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  • #7,401
  • Jan 20, 2009 12:39pm Jan 20, 2009 12:39pm
Quoting kmouneer
GBPJPY has broken a support line and is coming back for a retest
i see it is a good opp. to short @ the green line
Nice call, kmouneer. I was looking at that today, but GBP sank like a rock, so it never came back up to that level.

What do you guys think about 128.80 - 129.00? Would this be a valid level?
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  • #7,402
  • Jan 20, 2009 12:42pm Jan 20, 2009 12:42pm
Quoting RedCabbage
I took a retrace from 5277 on NZDUSD...

...it bought me a coffee!

You gotta be in it to win it
That's nice. I lost 50% of my account in two months, so if you can earn yourself a coffee with Forex then you are my idol
  • #7,403
  • Jan 20, 2009 1:11pm Jan 20, 2009 1:11pm
I hope I don't fill up to many space in the forum . I just need someone to confirm they have the same levels and that I'm picking the ones that matter. So here are some charts I have.

Thanks a lot!
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  • #7,404
  • Jan 20, 2009 2:13pm Jan 20, 2009 2:13pm
My first call; please correct me if this does not qualify as NBT for whatever reason:

USD/CHF long @ 1.1286 - 1.1245

Very strong resistance (5 bounces) from previous wave up that should be support on way down; 23 fib (I know that's not a significant one); if it sinks pretty quickly, it could run into diagonal trendline from move up as well.

The only thing I can think of diminishing this area would be the two little touches of the SR line right as price first broke past it.
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  • #7,405
  • Jan 20, 2009 2:31pm Jan 20, 2009 2:31pm
Quoting orcus
My first call; please correct me if this does not qualify as NBT for whatever reason:

USD/CHF long @ 1.1286 - 1.1245

Very strong resistance (5 bounces) from previous wave up that should be support on way down; 23 fib (I know that's not a significant one); if it sinks pretty quickly, it could run into diagonal trendline from move up as well.

The only thing I can think of diminishing this area would be the two little touches of the SR line right as price first broke past it.
Looks like a pretty good no brainer to me, but then again I'm a beginner, so maybe you should wait for others to confirm. Good luck!
  • #7,406
  • Jan 20, 2009 2:47pm Jan 20, 2009 2:47pm
USDCHF had good resistance at 1.1490 but I missed it
  • #7,407
  • Jan 20, 2009 3:24pm Jan 20, 2009 3:24pm
Orcus,

Pretty good level for a long, IMO. Regarding your concern on the Fib, pull the Fib from the low at 1.1108 (my charts) to the swing high and you will show a 62% retracement. You can combine this with another Fib anchored at the swing low at 1.0860 which gives you a 38% retracement in confluence with the prior Fib, increasing the probability. In addition, there is historical support at 1.1251 as well.

Good job.

SR
  • #7,408
  • Jan 20, 2009 3:34pm Jan 20, 2009 3:34pm
200 ema there as well...
  • #7,409
  • Jan 20, 2009 4:05pm Jan 20, 2009 4:05pm
I haven't posted here before, but I have read the first page (not that everything has sunk in) A quick question for some kind soul. At this point in the EUR/USD chart what would give you the clue as to whether the bottom of the bucket will hold and its time to look for longs only.
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  • #7,410
  • Jan 20, 2009 5:37pm Jan 20, 2009 5:37pm
Hi Knuckles,

Will the "bucket" hold? Nobody knows; only the market can tell us. Is it time to look for longs only? I doubt it for the reasons below.

Here are the clues that I see. First, I dont think I would call this a bucket. To me, this is a pennant. Furthermore, the centerline of the pennant is about at 1.2800. So, there is confluence with (1) the big Figure of 1.2800, (2) the 79% retracement from the major swing from 1.2329 to the recent high, and (3) the 162% retracement from the smaller swing (4H chart) from the 1.3023 low to the 1.3380 high. We have had over a 500 PIP drop in two days from that 3380 swing high as well.

What do these clues tell me? That there is a reasonable probability for a bounce from this area. Not a trend reversal, I dont think. The fundementals are too strong for Euro weakness, even with the ZEW report last night. A report like that does sometimes cause reversals, but it would be a surprise to me if that happened this time.

Other thoughts, anyone?

SR
  • #7,411
  • Jan 20, 2009 5:57pm Jan 20, 2009 5:57pm
Morning,

Hope things are going well for you guys out there. It's been a hectic/profitable week that's for sure.

Eur/jpy has just broken through major support and Usd/cad is looking good to reach those highs again if it can hold above 1.2680. looking for some decent intraday action from both these pairs today.
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  • #7,412
  • Jan 20, 2009 6:09pm Jan 20, 2009 6:09pm
Quoting seattlerust
Hi Knuckles,

Will the "bucket" hold?...
I've looked at most of that, to be honest I can't give a reason why I've lost faith in holding shorts. I cleaned the chart up before posting. I have missed something really important about defining buckets. Would you be so kind as to point me to the definition? Sorry for the trouble {if its to much trouble to find, please don't} Many pips
  • #7,413
  • Jan 20, 2009 6:42pm Jan 20, 2009 6:42pm
You might try the video on BRV's Blog at http://www.nobrainertrades.com/search/label/Videos

There is nothing magic about them; take a look through a lot of 1H and 15 min charts. You can find them all over. Some good, some bad. Some people call that level an "apex" in a swing high or low. It in effect acts as support or resistance. Thats all. It has to be taken into account like any other support and resistance. It becomes stronger if there is confluence with historical instances of S/R as well, and also Fibs, Pivots, etc.

SR
  • #7,414
  • Jan 20, 2009 7:13pm Jan 20, 2009 7:13pm
Quoting seattlerust
You might try the video on BRV's Blog at http://www.nobrainertrades.com/search/label/Videos

There is nothing magic about them; take a look through a lot of 1H and 15 min charts. You can find them all over. Some good, some bad. Some people call that level an "apex" in a swing high or low. It in effect acts as support or resistance. Thats all. It has to be taken into account like any other support and resistance. It becomes stronger if there is confluence with historical instances of S/R as well, and also Fibs, Pivots, etc.

SR
Thanks
  • #7,415
  • Jan 20, 2009 10:41pm Jan 20, 2009 10:41pm
Quoting Siam
Morning,

Hope things are going well for you guys out there. It's been a hectic/profitable week that's for sure.

Eur/jpy has just broken through major support and Usd/cad is looking good to reach those highs again if it can hold above 1.2680. looking for some decent intraday action from both these pairs today.
If price continues on Eur/Jpy my next level is 113.73 - 113.60. Do you agree?
  • #7,416
  • Jan 20, 2009 10:55pm Jan 20, 2009 10:55pm
Quoting 1522dad
If price continues on Eur/Jpy my next level is 113.73 - 113.60. Do you agree?

Hi,

Yep 31360-70 looks like the next hard level down. Things are retracing a bit at the moment 11624 broke originally and didn't hold. It looks like price is moving back down there for the European session.
  • #7,417
  • Jan 21, 2009 2:25am Jan 21, 2009 2:25am
Scalping opportunity on EURGBP?

9437 good resistance and Fib 61.8%. This pair bounced between 50% and 38.2% yesterday perfectly.
  • #7,418
  • Jan 21, 2009 2:28am Jan 21, 2009 2:28am
Quoting RedCabbage
Scalping opportunity on EURGBP?

9437 good resistance and Fib 61.8%. This pair bounced between 50% and 38.2% yesterday perfectly.
Seems likely, but IMO will hit decent before resistance at .9390
  • #7,419
  • Jan 21, 2009 2:33am Jan 21, 2009 2:33am
Quoting libb
Seems likely, but IMO will hit decent before resistance at .9390
Hi Libb

Thanks, I do have that one but I don't think it'll hold based on this pairs liking of Fibs yesterday.

You traded much yet in 2009?
  • #7,420
  • Jan 21, 2009 2:35am Jan 21, 2009 2:35am
Whats up guys
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