached great horizontal resistance....if it holds...big move down now...if it doesnt hold...big move up...lets see

the resistances are as follow
-the upper wall of the uptrend weve been in all day
-50% fib retracement since this years low to high at 1.37xx(forget exact)
-the elliot wave pattern(which im total noobie at) is complete

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Different opinions highly valued, ignorant to slander.
  • #40,122
  • Oct 20, 2008 1:59am Oct 20, 2008 1:59am
Quoting psiholog
well with that move what would be wave #5 is complete...now is the moment of truth as weve reached great horizontal resistance....if it holds...big move down now...if it doesnt hold...big move up...lets see

the resistances are as follow
-the upper wall of the uptrend weve been in all day
-50% fib retracement since this years low to high at 1.37xx(forget exact)
-the elliot wave pattern(which im total noobie at) is complete

Attachment
Any1 here can give a light on Ellot wave for this EU? (i.e. what do we expect after this 5th wave)
  • #40,123
  • Oct 20, 2008 2:05am Oct 20, 2008 2:05am
Quoting emda
go euro go...
1.3500 break.. more than 20 pips... is the break we are looking for
It failed to break 135.00 convincingly.
I suppose there is a huge resistance there
  • #40,124
  • Oct 20, 2008 2:08am Oct 20, 2008 2:08am
Quoting FXraider
Any1 here can give a light on Ellot wave for this EU? (i.e. what do we expect after this 5th wave)
from my limited knowledge once wave 5 completes a new wave formation begins in the opposite direction. however we are in a critical horizontal area as bernac would say..just take a look at the hourly chart and notice we are almost above all previous highs since late last week...we could either start a big bull run up to fill in the void left since the 300pip+ drop day or drop down to at least todays low....anyones guess right now...pick a side or if your undecided just watch from the sidelines
Different opinions highly valued, ignorant to slander.
  • #40,125
  • Oct 20, 2008 2:10am Oct 20, 2008 2:10am
we could see 1.36 today
Twitter: @forexpokerpro
  • #40,126
  • Oct 20, 2008 2:13am Oct 20, 2008 2:13am
Quoting noblehobo
Here's a shot of the momentums I have for the start of the week(Daily Chart). Pointing for a bit of a retrace if I'm reading them correctly.
The Mom's showed the way.
Now it will be interesting to see how much follow through we have for the week to come.
  • #40,127
  • Oct 20, 2008 2:17am Oct 20, 2008 2:17am
Quoting emda
thanks
is there some info about how to trade expiry dates out there?
Not sure if there are any out there. Sorry
  • #40,128
  • Oct 20, 2008 2:20am Oct 20, 2008 2:20am
Quoting psiholog
from my limited knowledge once wave 5 completes a new wave formation begins in the opposite direction. however we are in a critical horizontal area as bernac would say..just take a look at the hourly chart and notice we are almost above all previous highs since late last week...we could either start a big bull run up to fill in the void left since the 300pip+ drop day or drop down to at least todays low....anyones guess right now...pick a side or if your undecided just watch from the sidelines

I am NOT an elliot wave expert by any stretch...know enough to be dangerous. To me, this would not be a classic 5-wave.

Under EW theory, W1 should be a deep retrace to the 61.8 fib level. W3, usually the largest wave, should extend at least beyond W1, as it is typically the largest move/wave. W4, typically the most difficult to define, is a shallow retrace, usually less than the 38.2 level. The low of W4 must not go below the hi of W1. And W5, the last push up, is typically on lower volume than W3.

So, at a minimum, the pattern we are talking about is flawed based on EW theory. That being said, I refer back to my opening statement.

If this pattern does meet EW criteria, then a A-B-C corrective 3-wave down should follow.

Hope the input at least sheds some light.

Trade well all.
  • #40,129
  • Oct 20, 2008 2:23am Oct 20, 2008 2:23am
i want you to answer this for me my romanian friend. is there any one indicator that has not been flawed and worked consistently the past few weeks...since the whole bailout blah blah?
Different opinions highly valued, ignorant to slander.
  • #40,130
  • Oct 20, 2008 2:38am Oct 20, 2008 2:38am
Quoting psiholog
i want you to answer this for me my romanian friend. is there any one indicator that has not been flawed and worked consistently the past few weeks...since the whole bailout blah blah?

Can't argue with you there....

Then again, I also don't use any.
  • #40,131
  • Oct 20, 2008 2:46am Oct 20, 2008 2:46am
Quoting efgsrl
Can't argue with you there....

Then again, I also don't use any.
brilliant way to trade
the few that i do use are all flawed in some way. overlapping fibs flawed...channels....changing all the time..patterns...irregular and most often not tradable...channel walls...well take a look at this chart...theres the lower wall...that wall has extended twice today. upper wall...more then 2 times... i thought i saw the midline...now its iffy...i know 1.3525 is strong resistance area...that too is iffy now

the only thing i got is my gut feeling and that says we will see todays low again..possibly lower...other then that...should i even be trading?

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btw...just out of curiousity...how would a b c waves develop in relation to the first 5 waves....if this "flawed" ew is really valid?
Different opinions highly valued, ignorant to slander.
  • #40,132
  • Oct 20, 2008 3:10am Oct 20, 2008 3:10am
i am going to sleep. final post combining all that ive said today that may hold some value. the bigger triangle we were in on friday we broke out of today earlier. like most breakouts a retest of the breakout wall is very common. price action there will determine whether we make a new low or bounce off it and continue higher. the gap post i mentioned (the secret)...still valid..may want to check it out it works 75% of the time. the current channel..we may be breaking it..to be seen...to the upside if we break 1.3525 decisively...here comes 1.6 or higher. to the downside we could see last weeks low or even a double bottom at 1.32xx. be back whenever...good pippin all

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Different opinions highly valued, ignorant to slander.
  • #40,133
  • Oct 20, 2008 3:39am Oct 20, 2008 3:39am
Quoting psiholog
brilliant way to trade
the few that i do use are all flawed in some way. overlapping fibs flawed...channels....changing all the time..patterns...irregular and most often not tradable...channel walls...well take a look at this chart...theres the lower wall...that wall has extended twice today. upper wall...more then 2 times... i thought i saw the midline...now its iffy...i know 1.3525 is strong resistance area...that too is iffy now

the only thing i got is my gut feeling and that says we will see todays low again..possibly lower...other then that...should i even be trading?

Attachment

btw...just out of curiousity...how would a b c waves develop in relation to the first 5 waves....if this \"flawed\" ew is really valid?
Again, let me open with my "Limited knowledge" disclaimer.

In general terms, the wave A move down is typically supported by increased volume. The wave B retrace would be accompanied by lower volume, compared to A and may look like a forming of another shoulder in an H&S pattern: look to peak of W3 for a clue on how deep the retrace of B MAY go. Wave C, volume picks up, push south picks up momentum, and should be at least as large as Wave A and may extend to the 161.8 level of Wave A.


I am hoping one of our EW experts intervenes and either squashes my perspective or adds something more concrete.
  • #40,134
  • Oct 20, 2008 3:52am Oct 20, 2008 3:52am
Boy hope someone in here took advantage of those double-top/tweezer setups on m15....nice c/t trades at 30pips or so each.

I did not jump in....counter-trend is not part of my trading plan.
  • #40,135
  • Oct 20, 2008 6:14am Oct 20, 2008 6:14am
I think it will hit 3400 ...and if before us session ..will long for scalping some pips and close just before the us session ....

Lets see us session where it will shoot this snake ... where do u think guys ?

up

down

Any thoughts ?
  • #40,136
  • Oct 20, 2008 6:21am Oct 20, 2008 6:21am
hello everyone


i think that if it will close above 3450 before the us session then we can see a recession in euro otherwise a close here near 3400 or 33xx would certainly pull the pair down towards my personal first support around 1.3360 and then from there on below that aswell this 1h candle is important and the closing would define the american session some what . certainly it is goin to hit 1.3400 it has just struck 1.3410. lets hope for the best let us see . i missed this train downwards . i hope it will go back up . and then i can benifit from that .
trying to learn and acquire knowledge
  • #40,137
  • Oct 20, 2008 6:23am Oct 20, 2008 6:23am
and deffinitely that is'nt a very good strategy goin against such a big trend there goes the 3400.
let us see if it becomes a strong support or just a road bump.
trying to learn and acquire knowledge
  • #40,138
  • Oct 20, 2008 6:27am Oct 20, 2008 6:27am
..alarms did their job...took that nice 100pipper profit....gap filling complete...retest of the triangle complete...now i am long looking for 1.36...its time

maybe shouldnt talk before cofee...or enter position haha...too late for both!
Different opinions highly valued, ignorant to slander.
  • #40,139
  • Oct 20, 2008 6:28am Oct 20, 2008 6:28am
Quoting psiholog
..alarms did their job...took that nice 100pipper profit....gap filling complete...retest of the triangle complete...now i am long looking for 1.36...its time

maybe shouldnt talk before cofee...or enter position haha...too late for both!
I'm with you... still have my SL intact at BE at 1.3381 since Thursday but I'm suffering LOL
  • #40,140
  • Oct 20, 2008 6:35am Oct 20, 2008 6:35am
hi guys

i posted my call from few hours ago forecast the continuation of down trend for both euro+cable.

untill now the very last short position are play very good(100) pip.

i hope you have fun guys in trade, forex all about stress managment to know how to make a good deal.

for euro the broke of 1.33xx will be good signal to add more shorts

is now obvious that usd strengthen against all the currencies.
is not temporary move it will last for months and may be even years .

that is why we see such very massive falls in euro&cable charts for the last weeks ago.


trade well guys.
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