Flat again. This is a really ugly area. 
- #109,122
- Jun 11, 2009 11:51am Jun 11, 2009 11:51am
- Joined Jul 2008 | Status: Trader | 1,722 Posts
If you love a little money and can't seem to live without trading, then here's a litttle light relief and moral boster for all you tired traders who have travelled the road to riches only to be disappointed:
Artist: Foreigner
Song: I Dont Want To Live Without You
I gotta take a little time, a little time to think things over
I better read between the lines, in case I need it when I'm older
Now this mountain I must climb, feels like the world upon my shoulders
Through the clouds I see love shine, it keeps me warm as life grows...
Up or down, gimme a ticket
- #109,123
- Jun 11, 2009 11:52am Jun 11, 2009 11:52am
- | Joined Feb 2009 | Status: Madness has no method. | 1,143 Posts
Good mornin players.
So I went long w/ 2 lots a half hour before 0530 PDT news from .3995 w/ TP's at .4055 and .4115 & then I went to bed. Woke up a few min ago & closed the longer one around .4100....$1500+ richer before coffee...that's nice.
Was I the only fool who was biased long before the news? Seemed like it. So was that a head fake, a shoulder fake, or a H&S fake...?
Anyhoo, good luck everybody.
"...time to make the donuts......"
Congrats man! Going after the big pips now, eh?
- #109,125
- Edited 12:18pm Jun 11, 2009 11:55am | Edited 12:18pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
3 charts to ponder, which I'm also trying to interpret in the context of GU and GY right now... I keep having this feeling there's a shadow player in the mix... wants to play but happy to stay hidden.
IMO, we're at the point where we either make that push up and get above this R zone for consolidation in a new EU range that will seemingly strangle the E-zone economy, or it fails whether by design or otherwise and we tip over the top and catch the bus down the other side... not an unheard of event in forex.
You just have to look at the right TF's and see the right things at the right time, and that's a lot harder than it sounds.
The first shows todays range of PA so far... a very sweet and not all that unusual Pivot Play thruout the sessions. Failure at one often precipitates a turn and burn to the opposite side of the field and repeat the scenario with the momentum off the bounces ((just look at M2 for an example). This is easier seen on lower TF's than the 1hr, but thats' another post or three... The day could close out between the green bar at M3 and the DP say either 4000/4020ish ((my short targets atm)) on any short term failure at current Resistance.
I've really enjoyed backreading Atlast's posts on the pivot action so far... well done.
Second is the daily... very simple still as I slowly rebuild my charts, aqua is the 11sma and yellow is the 21sma. Potential Yoopoo forming but needs confirmation at some point and so far we don't have it. IF it develops, you'll want your hat to be on tight.
The current S/R zone defined by the 11/21sma is the range we need to break out of whatever happens. 3 consecutive days of hammering on the 4100ish R level with a rising support level is the Big Caveat for that Yoopoo scenario playing out.
Breakout above and I still like the green box for a target zone but I'm real flexible on that and have no need to call it to the pip, there's plenty of juicy targets up there to pick from. It's simply the 45xx (mid 1k) level with a little added on top for overshoot, no rocket science involved altho my old charts had some more refined targets in them should we get there.
Break below and the yellow zone a'rd the 50% is an obvious target (actually the whole zone from 3450 to 36xx is realsitic imo) which could also consolodate a'rd there for some time. Any serious collapse could open up all the way to the Red zone at the bottom of the Line chart.
The best picture of the Caveat I spoke of on that Yoopoo following thru is simply my old standby tool, the Line Chart. I have beat that drum for many months here seemingly to no avail so all I'll do this time is post thre chart and let everyone interpret it how they will.
For the newer participants here, what I mean by the above is that I essentially the only way I'll validate a candle chart head and shoulders formation (what I call a Yoopoo, or shampoo on Eu) on any TF is when it can also be confirmed on the Line style chart.
This one clearly has a strong upmove component developing that could easily invalidate this thing by weeks end. At that point sometime next week, you'll look back and see where even tho price broke below those precious diagonal channel lines for a bit, all it really did was simply bounce off Hzl S/R at 38xx and continue upwards..
We'll see... Stay nimble and keep an extra hat in your kit.
PS... With 5m to go on the current hourly, it's looking more than a bit bullish, so To Be Clear, I'm not saying it IS failing at Resistance, but looking for signs that it might. If it does, If it don't then what's changed? Either way, I know where my short term targets are... do you?
IMO, we're at the point where we either make that push up and get above this R zone for consolidation in a new EU range that will seemingly strangle the E-zone economy, or it fails whether by design or otherwise and we tip over the top and catch the bus down the other side... not an unheard of event in forex.
You just have to look at the right TF's and see the right things at the right time, and that's a lot harder than it sounds.
The first shows todays range of PA so far... a very sweet and not all that unusual Pivot Play thruout the sessions. Failure at one often precipitates a turn and burn to the opposite side of the field and repeat the scenario with the momentum off the bounces ((just look at M2 for an example). This is easier seen on lower TF's than the 1hr, but thats' another post or three... The day could close out between the green bar at M3 and the DP say either 4000/4020ish ((my short targets atm)) on any short term failure at current Resistance.
I've really enjoyed backreading Atlast's posts on the pivot action so far... well done.
Second is the daily... very simple still as I slowly rebuild my charts, aqua is the 11sma and yellow is the 21sma. Potential Yoopoo forming but needs confirmation at some point and so far we don't have it. IF it develops, you'll want your hat to be on tight.
The current S/R zone defined by the 11/21sma is the range we need to break out of whatever happens. 3 consecutive days of hammering on the 4100ish R level with a rising support level is the Big Caveat for that Yoopoo scenario playing out.
Breakout above and I still like the green box for a target zone but I'm real flexible on that and have no need to call it to the pip, there's plenty of juicy targets up there to pick from. It's simply the 45xx (mid 1k) level with a little added on top for overshoot, no rocket science involved altho my old charts had some more refined targets in them should we get there.
Break below and the yellow zone a'rd the 50% is an obvious target (actually the whole zone from 3450 to 36xx is realsitic imo) which could also consolodate a'rd there for some time. Any serious collapse could open up all the way to the Red zone at the bottom of the Line chart.
The best picture of the Caveat I spoke of on that Yoopoo following thru is simply my old standby tool, the Line Chart. I have beat that drum for many months here seemingly to no avail so all I'll do this time is post thre chart and let everyone interpret it how they will.
For the newer participants here, what I mean by the above is that I essentially the only way I'll validate a candle chart head and shoulders formation (what I call a Yoopoo, or shampoo on Eu) on any TF is when it can also be confirmed on the Line style chart.
This one clearly has a strong upmove component developing that could easily invalidate this thing by weeks end. At that point sometime next week, you'll look back and see where even tho price broke below those precious diagonal channel lines for a bit, all it really did was simply bounce off Hzl S/R at 38xx and continue upwards..
We'll see... Stay nimble and keep an extra hat in your kit.
PS... With 5m to go on the current hourly, it's looking more than a bit bullish, so To Be Clear, I'm not saying it IS failing at Resistance, but looking for signs that it might. If it does, If it don't then what's changed? Either way, I know where my short term targets are... do you?
FUBAR...
- #109,126
- Jun 11, 2009 11:59am Jun 11, 2009 11:59am
- Joined Apr 2009 | Status: Live and learn. | 25,165 Posts
Congrats man! Going after the big pips now, eh?
"If The Fool persists in his Folly he will become wise." - William Blake
- #109,129
- Jun 11, 2009 12:07pm Jun 11, 2009 12:07pm
- Joined Apr 2009 | Status: Live and learn. | 25,165 Posts
POOF
"If The Fool persists in his Folly he will become wise." - William Blake
- #109,131
- Jun 11, 2009 12:08pm Jun 11, 2009 12:08pm
- Joined Oct 2007 | Status: Pip Seer | 1,299 Posts
3 charts to ponder, which I'm also trying to interpret in the context of GU and GY right now... I keep having this feeling there's a shadow player in the mix... wants to play but happy to stay hidden.
We'll see... Stay nimble and keep an extra hat in your kit.
Thank you AK - your interpretation of PA always gives me vision.Haven't posted much today (or yesterday) - taking another mentor's advice (hint; it starts with a "C") and not post while trading - the account appreciates the focus.
Stay nimble, stay quick
Pip what you see; See what you pip!
- #109,132
- Jun 11, 2009 12:09pm Jun 11, 2009 12:09pm
- Joined Oct 2008 | Status: sideline is a position | 105,127 Posts
those who can, do. those who cant, talk about those who can
