EURUSD

portugal esta todo queimado tripeirofx

you are learning... that's all that counts.

mike

It may very well test 3445, Ultimate shorting point. However bull is all out and show little sign of shyness, so I'd be carefull

firmed up slightly. have to see how the day closes.

Anyway between now and in 2 hours we should see some real action
So hold on your seat belt....rollcoaster is getting prepared to start

tell me about this swing trade man.. see if i do something similar

get excited about what?

Spain?

Portugal?

Greece?

I'd get excited if Germany decided to fork over 60 billion.

From the drop at 5145 we have a 3rd wave extension Trending Impulse Wave:

Wave 1 = 5145-4213 = 932 pips
Wave 3 = 4578-3434 = 1144 pips. Wave 3 also landed on 1.786 price extension of Wave 1 which is 3477, very close to the low of 3434
Wave 5 = 3718-3267 = 551 pips. Wave 5 is roughly 0.618 of Wave 1, ie 0.618*932=575

In a Elliot Wave 3rd wave extension Impulse formation wave 1 and wave 5 tend towards equality or wave 5 is 0.618 of wave 1. Given the severe reaction from the low of 3267 and the way that wave 5 has ended very close to the lower trendline but not touching it, I am going to conclude that the impulse wave from the high of 5145 is extremely close to being finished.

We can have 2 scenarios for wave 5.

Either wave 5 is what we have right now, or wave 5 will subdivide into 5 distinguishable subwaves, visible on the daily time frame, forget about the lower time frames. I dont see 5 distinguishable waves on the daily time frame, but even if it was going to happen, then we will still be bound by the black channels shown. In anyhow we have a retracement to 3600.

In the event that we are still not done and we have more going down, then wave 5 will finish at the 1.618 price extension of 3818-3267, and that is 2926. In that event Wave5=Wave1. At the current moment it really doesnt matter, because we are going to be bullish for the next 300 pips, and its going to be quite a powerfull thrust.

if 3600 is breached then the low of 3267 will hold for at least the next 3 months. One thing to note is that when wave 5 becomes 0.618 of wave 1, that means that the tendency or psychology of the market is not to go further along wave 5, and it means that there is more desire to go the opposite direction of wave 5, rather than along it.

That in itself is a strong indication of the fact that reversals happening will be very powerfull. A 250/300 pip move upwards in one day for the EUR should be no surprise.

Also the way that wave 5 has ended, ie, very close to the bottom trendline makes me believe that we wont have the scenario that I was mentioning before about it going down to 2926, because if that was that scenario then the first part of wave 5 should have ended somewhere half way between the red and blue trendlines, and the retracement happening that would make wave 5, so called "Visibly Distinguishable" on the daily chart would have been along the blue trendline, touching it and making false breaks.

Bottome line: Buy at every low.

Good luck with this info

i think that as long as we are above that pivot point buy the dip

By the European Summit which happens right now about Greece
We'll know more in 1-2 hours

Hello, It's ok that was short term trade. Besides That EU conference:

talk back and forth.. I want to see clear direction.. How about

Goldman? They've close positions yesterday, probably losing few 100 mills of

$.. I won't be surprise if Next week we going to look on EU in 1.36 Area..

When all the dust settles

Ohhh my god...

Here in Portugal our economy is on the Sh*** in Spain they are in the same... Europe are in a cathastrofic situation... EURO gonna DROP there aren't another way (i think) this is just a pure retrace after the 1st drop that EURUSD have.

Hi everyone. I am trying to spot S/R levels together with volume. Plese give me a comment on my "work". I would say 1,3444 is next god resistance if we bridge 1,3405 first. Plese give me your comments.
Just starting to look at the levels not only indis.

Kuroro001, Your opinion?

Thanks.
Sasa

I disagree. I think we are close to the top before a huge fall but we will see.

1.3447+- a few will decide.

how many times has an agreement been reached and dissolved and reached and dissolved and... dissolved.

m

Sold USDCAD

2 down, 1 to go

All will be fine is Merkel doesn't open his mouth again ....someone make her shut up for today and we'll see 1.3440-70

thanks everybody for very good entertaintment everyday...

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