EURUSD

tokyo opens in 4hrs
sydney on the other hand will in 2 hrs 12 mnts

I'm hungry

yup!

Good luck to all of you !

Here the link that may help us to understand what's really going on in currency market.. what you guys think?
http://www.telegraph.co.uk/finance/c...called-in.html

who else thinks that this pair will crash to 1.20 or better yet 1.16 this week?

Here is another one

http://www.telegraph.co.uk/finance/c...-meltdown.html

Forex trading sometime in the maybe not so distant future...

"What should I trade today? Euro, Amero, or Yen? Hmmnn... So many choices, so few brokers..."

That indeed was an interesting article.

Another point I heard on radio last week that the UK borrowed more mortgage money, per capita-wise than the US. We took out $1.35 per $1 of household income but UK borrowers took out $1.70 per $1.00

But in the end I'll watch the charts.

1.2557 gap down

hi guys . get ready for next week rally

What can we see by examining this monthly chart for eur/usd?
The first thing we notice is the absolute bearishness of this pair for the past 4 monthly candles. Corrective wave 4 down has turned into a reversal of trend. Price has blown away all support from the high of 1.6035 to the low of 1.2495 in a very short period of time. That is a drop of 3,540 pips. If you read back through my past articles, you will notice that the charts were telling us that a big move down was coming well in advance of the fact, even though retail traders were continuing to take long posiitons and buying this pair, and fundamentals were bullish euro, and Market Sentiment was USD averse.
Things have certainly changed on the fundamental side of the bigger picture. But there is a good lesson to be learned from this. Fundamentals will lag behind technicals. Smart money will exploit this situation by finding out approximately where the selling interest occurs and where the buying interest is sitting, and placing positions at strategic locations, waiting patiently for the market to fulfill its destiny.
Smart money is looking for opportunities to make easy money and exit before retracements, or to cover their positions with a positive hedge to collect any lost profits during retracements. Smart money is quick to exit positions in a volatile market, and waiting for signs of a bottom to become established, and consolidation to present itself.
Smart money has different trading strategies for different situations. Smart money places positions for long term, mid term and the short term. Smart money divides his account balance into risk capital, and retirement type percentages. Smart money uses strict discipline with money management for each of those percentages.
Small lot sizes and trailing stop losses help to protect that position that is taken from logical analysis and strategic entries. Partial profits are taken at strategic locations and house money is used for resumption of trend for the remaining partial position. When you close a trade in the MT4 platform, you have the choice to close all of the position or part of the position. With the huge swings in price range that we are seeing now, traders are often exiting their positions too early, and taking profit too soon. At other times, they leave a position open too long and their profits get eroded, or the position reverses and turns negative on them, before turning positive again. Taking partial profits, scalping retraces, and trailing your stop losses will help you to maximize your profits in this volatile market. Dont be afraid to hold a long position and a short position on the same pair at the same time, as long as the price is swinging wildly in both directions.
This monthly chart for eur/usd shows us not much support remains to the downside until the confluence the aqua colored 100 sma (1.1740 area) and the red 200 sma (1.830/50 area.

does anyone expect this to fill the gap anytime soon?

This weekly chart for euro/usd shows shows a bearish picture with all 4 momentum indicators agreeing to the downside in slope and direction, and sitting way below the 100 level, which is the bullish/bearish dividing line. Price has broken below the pink colored 300 sma, making lower lows and lower highs.
A correction upward is due. Bears will need to consolidate their positions and build a base from which to push down from. The new weekly candle on the Monday Asian Session at 0:00 GMT time will give us a clue as to where she wants to go. Breakouts usually retrace and retest previous support levels that were broken.
If the weekly momentum indicators begin to form a “vee” bottom and retrace past the 100 level, then we know that a correction/retrace is due at some point during that weekly chart current candle.

The 4 hour chart shows some exiting of short positions over the weekend, but a continuation of trend downward at this point in time.

I wonder where the EUR will be heading this week.. so many people think it's due for a large retrace (waiting for the FOMC statement of wednesday) while many other believe the strong downtrend will simply resume..

Personally, I'll be watching for a retrace in the 1.2800 zone to open a sell with tight stop...

Good luck to all! It's a pretty interesting moment we're experiencing on the markets right now!

Preaching to the choir... and always good to read your posts. Don't be so scarce here. Enjoying the blog as well, but waiting for markets to settle down to get indepth. Another excellent resource from a great trader...

Hello guys and girls

I hope you enjoyed your weekend

I was playing in the chart and I found some funny things
here is what did I find:

http://i37.tinypic.com/mju59l.jpg

First , Harmonic pattern (blue line ) showing the D target is 1.2345
If this pair goes upper than 1.6685 for more than one hour then the pattern is failed

Then, wolfe wave ( Green Numbers ) targeting almost the same point @ 1.2345 ( actually it is a little bit lower)
If the wolfe wave pattern is correct, there is two points to be considered here :
1) the fifth wave will be finished quickly ( arounf 13 bar or 5-6 hours)
2) wolfe wave is 6 waves, the sixth ( and the last ) wave target @ 1.2781 ( good retracment if it happend)

one more thing here
according to Elliotte wave, the beginning of A in harmonic is actually the beginning of the first of the third wave, C is the second of the third, and now this pair is in the third of the third which targeting:
1.2470
1.2335
1.2274
and finally 1.1458 (1.62 fib)

and that’s it guys, will you tell me what do you think

Regards.

i dont think it will go to 1.6685 anytime soon....

If you check the weekly or monthly charts, the Euro is going south. There will be the odd rally but I don't think there will be anything significant until early 2009.

Very strange, on accucharts feed, I'm seeing a 500 pip gap down in Gy and 300 on EJ, but only 40 or so on eu. waiting for ibfx data in 2m to confirm that. left many high entry shorts open hoping for gap down. only closed the ones that were nearby. so far so good, fingers crossed.

stunning.