Looks like its consolidating at this level-would be interested in longs from 4130, any opinions?
- #117,022
- Jul 1, 2009 2:08pm Jul 1, 2009 2:08pm
- Joined Apr 2009 | Status: Live and learn. | 25,162 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #117,025
- Jul 1, 2009 2:14pm Jul 1, 2009 2:14pm
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
yo yo PK whats up dude. I got slapped around on UCAD that dam thing has been ranging wildly. I have no internet till fri so I am unable to log into Sky. What is your EW telling about UCAD and EUSD. Did we have a false break today?
expecting another 5 waves down to the new low.
that will complete the ABC cycle. (daily count)
taking this entire week off from trading.... vacation.
- #117,028
- Jul 1, 2009 2:34pm Jul 1, 2009 2:34pm
- Joined Jun 2009 | Status: FXCM Representative | 5,808 Posts
- #117,029
- Jul 1, 2009 3:47pm Jul 1, 2009 3:47pm
WOW...This is becoming intresting so now what?
Price has taken out the important resistance(1.4194) i have been talking about and you can see the pretty decent reaction after that which shows you the power of S/R.
This has proven to me that PA is king.Sticking my head earlier this month with a short position was a hard decission to make when i had a bullish bias with my second target at 1.4830, but i am happy i trusted my skills and enjoyed the ride from 1.4142 to the 1.3794 area where i left.Since then i have been using HOUSE money to trade this sturborn range and i have lots of them left.
The bulls look stronger but like i stated earlier the bears are stronger,but nearly dead.This is when the pro's would say stay aside and see what happens.Often it is nearly dead that gives the most reward when the group considered dead deside to fight,so catching the tops and bottoms is the best policy imo more so you guys can attest to what happened in the past weeks.
I would short to the end which is the 1.4241-1.4255 area in the hope that the bears would fight back.If they dont and allow themselfs to be slain,i would just close my positions and take the small losses,rather than miss this big oppurtunity and end up chasing like most do.Good luck to you all.
Price has taken out the important resistance(1.4194) i have been talking about and you can see the pretty decent reaction after that which shows you the power of S/R.
This has proven to me that PA is king.Sticking my head earlier this month with a short position was a hard decission to make when i had a bullish bias with my second target at 1.4830, but i am happy i trusted my skills and enjoyed the ride from 1.4142 to the 1.3794 area where i left.Since then i have been using HOUSE money to trade this sturborn range and i have lots of them left.
The bulls look stronger but like i stated earlier the bears are stronger,but nearly dead.This is when the pro's would say stay aside and see what happens.Often it is nearly dead that gives the most reward when the group considered dead deside to fight,so catching the tops and bottoms is the best policy imo more so you guys can attest to what happened in the past weeks.
I would short to the end which is the 1.4241-1.4255 area in the hope that the bears would fight back.If they dont and allow themselfs to be slain,i would just close my positions and take the small losses,rather than miss this big oppurtunity and end up chasing like most do.Good luck to you all.
- #117,030
- Jul 1, 2009 4:00pm Jul 1, 2009 4:00pm
- | Joined Jan 2009 | Status: Snr. Director | 1,158 Posts
Si vis pacem, para bellum.
- #117,032
- Jul 1, 2009 4:15pm Jul 1, 2009 4:15pm
Taking modest longs at current dips under 4140, using tight sl. Basically nothing to lose sitting right on top of support. I respect bearish sentiment on this pair-one thing I've learned though, can't make short term profits while holding the longer term picture in mind.
- #117,033
- Jul 1, 2009 4:55pm Jul 1, 2009 4:55pm
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
Bull-run if we multiply PA with 100 
Don't be a hero. Don't have an ego. Always question yourself
- #117,034
- Edited 7:04pm Jul 1, 2009 5:25pm | Edited 7:04pm
- Joined Oct 2008 | Status: sideline is a position | 105,124 Posts
those who can, do. those who cant, talk about those who can
- #117,037
- Jul 1, 2009 6:39pm Jul 1, 2009 6:39pm
- Joined Oct 2008 | Status: sideline is a position | 105,124 Posts
those who can, do. those who cant, talk about those who can
- #117,038
- Jul 1, 2009 7:26pm Jul 1, 2009 7:26pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #117,039
- Jul 1, 2009 7:27pm Jul 1, 2009 7:27pm
- | Joined Feb 2009 | Status: where did my "R" go? :p | 443 Posts
chart 1
I did draw the green pitchfork on 23rd June at about 2 pm and it has been my best friend since then. I didnt catch all of the moves since I wasnt at the desk permanently. Guess that is the downside of trading higher timeframes. 
But still I am beginning to like this fork approach (thanks to Atlast again ), especially its ability to predict highs and lows pretty good IF one picks the correct major pivots to create the fork.
Maybe its just me beeing a newb, but at the moment I am totally fascinated. Just hope I wont get a crush and burn once that channel explodes - which I expect to happen relatively soon. We have just crossed a median line on a higher timeframe and the current downmove is the expected re-test I figure.
chart 2
Also noticed that the trading ranges (marked with pink lines) allways widened by equal distances. Could be somewhat round numbers or whatever. I dont care - but that expectancy, together with the median center line had me cash in my todays long at 1.4194 - just before the retrace begun.
I did draw the green pitchfork on 23rd June at about 2 pm and it has been my best friend since then.
I didnt catch all of the moves since I wasnt at the desk permanently. Guess that is the downside of trading higher timeframes. But still I am beginning to like this fork approach (thanks to Atlast again
), especially its ability to predict highs and lows pretty good IF one picks the correct major pivots to create the fork.Maybe its just me beeing a newb, but at the moment I am totally fascinated.
Just hope I wont get a crush and burn once that channel explodes - which I expect to happen relatively soon. We have just crossed a median line on a higher timeframe and the current downmove is the expected re-test I figure.chart 2
Also noticed that the trading ranges (marked with pink lines) allways widened by equal distances. Could be somewhat round numbers or whatever. I dont care - but that expectancy, together with the median center line had me cash in my todays long at 1.4194 - just before the retrace begun.
- #117,040
- Jul 1, 2009 7:44pm Jul 1, 2009 7:44pm
- Joined Oct 2008 | Status: sideline is a position | 105,124 Posts
those who can, do. those who cant, talk about those who can