EURUSD

I want to add that we are at the bottom of a nice down channel I'm seeing on the H4 as well. Price spiked below it but closed above it and has been following it very very closely without ever closing under.

I tell ya, the recent chain of events in war, politics and finanace is almost getting surreal. I mean you could not write this for a made for TV movie...I only wish it was a movie.

ever since Russia invaded Georgia, it's like the world went into a tailspin. It might just be for all the best, I hope.

The latest chapter from Iraq
http://news.yahoo.com/s/ap/20081025/..._mi_ea/ml_iraq

I am a little unsure having read through all of the recent posts.

Is the general opinion that we will reach 1.2200 or are we going the other way (which is more likely?)

SORRY if that sounds obvious.... I am still getting the hang of FX, and there is so much information that you can view one way or another on top of what is impacting the markets in the news.

Many thanks for any clarification in advance.

Not sure what the concensus is, but this is my take.

2551 is Strong S/R area.
Tested many times up and down if you go back on the Weekly TF.

Judging by how the EU price right now is about 2705, the 'Big Players' ran it up slightly after the market close on Friday.

I think we may get a retrace up to 30xx area.
If that is broken, then 36xx area.

Then, with a break of 255x area I'd say a longer term low would be 179x area.

Personally, all I'm doing is scalping these days, but after the next run up, I'll put on a few extra lots for some long term shorts and let em cook for a bit.

Weekly 200SMA is at 1.3373 area.

I think that'd be a pretty solid area to look to short it again.

Just my take, but as I said most of my trading is on the 5M chart, so as long as it goes UP and Down, I'm happy. ;-)

kj

The easiest thing would be to wait until monday to see if price gapped down. Friday's candle shadow seems like a long signal as well as the fact we are at the bottom of a down channel... but we ARE in a huge down trend, so any long is scary to me. I would wait and see if price moves up, and if so, let it go past at least the previous broken resistance on the way down. If it can do that and not come down past Friday's low, then I would say theres going to be a couple days of upward movement.

But dont listen to me. I have only been able to break even.
I lose everything I make on my limit orders I place before work when I start trading under the 15M time frame when I get home from work.

Well, lets look at the Monthly TF.
Major support resides at the 1719 area, if 2500 area is breached.
Then, the 61.8 fibo of the big up move resides at 1219 area.
These are long term targets obviously.

The Weekly TF shows just how important this area of price really is.
15+ times on the Weekly TF this area of price, the 25xx area was hit as Support/Resistance. Very important area and once broken, IF broken, 17xx should be a given at some point.

On the Daily chart, we have very BIG Divergence.
Though, in these economical times, I don't think we should always take that into consideration as a trade call, but it is obvious.

IF the 24xx area hit as the low, IS this low, our retrace areas are 30xx, then 34xx and finally 36xx if this ends up NOT being a full reversal.

Now, I'm mainly just scalping off the 5M charts as my job on a tv show keeps me very busy for 15 hours each day, but I'll be keeping my eye on these three areas to go short for some LONG Term trades.

IF we get to 36xx and bounce, I'll short it and then place sell stops at 33xx and 29xx and then them 'cook' for 17xx.

Funny thing is, 17 is my family number and would be very sweet to have a few lots from 36 to 17.

Wish I kept sell limit orders from 6000 from July..... ;-)

Well, have a great weekend all.

Current price of EU is still 2705, as of 23:45 PST

So, looking for at least 30xx on this little retrace.

kj

Hello is boys. A dollar continues to become stronger, it is simple surprisingly.

My chart. We go downward.

"Current price of EU is still 2705, as of 23:45 PST"
so already 127pips GAPS UP from the price closed on friday .
Amazing !! I like it now .placed long to trade the gap .
fontu

Sorry for OT but I am very curious...

to traderathome: I really like your graphs. I am just a forex beginner but your indicators are very evident for me and I can learn from them. Would you be so kind and tell me, what indicators with what settings do you use?

Thank you very much.

It appears to be just one editorial writer of one newspaper. How many in this country are angry about China taking jobs? Too many.

here is my version, 2 years ago, there was election for upper house in the US, at that time, dollar was gaining strenght, and euro/usd reached 1.2485, that was the lowest point it went,...it never returned to that number nor to number 1.27,...but it did 2 years later with a far more important election then for the upper house,...so all in all it can test it, it can break it, and also vise versa, it can be defended before even testing it,....

I have been very eager to see this open. What is going to happen next? hehehe

Good luck everyone, longs and shorts...off to soccer with the girls.

What is the actual price now guys ?

http://i33.tinypic.com/fkczsm.gif

now i dont know if my eyes are seeing correctly...

1.201 ????
wow...that is a 600++ GAP down.
Gimme the website add micho.

i dont know whats happening now the price is back 1.26 but the session low is 1.201

http://www.forex-markets.com/quotes.htm

Markets aren't open yet so how can these be real prices? Am i missing something?

You are not.

The others are, that believe low volume pre-market trading before the Far East open means anything.