- #59,891
- Jan 28, 2009 8:53pm Jan 28, 2009 8:53pm
Take a look at the m5... could see the rebound broke back above 1.31.. came back and retested... couldn't make it back below.. time to go long... I was already exposed on g/u... but looked good.... I'm a happy camper for the asian session.... 110 pips 
edit: there is a clear upper t/l now on m5... at it now
edit: there is a clear upper t/l now on m5... at it now
mmmn, I'm waiting for a break and pull back before considering re-entering
DireXiv
Make it happen, no one
else is going to do it for you...
- #59,893
- Jan 28, 2009 9:08pm Jan 28, 2009 9:08pm
- Joined Aug 2007 | Status: If it walks like a duck... | 1,478 Posts
- #59,895
- Jan 28, 2009 9:14pm Jan 28, 2009 9:14pm
- Joined Aug 2007 | Status: If it walks like a duck... | 1,478 Posts
- #59,896
- Jan 28, 2009 9:28pm Jan 28, 2009 9:28pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
the current PA suggest we can go either way. Since the break down after fed rate decision/talk we have consolidated in a descending triangle. Technically this should continue lower with first area of strong support around the 1.2990-1.3030 area (no exact value as it's a congestion area and 1.3000 represents strong psychological support). If we break loose of the 1.3000 area further descent can be expected all the way to the 1.2850 level. However, if the current triangle breaks to the upside a potential retest of the previous upwards channel could occur in the 1.3235 area. As the market stands, entries can be decided upon a break of the current triangle and the strong resistance which can be currently seen at 1.3145 and to the downside a break of 1.3060 which has acted as strong support/resistance in the past. I still hold a short bias and will look for entry when 1.3060 gets broken, wait for the retest to determine whether its become resistance or not then go short myself. Otherwise...i may scalp a little bit but thats about it. Good pippin all.
Different opinions highly valued, ignorant to slander.
- #59,898
- Jan 28, 2009 9:59pm Jan 28, 2009 9:59pm
the current PA suggest we can go either way. Since the break down after fed rate decision/talk we have consolidated in a descending triangle. Technically this should continue lower with first area of strong support around the 1.2990-1.3030 area (no exact value as it's a congestion area and 1.3000 represents strong psychological support). If we break loose of the 1.3000 area further descent can be expected all the way to the 1.2850 level. However, if the current triangle breaks to the upside a potential retest of the previous upwards channel could...
- #59,900
- Jan 28, 2009 10:10pm Jan 28, 2009 10:10pm
- Joined Jul 2008 | Status: "Not all information is beneficial. | 1,724 Posts
I don't trade long term so take it as a directional suggestion.
I expect a fight at this level but I see more downside action in the near future.
If the .3060 area gives .2990 won't be far off.
However... unless the EURO desks throw in the towel I think we see .3200 tonight.... which happens to be right at the pivot. (Nice confluence)
Mike
Good to hear from you and hope all is well with you!