EURUSD

hehehhee yea I am aware of it.

+40 pips and moving SL to BE

I think 3600 is going to hold. Looking at hourly/daily charts, this really looks prime to go down again. If not, then we'll get a nice chance to reload shorts at 3650

I will explain this correlation based on how I see it as I trade both pairs equally, hopefully driver will do so as well.

Eur/Usd and Eur/Jpy for a long time now moved in the same fashion. In other words if the Eur/Usd went down, the Eur/Jpy went down too. (as a sidenote, its worth knowing that the Eur/Jpy is much more correlated to the US stock market, so when the indexes go down, especially S&P 500, the Eur/Jpy is probably going down too, or vice versa). Now the second key in all this, when the Eur/Usd moves down lets say 50pips, the Eur/Jpy may move down 100pips or more. In essence, the Eur/Jpy is usually alot more volatile, and a better pair to trade if the Eur/Usd is moving...slowly. The third key in all this. Because Eur/Jpy is so much more volatile, it tends to overshoot key support/resistance levels before correcting in the appropiate fashion. For example if there is a double top forming, the second high will be overshot for a while before pa goes down to confirm that double top. In essence, a large stop loss is required (twice as large as Eur/Usd), but same can be said for profits. Very dangerous pair for sure. Lastly, in recent weeks the correlation between the 2 has not been what it usually is. As we all know...the Eur/Usd has been in sell-off mode. Eur/Jpy however has been in consolidation mode upwards since the big 500pip down day (126 or so to 121). In other words, while the 2 pairs are usually correlated, this was not the case for the last 2 weeks or so, which makes it hard to try trade the 2 by correlations alone. In fact, the Yen in general is not correlating to the other pairs as it usually does.

Hope this lengthy explanation gives you a better idea of what goes on between the 2 pairs. I also recommend not trading the Eur/Jpy until you have at least 1 year experience in the markets, just because it is so volatile and dangerous. A minimum of 100pip stop loss for this pair is also good to know.

I am a fast genius ....bought the EU on 13580 and sell it on 13597

3 minutes 17 pips

the second trade today I made a second win strike

Best Luck everbody...)

I hate to say but EURUSD's looking bullish across the board right now....

I'm getting Doji bars at major support areas....

Probably a bear trap if anything...

Still hold my Long Bias....hopefully I don't get bear clawed today.

Out of all the trendlines I have drawn, I have narrowed the best possible sell (highest probability) to a situation where one (or a combination) of the 3 trendlines that I have drawn on this diagram gets hit.

Until this situation happens we wont have a true complete reversal. We might experience Triangulation for a while, which will be marked with huge retracements, but not a solid break of the 3440 region.

EUR still hasnt reached a good trigger line where it will shoot downwards quite hard and fast.

Our best strategy is to wait and keep an eye for a strong approach towards these trendlines. I believe we might be in for a good shooting star upwards, followed by a strong reversal. The same kind of strong movement that happened on February 18th from 3625 downwards, except its going to be upwards first hitting the trendlines and then downwards.

The area of reversal (3700-3750) will continue to lower more down as time passes, but bottom line is that trendlines need to get hit first and if hesitation continues like what we are experiencing then the area of reversal might turn out to be 3680-3710.

Keep your eyes on the trendline and not on the price.

Good Luck

its tomorow

eyes on eurusd 3612 and usdchf 760

While over the longer term I am still quite bearish, for today I share similar views to yours.

There is a bull flag consolidation going on for the past 10hours or so in a controlled downtrend. An ideal place to buy based on what I see is the 1.3555 area with a target as high as 1.3800. Thats today's game plan, at least until US session close.

Still, if the 1.3550 area is broken to the downside decisively (and out of the bull flag consolidation area, a retest of the lows more then likely, if not new lows. Highly doubt this will happen today so yeah...1.3550ish to 1.3800 should be the range for at least a few days.

market is choppy... no direction is revealing...

Again good shorts but not taken though this time & my pending long activated at 1.3577 ,may not continue as more shorts can happen.more pendings at lower levels done before. waited gold for long time cashed at from 1124 to 1114.75 & more shorts expected though.
fontu

Yes yes. Very helpful indeed. It comes from refined experience and lot of screen time I guess. Some questions Psi if you dont mind:

As you said, there are times those pairs are not correlated one each other. I'm aware lately EJ acted differently with EU thus made me to leave the pair at the moment.

Do you have some sort of criteria whether the pair have high degree of correlation with EU or not? Or just view it discreetly one pair with another (i.e while trade EJ, not watching EU)?

The 100 pips SL is on 1H tf, right?

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Fed's exit strategies and highlight "a modest recovery facing
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all it can to create jobs and growth, and on Fed's role as regulator.
Mkt will focus on "modifiers the Chairman uses in describing current
economic conditions." Mizuho expects Fed to begin hiking DR in Q2 and
sees RRPs in the next six months.

Provided by: Market News International

it is a slightly bearish channel in a range all day..I not recommend to trade after 2 win trades today to myself, as there is no reel direction signed..but today later Us we can see a downpush around 13510 area
I will not take this, just for you a chart info I read so...
I go home..good luck

Those guys on drugs.

US Economy nearly dead. Huge spending, Debt, no jobs, no landing.

Huge amount of new foreclosures pending, due to unemployment.

Those guys are dreaming about hiking.. Make sure Bernanke not start to

cut rates again to negative territory. Us Economy will soon beg for another

Stimulus package from the white house.

Exit Cable long with small profit, get bored, nothing is going on.

Still in EURGBP short.

Thanks sir!

I totally agree

here is some serious fighting happening bull vs bears for obvious reasons I am on the bear side, but its just starting next 30min will be essential for my trade.