Sorry for my bad english.MK Trader on you daily chart is wave C and on this wave is now end of wave 4, and now arrives wave 5 of wave C which downtrend to minimum end of wave 3 area 221.00 or down. According to Elliott theory. This is my analysis and uncertain my forecast.
There is a pin bar forming on the weekly chart, and a hammer on the monthly, which would normally signify a bullish sentiment, or at the least a consolidation pattern after the recent slide. However, if you look back to '98, a pin bar also formed at the beginning of the unwinding, and that probably had a lot of people thinking it was over, when really that was just a preview of what happened next. So one must be really careful about choosing longer term direction in this pair. Just trade what you see, not what you think.
Personally, I'd like to see a repeat of what happend back then, because judging by last two weeks' action, that's the easiest and quickest money to make. Hopefully, that's what will happen sometime in the near future.
Sorry for my bad english.MK Trader on you daily chart is wave C and on this wave is now end of wave 4, and now arrives wave 5 of wave C which downtrend to minimum end of wave 3 area 221.00 or down. According to Elliott theory. This is my analysis and uncertain my forecast.
Ignored
I saw in W1 and MN chart and i agree with you. but i think g/j move up before elliott wave in w1 chart.
Notice the confluence of the resistance level of 228.60-80 and the .38 fib. This is an important point, and we may either see a sharp retrace, or in case it is broken, further upside action will follow. On the other hand, we could see a week of consolidation around this level, but I hope that doesn't happen, and that we'll see some nice moves pretty soon.
Here are the levels that should be in play this week. Watch for price action around 228.80, 231.00, 232.50. Those could be potential reversal levels. On the chart, red thick lines are resistance areas, yellow fibs are from the move 241 to 220, and gray fibs are from the most recent decline. Tell me what you think.
Friday there was a period of serious indecision and no resolution with a clear move up or down. It does put in question the continued move up.
Looking at the after-hours movements during the 25 hours since the public close on friday, there has been an unusually small amount of movement and what there has been has all been downward but with a return to the area of the close. While this is not proof of future movement, as long as the movement over the weekend is exclusively downward, the probability is for movement tomorrow to downward as well.
I find this chart very interesting since I do believe that, particularly in forex, history does repeat itself.
I also noticed your post on the cable thread and taken together these make a very good case for a move down. If cable moves down, the probability is that poundyen will also.
ok guys , looks like that noone have for sure where this baby is going. anyway, i recomend if u r long atm , to put your SL 10pips after a break of 38.2% fibo . 225 looks to far away mktrader (for those who will long atm) .
i believe that it will pierce 50% fibo and get a little of reversal, but i strong believe that the downtrend is over. anyway im rdy to sell right after a break of 38.2 fibo if we get there. and im long atm with my target near 50% fibo.
i storng believe that carry trade will not let it go down again since they are re-building it.
but its all my bets, i really love this thread
dont long or short based on what u r thinking . let this baby walk and them lets follow it.
Notice the confluence of the resistance level of 228.60-80 and the .38 fib. This is an important point, and we may either see a sharp retrace, or in case it is broken, further upside action will follow. On the other hand, we could see a week of consolidation around this level, but I hope that doesn't happen, and that we'll see some nice moves pretty soon.
Ignored
hummm im using a diferente fibo configuration
whos H 238.18 and L 221.05
whos wrong ? hehe
hummm looks like that i was wrong with my fibos, but was working good anyway i think that theres alot of people that use this one also since it worked to well for me, anyway i will use the other one since looks much more important.
so.we r near the 38.2 fibo. looks bad to open a long right now.
hummm im using a diferente fibo configuration
whos H 238.18 and L 221.05
whos wrong ? hehe
hummm looks like that i was wrong with my fibos, but was working good anyway i think that theres alot of people that use this one also since it worked to well for me, anyway i will use the other one since looks much more important.
so.we r near the 38.2 fibo. looks bad to open a long right now.
Ignored
Hazz,
I did not see your chart posted.
What price is your 38.2% fibo, and what price is your 50% fibo ?
