EURUSD

Well. here we go again, piggy-backing charts. Here's my daily. Finally, that 'effin channel has been broken decisively. 1.2500 here we come. Then things get really spooky --

The grey box is my area of interest right now. The outer yellow fib is bisected by the beige inner fib. The EU is coming down hard off the upper wall of the channel. I will be looking for valid DeMark TL breaks on the H1 to go short below 2780 or long above 2840, which is my inner 61.8 fib.

http://screencast.com/t/IpMVrtapj

ak4x - I like that picture of the skeered folks a lot, but I'm beginning to think this one may be more appropriate for the times we find ourselves in --

That "Ichimoku Cloud" on my chart looks like the Loch Ness monster.

Bad Guys in the Bush @ ~1.2620

What the hll does that mean? Buyers?

Best I can say is Observe & {hopefully} Learn.
Reason for me saying this;
Short Exits Are Buyers. Bear Entries Are Sellers.
I Expected More Bear Exits than Entries. That's all. Simple really if you know what you're doing.

EUR/USD fell nicely. I am looking for 1.2600- 1.2549 support level for a possible buy.

Right now the price is 1.2650, so 50 or so more pips before we hit support. Range on the day so far is 173 pips. So there is a good possiblelity the we will get down to our support area.

It weren't me boss... I was right there with you since mid January is the best I remember, and we must have talked about it again earlier this month according to Cobra...

Jan 19
http://www.forexfactory.com/showpost...ostcount=57198

Feb 2
http://www.forexfactory.com/showpost...&postcount=345
http://www.forexfactory.com/showpost...&postcount=371

See? You got me confused with one of the non believers...

Actually, there was reason I posted the picture of the three monkeys. I was re-reading that article I posted earlier with regard to the Eastern Europe financial debacle and was struck by a comment the German Finance Minister made. Austria's finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. The idea was scotched by Germany's Peer Steinbrück. "Not our problem", he said. Amazing. Simply amazing...

The house of cards is falling down around them and they refuse to see it, hear it, or do it.

Risk aversion was the dominant theme during the morning Asian session after a Moody's report that the economic crisis in Eastern Europe will pressurised Western European banks sending the Eur/Usd tumbling towards the low 1.2600 handle. The news also rocked the [NZD/USD] which tumbled from an earlier intraday high around the 0.5220 level to an intraday low around the 0.5115 level filling buying orders at the 0.5120 level. Light selling in the Nzd/Jpy from the 47.60 level by Japanese names also weighed on the NZD/USD. Fresh bids at 0.5080 by real money types will provide support while fresh offers at 0.5180 by an Asian name with more at 0.5210 will thwart any corrective rally.


The [DLR/YEN] must be feeling its weight is a bit over after filling the thick offers around 92.40-50 and some more at the 92's. Actions around 92.40 would be watched for immediate resilience. The 90-days MA is closer at 93.22. The pair enters into the Ichimoku cloud covering from 91.28 to 93.83

Japan’s Tertiary Index showed service demand shrank -1.6% in December, the second consecutive month in negative territory. Dwindling export demand has pushed Japanese companies to cut back production capacity and boosted unemployment, weighing on consumption (including that of services) and depressing economic growth. Indeed, data released yesterday saw Japan’s Gross Domestic Product shrank an annual rate of -12.7% in the fourth quarter, confirming the world’s second-largest economy is mired in the worst recession since the 1974 oil crisis

I very rarely stick my nose into other traders' business with regard to trading decisions. I strongly feel this is an area where only an individual trader can make that decision for his or herself. That being said, I'll make an exception tonight with this very strong suggestion. I realize many of you are probably frustrated by the lack of activity over the last few days what with the weekend and US bank holiday. There are probably many of you just itching to get into a trade. In my humble opinion, now is NOT the time. There are very big things going on in the background at the moment which can cause this instrument we so dearly love to have some pretty violent contortions. At the very least wait 'till the London session, and see if there's anything resembling some semblance of order to emerge.

Oh, and those of you who think you are "scalpers" - think again. You WILL get burned. Now is not the time to test your mettle.

'Nuff said. End of rant. Back to our regularly scheduled programming...

Well put. I second your notion.

Zdrasti Jore, snoshti te sunuvah kak pravish seks sus shefkata si i mi se iskashe da sum az. Kak si, Rosen neznaeshe, ta se predprieh na otchayani stupki, vsushnost prosto ne sum spal Stiskam palci!
Lyucko (belokonski)

Count me in.

I can't describe it with words unless I launch myself in an essay but something weird is going on right now. I'm out waiting for a long entry which I constantly review.

We retest 1.27 before ever going lower... just mho....

5 min rsi bullish div

SO : BE +1

how many times euro session starts lower than S3 ?
interesting... it would have to test S2 at least during the day... or this is the end of the world lol

Very good point... and well said on the whole post.

personally jay, i'd be interested in that even if it's a briefer version than you'd like, posted either here or elsewhere, i'm still in my bathrobe since this morning...