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  • #49,081
  • Dec 9, 2008 1:35pm Dec 9, 2008 1:35pm
Quoting Shadowfx
Some resistance at 1.292 Intraday R1 acting as support..
Holding shorts for T1 @1.28816 (Daily pivot)

Just my 2 cents...

T1 nearly reached...re-evaluation time whilst enjoying profits..
  • #49,082
  • Edited 3:24pm Dec 9, 2008 1:41pm | Edited 3:24pm
one more chart to ponder thru session end... EU 2hr.

Youy can see the convergence of the 114% fib with the DP... 6 pips difference. I've been playing a'rd with this 14% fib for some time in this ranging market and am beginning to think it has a place here, at least in this market. Also have a Bemac 288sma on the 5m at 2890.

This last drop was to within a pip of the fib on my charts, and 8 pips above th DP at 2880... I realize that strong bear candle looks like reversal ((it closes in 20m at 2:00 PM CST)) but if this current support level holds ((DP/Fib levels)) something tells me I'd better be very careful with shorts thru asia or the FO/LO sessions.

One of Turvo's hinky hair tingle thingys...
Attached Image
FUBAR...
  • #49,083
  • Dec 9, 2008 1:45pm Dec 9, 2008 1:45pm
where is knuckdrag?? if you r here look at the eur/aud high.... 502 pips...
those who can, do. those who cant, talk about those who can
  • #49,084
  • Dec 9, 2008 1:48pm Dec 9, 2008 1:48pm
Monthly 1.1640 Low, 1.6038 High.

Trade possible 23.6 to 38.2.
Last Month didn't go, will this equal or not?

Just to digest!
  • #49,085
  • Dec 9, 2008 1:48pm Dec 9, 2008 1:48pm
ah the power of channels...how i love them. we all know the current upwards channel on the 1h timeframe by now. but within it new channels develop all the time. currently we have a descending channel that is tapping the upper wall. that area coincides with the midwall of the bigger uptrend and is 50% fib retracement for todays move from low to high.

conclusion...time to sit on the sideline as it can break either way here or just consolidate...i am watching 61.8% retracement and 23.6% retracement like a hawk though for a break of one of those values will determine where we go next. good pippin all ...the last hour of the stock market may be quite volatile and interesting

Attached Image (click to enlarge)
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Edit:..while typing the downwards channel broke to upside..still..fibs are what im watching at the moment and that middle wall of the 1h timeframe uptrend
Different opinions highly valued, ignorant to slander.
  • #49,086
  • Dec 9, 2008 1:48pm Dec 9, 2008 1:48pm
this one and I have to leave for awhile...

Just toggled over to my MT4 5m chart and saw this... it is the antithesis to my bullish scenarios but on 5m. Don't have the time to look at it on higher tf's right now.

But that grey bemac line has done some weird things in the past to price that I'm still looking into. just sayin...
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FUBAR...
  • #49,087
  • Dec 9, 2008 1:54pm Dec 9, 2008 1:54pm
Trendline break.....BB pinch.......breakout down.......to -400% level for consolidation.....then down to -538% level........
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  • #49,088
  • Dec 9, 2008 1:58pm Dec 9, 2008 1:58pm
Quoting psiholog
i am watching 61.8% retracement and 23.6% retracement like a hawk though for a break of one of those values will determine where we go next. good pippin all ...
psiholog-
Haven't posted until now but I've been reading your posts for a while now, I find them quite useful. Looks like the psych level of 1.2900 is holding for now but I noticed that the 61.8% fib level is within a few pips of the daily pivot (1.2874 on my screen). Perhaps a breach of that could indicate further downward movement?
  • #49,089
  • Dec 9, 2008 2:02pm Dec 9, 2008 2:02pm
I think this is the one...

*deep breaths*

*relax*
  • #49,090
  • Dec 9, 2008 2:03pm Dec 9, 2008 2:03pm
Move over 1.2960 and look out IMO
  • #49,091
  • Dec 9, 2008 2:09pm Dec 9, 2008 2:09pm
Quoting trendisciple
psiholog-
Haven't posted until now but I've been reading your posts for a while now, I find them quite useful. Looks like the psych level of 1.2900 is holding for now but I noticed that the 61.8% fib level is within a few pips of the daily pivot (1.2874 on my screen). Perhaps a breach of that could indicate further downward movement?
best way i can answer your question is through yet another chart...i added pivots this time. notice where the 23.6% and 61.8% are. A break of 61.8% would indeed take us lower possibly towards 1.2800 again where the lower wall is but since the trend is up and the middle wall (red line) is currently acting as support...i am inclined to believe there is more upside movement first. Time will tell and only a break of those levels is what i will trade. The last hour of us stock market is highly unpredictable as always so I hold no bias for now.

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Different opinions highly valued, ignorant to slander.
  • #49,092
  • Dec 9, 2008 2:11pm Dec 9, 2008 2:11pm
*back on the dock seeing boat in distance waving ticket*
those who can, do. those who cant, talk about those who can
  • #49,093
  • Edited 2:15pm Dec 9, 2008 2:13pm | Edited 2:15pm
Quoting psiholog
i must say today has been quite interesting. it wouldnt tap the lower wall so i could place my big long. anyways where do we stand now...we reached the upper wall of the uptrend we are in again...we broke the month old triangle...if we go any higher then 1.3015 i would be perplexed. I am already confused as to why the euro got so strong...breaking correlation to usd/jpy..breaking correlation to gbp/jpy..breaking correlation to the dow and oil. anyways..heres the chart as it stands

Attachment
Psiholog,

Good call on those upper trendlines we bounced right off and I picked up some pips on the downslide. We seem to be stuck once again at the halfway point. Any call on if it will continue to drop or rebound back to the top?

I value your insight, it's inspiring to us newbies

Cheers

Thanks you already answered my question keep it up
  • #49,094
  • Dec 9, 2008 2:14pm Dec 9, 2008 2:14pm
Quoting psiholog
best way i can answer your question is through yet another chart...
Thanks, I appreciate it. Sometimes I have a hard time finding those middle trend line walls
  • #49,095
  • Dec 9, 2008 2:22pm Dec 9, 2008 2:22pm
lucy splain this to me.. equity markets down and aud/jpy flat since opening. other yen crosses down..plus oil down.. why dont this aud go down at least on this pair. is gold holding it up?
those who can, do. those who cant, talk about those who can
  • #49,096
  • Dec 9, 2008 2:23pm Dec 9, 2008 2:23pm
Quoting trendisciple
Thanks, I appreciate it. Sometimes I have a hard time finding those middle trend line walls
it took me a while to figure it out as well. heres how i do it. once the upper wall and lower wall are determined...look at which line is most parallel to the trend at the time. Once you have selected which wall to use (in this case the lower wall)...double click it until the 3 little circles appear on it. then click and hold mouse down while pressing CTRL and drag it (a second identical line will appear). Then place it where the highest amount of spikes coincide. That is the main difference between this method and andrews pitchfork...the middle wall is not always exactly in the middle so in my opinion its more accurate. (thank you cobra for teaching me the click and drag method). Hope this will help in your future.
Different opinions highly valued, ignorant to slander.
  • #49,097
  • Dec 9, 2008 2:27pm Dec 9, 2008 2:27pm
Look at the daily.

dollar strength is on hold for global economic reasons, IMO.

I want to see a monster white candle to the upside tomorrow
  • #49,098
  • Dec 9, 2008 2:32pm Dec 9, 2008 2:32pm
saudis, cheves, iran... crying they cant survive on 40 $ oil.. good.. lets get something else to put in our tank.ans c if they can survive on 25$ oil. let them drink their oil and eat sand...save trillions protecting them and give me a 100 inch plasma flat screen...with the money
those who can, do. those who cant, talk about those who can
  • #49,099
  • Dec 9, 2008 2:40pm Dec 9, 2008 2:40pm
Quoting gatorinla
saudis, cheves, iran... crying they cant survive on 40 $ oil.. good.. lets get something else to put in our tank.ans c if they can survive on 25$ oil. let them drink their oil and eat sand...save trillions protecting them and give me a 100 inch plasma flat screen...with the money
I'm a huge Hydrogen Advocate...cool site:

http://www.fuelcelltoday.com/online/...-to-power-Envi
  • #49,100
  • Dec 9, 2008 2:43pm Dec 9, 2008 2:43pm
Quoting psiholog
it took me a while to figure it out as well. heres how i do it. once the upper wall and lower wall are determined...look at which line is most parallel to the trend at the time. Once you have selected which wall to use (in this case the lower wall)...double click it until the 3 little circles appear on it. then click and hold mouse down while pressing CTRL and drag it (a second identical line will appear). Then place it where the highest amount of spikes coincide. That is the main difference between this method and andrews pitchfork...the middle...
Thanks, that should definitely help. Nice to be able to create another line knowing that it's the exact same slope
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