EURUSD

http://s50.radikal.ru/i130/0903/ec/301ee9c58ef9.gif

Great article, thanks for sharing

I like Murrey Math too.

I see it will be correction to 1.33

Imo, its too early yet to short this pair unless we have a failure signal at the top which is not likely to happen in the next 12-18hrs (unless those who are going for quick scalp trade against the prevailing trend). I will post the failure signal if and when I see one.....(Note: Even if a failure signal is generated, it will normally takes anywhere from 3-10 hrs b4 the actual decline to start ).

Hope to help and GL

we have a strong resistance at 1.3680 - 1.3700......

Today has been great for me.

At the begining of the asian session I closed a trade from friday for profit. I then took a nearly 1% loss on the next trade.

However I have profited from the last two trades nicely.

Overall I am up approximately +1% for the day. Feeling good

I keep thinking about shorting to fill the gap too, but I see too many green candles and the London open is just around the corner. I think I'll wait.

Good morning everyone!

Well, we have a gap, which I'm pretty sure will be filled, so 1.2685 - short.

I still believe in the bulls . and I think the figures of last 2 weeks are history

we might test 3740 today and might even break it north

In my mind, an overwhelming number of fundamental indicators point towards dollar weakness, and hence Euro strength as we open this week.

1. Nikkei put up huge gains today: up 270 points, obviously buoyed by optimism about the latest U.S. rescue provisions.

2. U.S. Futures already up 135 points even before European open, likely in anticipation of upcoming announcement of Treasury's plan to clean banks' balance sheets of toxic loans.

3. Timothy Geithner's recent interview in WSJ to the effect that private investors who agree to work with the government to fund investments in these toxic loans will likely be immuned from the limits imposed on executive bonuses. This is good for stock markets >> dollar negative.

4. Talk of debate within the U.N on the possibility of substituting a shared currency for the USD as the world's reserve currency. This will likely add to the pressure on USD as we near the actual meeting being held next week.

5. Risk play is definitely returning to the market, with cross pairs leading the way. Equities rallies combined with optimistic outlook on recovery measures being taken by both the U.S. government and the Federal Reserve is fueling bullishness and risk appetite in the markets again, at least for the near term.

EUR/USD on my chart is just trying to break out north of a confluence of channels. The fact that the first move of the week was an immediate continuation of the overall upmove from last week certainly shows bullish bias, IMO. If there's enough momentum in the market today (which is hard to predict ahead of such a hugely anticipated news release), and if price is able to break above last week's high at 1.3735, I think we may see 1.3810-20 before Geithner gives his speech.

my first 20 pips of the day long .

still have small long running

I was speaking about the gap on 1h chart btw.

euro had just regain its intraday bullish handle......

I think that today we will see mostly bullish with a few retracements and maybe with a few breakouts, and the most fun will start when the US session opens.

triple top possibility here (although i havent seen this in ages)....lets see what the europeans do once the market opens


Edit: we may be rangebound until geithner talks between this triple top (if it holds) and the low of the range at 1.3500...would make sense and also fill this "gap"

collected my profit waiting for price to stay above 3726 for while to enter long again

if went down to 3689 I will enter long also

I'll probably go long if we get close to the R1 pivot. I'd use a pretty tight stoploss if I can just under R1.

Well, I'm thinking along those lines at the moment.

short at 1.3720 sl 3750 tp 3530

Very interesting article. From my poor economics background I suppose that if a single new world reserve currency with no attachment to any particular country were to replace the dollar and the be converted for the dollar then no longer any US debt will exist, great for the US. Though I suppose they'll need to burn a lot of extra dollars or do something with it all to avoid massive inflation..

But I disagree that this should have much of an affect this week or even anytime soon. Really, nobody cares what the UN thinks and it's institutions can't do much by themselves unless the countries themselves start considering things.

In most respects the UN today is obsolete - it served it's purpose back when it allowed the west to communicate and cooperate to some basicly needed extent with the commies in the east. But today Democracy has been proven to be the single answer, and while the structure of the UN keeps providing equal rights to countries that in no way deserve them - dictatorships, religious lunatic regimes and so on - it can not perform any real decision making or attain real influence to carry out any of it's decisions. If the UN were to be replaced by a new union of democratic countries, maybe with some special status for China as you can't just ignore it and relative to most non-democracies out there it's by far not that bad and provided Russia were to be proven as a real domocracy - as there's some doubt about that, then such a body could attain real political, economic and even effective military power. And while the economic crisis shall pass, it might be needed soon anough too, as mere freedom of information and education might not be anough to stop the potential clash of the free world with the Muslim civilization, if it may be called that. At least, last time it ended with the liberation of invaded Europe in the crusades.

Note that we have passed two trendlines, one shorter period and one longer (shorter is basically the same as longer but the longer is not necessarily seen by shorter term trades so that's why I mentioned them both). Now the question is, will we stay above them.

About gaps btw, I really recommend that you do a study on how many times a weekend gap is closed and how many times it is not [in forex]. Maybe you learn something (or maybe not).