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  • #145,921
  • Sep 24, 2009 1:37am Sep 24, 2009 1:37am
Quoting Jay Walker
True. But who said it's a trend reversal?

I don't see a trend reversal on my monthly chart.

There's one that could happen on the weekly chart. But it hasn't happened yet. And when it does, we don't know how long it will last. I don't believe it will be really long but right now, neither of us know.

As I said earlier, Stoch on H4 is nearing oversold levels. And once it gets there, it's a long way towards the overbought level again which will push the pair just a touch higher.
I fully agree. No sign of trend reversal on Monthly, rather it may beat previous high if economy gets one more jolt. From chart reading, it has recovered from 1.25xx area with a strong support base and going too strong. Only a mega event can stop this pa.

I am talking about a correction, which may be considered by few a trend reversal for their timeframes. I only go with the market flow and therefore do not form a bias. However, a correction upto 1.4500 is very much possible.

I wish I had enough capital to go long on this correction.

Jay, I wish you all the best in this trade. I am sure you apply circuit breakers to take care of corrections.
The Thief of Wall Street
  • #145,922
  • Sep 24, 2009 1:37am Sep 24, 2009 1:37am
Look ,it's the rule of the thumb, E/U has attempted down 3 times, and yesterday failed to make higher to break 4845 so I believe it would down to around 4600
  • #145,923
  • Sep 24, 2009 1:41am Sep 24, 2009 1:41am
Quoting Chicky
I fully agree. No sign of trend reversal on Monthly, rather it may beat previous high if economy gets one more jolt. From chart reading, it has recovered from 1.25xx area with a strong support base and going too strong. Only a mega event can stop this pa.

I am talking about a correction, which may be considered by few a trend reversal for their timeframes. I only go with the market flow and therefore do not form a bias. However, a correction upto 1.4500 is very much possible.

I wish I had enough capital to go long on this correction.

Jay,...
Looks like we agree a lot more than it seems on the surface.

I think it's just a different definition of terms. Some call it a reversal but I call it a correction. I can live with a correction to 4500.

Circuit breakers are simple. I reserve myself the right to get out of my trade at any time.
Not all sins are created equal
  • #145,924
  • Sep 24, 2009 1:44am Sep 24, 2009 1:44am
Quoting goldpoll
Look ,it's the rule of the thumb, E/U has attempted down 3 times, and yesterday failed to make higher to break 4845 so I believe it would down to around 4600
I think we're about to find that out. Seems to be struggling to break 1.4750 (already one rejection), but trend still up - with second run at 1.4750 underway. If it gets rejected and takes out 1.4692, then I think the probability of your scenario increases.
  • #145,925
  • Sep 24, 2009 2:00am Sep 24, 2009 2:00am
after yesterday`s correction abc it looks to me like we are on a wave 3 on m30 and the next stop should be around 1.4800/35 (imao)
Do not follow the path trodden by human laziness.
  • #145,926
  • Sep 24, 2009 2:19am Sep 24, 2009 2:19am
I can see double tops does that mean that EUR is starting fall again ?
  • #145,927
  • Sep 24, 2009 2:32am Sep 24, 2009 2:32am
Quoting viljam
I can see double tops does that mean that EUR is starting fall again ?
double tops happen yesterday during fomc news time & perhaps the effects are over but it should down anyway, adding shorts 1.4766 level target 1.4650.the more high it go the more shorts will add .
fontu
Attached Image
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #145,928
  • Sep 24, 2009 2:39am Sep 24, 2009 2:39am
Quoting fontu
double tops happen yesterday during fomc news time & perhaps the effects are over but it should down anyway, adding shorts 1.4766 level target 1.4650.the more high it go the more shorts will add .
fontu
Why you think it wont break more up ?
  • #145,929
  • Sep 24, 2009 2:40am Sep 24, 2009 2:40am
0736 GMT [Dow Jones] Sterling drops like a stone after BOE governor King says a weaker sterling is helping rebalance the UK economy. GBP/USD prints a low of 1.6269 from the day's high of 1.6384, while EUR/GBP adds 30 ticks to 0.9072. (GST)
  • #145,930
  • Sep 24, 2009 2:43am Sep 24, 2009 2:43am
Quoting viljam
Why you think it wont break more up ?
Because he is short
The Thief of Wall Street
  • #145,931
  • Sep 24, 2009 2:44am Sep 24, 2009 2:44am
Quoting viljam
Why you think it wont break more up ?
It will I think but not without enough retracement ,that's all . I think the chart posted may show more than i express about .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #145,932
  • Sep 24, 2009 2:50am Sep 24, 2009 2:50am
Quoting Chicky
Because he is short
Correct diagnosis , I am short now but not married with yet & can divorce the loose bond anytime I see comfortable and will find excuses as of short now .
fontu .
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #145,933
  • Sep 24, 2009 3:01am Sep 24, 2009 3:01am
updated support and resistance levels.
cci12
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  • #145,934
  • Sep 24, 2009 3:01am Sep 24, 2009 3:01am
Yesterday the Fed pledged to keep interest rates in the US low and as a result we should see investors continue to use the dollar as a funding currency for riskier currencies and other assets. It also stated that there are signs that the US economy is improving, providing further cause for investors to pursue riskier assets. Although the dollar pulled back by the end of trading yesterday, it did hit a new high of $1.4845. I’m still long the dollar and I see it going to $1.50. The ECB is starting to get concerned about the strength of the euro, but it hasn’t intervened in the past at these levels.
  • #145,935
  • Sep 24, 2009 3:05am Sep 24, 2009 3:05am
Quoting Tiger21
[size=3][font=Calibri]Yesterday the Fed pledged to keep interest rates in the US low and as a result we should see investors continue to use the dollar as a funding currency for riskier currencies and other assets. It also stated that there are signs that the US economy is improving, providing further cause for investors to pursue riskier assets. Although the dollar pulled back by the end of trading yesterday, it did hit a new high of $1.4845. I’m still long the dollar and I see it going to $1.50. The ECB is starting to get concerned about the strength...
economy was good last time at these levels. also fed is mopping up money through the back door.
those who can, do. those who cant, talk about those who can
  • #145,936
  • Sep 24, 2009 3:14am Sep 24, 2009 3:14am
Quoting Tiger21
.... I’m still long the dollar and I see it going to $1.50. The ECB is starting to get concerned about the strength of the euro, but it hasn’t intervened in the past at these levels.
you're short the dollar if you think EU is going up, genius.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #145,937
  • Sep 24, 2009 3:17am Sep 24, 2009 3:17am
Man, this place has basically done been et up wit da dumbass.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #145,938
  • Sep 24, 2009 3:25am Sep 24, 2009 3:25am
GBP /JPY about to explode again--if I can manage to get to 146 I'll have 300 + pips so far this session
  • #145,939
  • Sep 24, 2009 3:26am Sep 24, 2009 3:26am
Quoting The Fool
Man, this place has basically done been et up wit da dumbass.
Drum and bass right ?
  • #145,940
  • Sep 24, 2009 3:28am Sep 24, 2009 3:28am
150?
Quoting Fly2
GBP /JPY about to explode again
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