EURUSD

s/r line... 2631 44 64 79 92 7001

no news on the schedule for a while.. gonna short at e 64 tp 45..scalp i will close early if needed..if we get that high..

the double tops and double bottoms. they never cease to amaze me these days when there is thought of reversal. we all know the bigger 1h/4h W started last week but heres yet another one on the 15min charts. Classic. note that for this one to still be valid..the maximum value we can go down to is 1.2605 but 1.2625 is more likely to act as support as its proven as a pivotal S/R level for so long. In any case im flat until euro session...100pips (compounded regular size otherwise its more) locked in for the past 24 hours...something i havent done in a while for one day so ill be back during euro session..maybe. Good pippin all.

G'morning all,

I noted a H&S yesterday on the 1H chart with a neckline @2602.

Today, there seems to be a double bottom forming straight after the H&S. Neckline @2661 (today's open). 50SMA on 1H is bullish while the 4H & daily is bearish.

Will wait for a better signal before placing my order although I got a feeling it will go up and then down again.

This is just my observation. Feel free to comment.

Hello all. It's been awhile. It looks like EU might start its bearish trend on the daily in the next week or so. Anybody else trade the dailys?


C

What makes your think like this? Can you post a chart or explain?
As far as I can see the bearish trend started December 12, 2008. Or should I say July 12, 2008?

Double posting this from the Nights thread cuz it's such a perfect move... original at http://www.forexfactory.com/showpost...&postcount=274

Came home and found my limit sell got hit at 2648 with 4 to spare... gotta love those QP's and Psych levels...

Given the break off the central at 2610 down to M2, my usual expectation would be that price would then turn and look for the Daily Pivot at 2630 at a minimum, and a few more pips beyond catches the 2648QP plus the 2650 Pysch level. I used the QP for the entry in case price was tired and now I'm in.

Reason I'm posting this trade ((even if it breaks north from here and i only get a couple pips out if it)) is that once again, that 5pm price break pattern held to perfection. It's not always this clear, and I like to highlight the ones that are.

One could have as easily Longed it all the way up from M2 if so inclined, taking some off at the DP or simply exiting and reentering ((recommended)) once it was clear that it wasn't done yet. That move would have yielded nearly 70 pips total... Not bad for an evenings work on a high confidence move.

One note here, if price had broken north from the central up to the DP/QP/ or even M3, then I'd now be looking for the move down towards M2.

You can refer to post #83 here --> http://www.forexfactory.com/showpost...2&postcount=83 for more detailed info on that pattern.

Outcome: Took profit at 6 pips when the bounce off the 50 level stalled out and it looked like it might try for M3 or even R1 which is where my 2h Upper BB is..a 'rd 2700/10ish. However, there is a solid S/R level at 2660 as well where I may reenter if it stalls there... ((Note: reentered at 2656))

That's it from me tonite. I'll just be managing a couple little trades and pondering the days moves and news.

I shorted at 2556 Stop Loss 2570. Definately see that W that philo was talking about.

AK4X,

When you said you reentered at 2656, I'm assuming that it's a short right?

Because of the strong resistance at 2.660.

For some more confirmation

yeah i just went to a smaller chart.. looks like i may have missed entry...unless it comes back... 2663 on trend and it went to 2661...if it triggers i will sl be soon.. hopefully get some of those 70 pips..

correct but i'm not liking the way price is hanging a'rd it tho.. could just want to tap M3 after all, and it might be headed north... sorry i can;t be more help, but that's the trade I'm in.

I also lock in a pip or so very quickly after entering, and if I get stopped out due to low mometum or lazy PA, i'll either re-enter or reconsider. these moves in asia look for the price to fall away quickly after the tap and give you some room to breathe. when they don't do that, i get nervous about it's intentions, and cut any losses to a minimum.

Were did you set target?

the last half an hour has been a little period of BS if you ask me. My SL jut got smoked, goodnight.

got the bull by the horns.. lets see if i can bear it..

It's your broker's fault.

I agree...Im out until london.

Well, that trade was quickly gone.
There will be other and better trades.

You people are all talking each other into bad shorts here.

Long target 1 just got hit - now let the other half run and see where we go - target 2 is 1.2710