The best thing that can happen to you is to find out where you're wrong.
- #48,965
- Dec 9, 2008 8:15am Dec 9, 2008 8:15am
- Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
- #48,970
- Dec 9, 2008 8:29am Dec 9, 2008 8:29am
Am I the only one long here?
Hourly chart shows clear uptrend.
We have retraced 61% of the move from 719 to 967.
Target around 955 ish for now.
KISS...
Just my 2 cents...
- #48,971
- Dec 9, 2008 8:30am Dec 9, 2008 8:30am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
- #48,973
- Dec 9, 2008 8:41am Dec 9, 2008 8:41am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
I am looking for a retest of the lower wall to confirm that it has become strong support (or at least get close to that line) before entering with a big long position. That value would probably coincide with 50% retracement from low (1.2548) to high (current high).
Attachment
. Waiting for home sales data..maybe that will push us to that 1.2760...if that doesnt happen...i shall unleash the scalper beast within me that does not respect any major resistance/support haha. Good pippin all...careful with the news volatility
Different opinions highly valued, ignorant to slander.
- #48,974
- Dec 9, 2008 8:45am Dec 9, 2008 8:45am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
Up or down, gimme a ticket
- #48,977
- Dec 9, 2008 8:54am Dec 9, 2008 8:54am
Its a standard retrace before a continuation of a trend is it not?
IMO the main trend is still bearish..with bullish break outs...
We might be nearing a bottomed out or consolidation zone but I don't see any fundamental signs for a sudden reversal.
Just my 2 cents...
(Just for the record I'm neutral...I trade shorts when I believe the trend is down and I trade longs when I believe the trend is up)
- #48,978
- Dec 9, 2008 8:55am Dec 9, 2008 8:55am
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Its a standard retrace before a continuation of a trend is it not?
Different opinions highly valued, ignorant to slander.
- #48,979
- Dec 9, 2008 9:00am Dec 9, 2008 9:00am
from what ive seen a "standard retrace" in a trend up is fib retracement up to 61.8%. Usually a strong trend up does not go more then 38.2% (which is the case here for the moment). How many pips are involved is irrelevant...if a pair moves up 500pips..it can come back 250 or more before continuing up...if a trend is 100pips up...61.8% retracement gives back 60 pips and so on. The problem I have with this scenario is we are still within the longer term downwards wedge. In other words I would not consider this a strong trend just yet until we break...
Thx for the chart, I normally have no time to post mine..unless they are really important..read way back my posted chart about the mother of all double tops...