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EURUSD

  • #251,361
  • Jun 2, 2010 2:07am Jun 2, 2010 2:07am
I am on the short wagon in EurUsd but cant tell exactly until where. Hoping for a retest of yesterday's low.
  • #251,362
  • Jun 2, 2010 2:07am Jun 2, 2010 2:07am
Quoting fontu
Yes , they start long ago , this form or that form but the same , basically doing all in an unbelievable zigzag 2-3 complexes correction .anyway to take one side or the other , Bull in in the heart of bear market /pattern , both in the pics.
fontu
There is no doubt in my mind at least that it will get to 1.2315 before any serious supply.
  • #251,363
  • Jun 2, 2010 2:07am Jun 2, 2010 2:07am
Quoting fontu
Yes , they start long ago , this form or that form but the same , basically doing all in an unbelievable zigzag 2-3 complexes correction .anyway to take one side or the other .
fontu
Yes this is exactly the kind of situation I promised myself I would no longer try to place a trade-situations where I have absolutely no idea of which direction the price may be heading in any significant degree. I am slightly inclined to the bull, but think the better trade is to sell the top in any case.
  • #251,364
  • Jun 2, 2010 2:14am Jun 2, 2010 2:14am
As per my experience this strategy is not so workable as you can not turnrd your profitable trades into losing one as it my lead to serious injury i.e you saw your profit then it would be converted into -ve lose so miserable........now a days market is so much uncertain and is totally Political,,,,,,
  • #251,365
  • Jun 2, 2010 2:23am Jun 2, 2010 2:23am
Quoting Atlast
There is no doubt in my mind at least that it will get to 1.2315 before any serious supply.
I have problem with defining corrective movement (time and size) could u
explain how did u find this " no doubt" on chart plz?
  • #251,366
  • Jun 2, 2010 2:34am Jun 2, 2010 2:34am
Quoting peyman
I have problem with defining corrective movement (time and size) could u
explain how did u find this " no doubt" on chart plz?
Here:

Attached Image (click to enlarge)
Click to Enlarge Name: nodoubt.jpg Size: 101 KB
  • #251,367
  • Jun 2, 2010 2:37am Jun 2, 2010 2:37am
Quoting T.E.Lawrence
Here:

Attachment
  • #251,368
  • Jun 2, 2010 2:40am Jun 2, 2010 2:40am
Quoting peyman
I have problem with defining corrective movement (time and size) could u
explain how did u find this " no doubt" on chart plz?
Watch the downtrend pitchfork, it has rebounded off the ML, with a pattern I look for to give a high probability that at least a test of one of the 2 highs market off will be hit.
Then watch the upsloping pitchfork, you will see it doesn't encounter resistance until the trendline that is drawn off yesterday's high.
Then watch the pivot, money is moving above, probably some short covering.
Then watch where the selling occurred before, all at or above 1.2316

Fundamentally, SNB is watching weakness in EURCHF, and it is making it's way back to 1.4000, where they intervened, so they wouldn't want it to approach there again.

Hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (60 Min) 02_06_2010.jpg Size: 64 KB
  • #251,369
  • Jun 2, 2010 2:41am Jun 2, 2010 2:41am
CB's of Japan, Russia, Brazil, India, & S Korea artificially pumping #eur. I guess ECB ran out of money pumping Eur up yesterday $$
  • #251,370
  • Jun 2, 2010 2:41am Jun 2, 2010 2:41am
ah yeah darn it. I am short but I truly hate that the 1H chart might be turning bullish. I am hoping that 1.2240 will be a level that will hold. Otherwise bye bye to my short order.

Still Short @ 1.2215 with TP @ 1.2120
  • #251,371
  • Jun 2, 2010 2:45am Jun 2, 2010 2:45am
@ Atlast

How do you come up with the points to draw the pitchfork?
  • #251,372
  • Jun 2, 2010 2:52am Jun 2, 2010 2:52am
Quoting Bernanke_Sr
@ Atlast

How do you come up with the points to draw the pitchfork?
They are drawn as soon as price pattern allows, always looking for significant highs and lows, and should describe subsequent PA.
  • #251,373
  • Jun 2, 2010 2:54am Jun 2, 2010 2:54am
EU looks crap...

GU looks crap but has been interesting journey to hedge that sucker up to ~1.4770.

Waiting lower high on 5min tf to build up and release...
They think they are smarter than I am.
  • #251,374
  • Jun 2, 2010 2:58am Jun 2, 2010 2:58am
Quoting Z3iz3i
EU looks crap...

GU looks crap but has been interesting journey to hedge that sucker up to ~1.4770.

Waiting lower high on 5min tf to build up and release...
I don't know why GU is so strong, I shorted it yesterday only to find out there's buying interest. So long as the curved bottom is intact and no significant hig is hit, better not trade against it. Something to do with rumours that PRU deal will not occur is propelling it up, but don't understand that either.
  • #251,375
  • Jun 2, 2010 2:58am Jun 2, 2010 2:58am
Quoting Z3iz3i
EU looks crap...

GU looks crap but has been interesting journey to hedge that sucker up to ~1.4770.

Waiting lower high on 5min tf to build up and release...
GU is really starting to look like crap.
EU has a lot of long candle wicks in both direction but I think it's still trade-able.
AU price has been perfect this morning. Talk about a range in a predictive short move.
  • #251,376
  • Jun 2, 2010 3:01am Jun 2, 2010 3:01am
Quoting Atlast
Watch the downtrend pitchfork, it has rebounded off the ML, with a pattern I look for to give a high probability that at least a test of one of the 2 highs market off will be hit.
Then watch the upsloping pitchfork, you will see it doesn't encounter resistance until the trendline that is drawn off yesterday's high.
Then watch the pivot, money is moving above, probably some short covering.
Then watch where the selling occurred before, all at or above 1.2316

Fundamentally, SNB is watching weakness in EURCHF, and it is making it's way back to...
nice on atlas, i see u are using the same platform.. you made me use pitchfork again... made some nice profits with them some time ago, there nice to define trends. Here is my version, with the green line as major resistance. I used also a pitchfork on the smaller timeframe
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2-6-2010 (15 Min).jpg Size: 201 KB
  • #251,377
  • Jun 2, 2010 3:03am Jun 2, 2010 3:03am
Quoting Atlast
They are drawn as soon as price pattern allows, always looking for significant highs and lows, and should describe subsequent PA.
I never really adopted the pitchfork study in my trading but will give it a go. Need to train myself a bit...

There are some traders out there whom are benefiting from the pitchfork lines.
  • #251,378
  • Jun 2, 2010 3:06am Jun 2, 2010 3:06am
Quoting Bernanke_Sr
I never really adopted the pitchfork study in my trading but will give it a go. Need to train myself a bit...

There are some traders out there whom are benefiting from the pitchfork lines.
The secret is to have 1 or 2 key signals that you use to confirm entry, and if you can avoid the temptation to enter trades within the channels you will do well.
  • #251,379
  • Jun 2, 2010 3:07am Jun 2, 2010 3:07am
Quoting Atlast
Watch the downtrend pitchfork, it has rebounded off the ML, with a pattern I look for to give a high probability that at least a test of one of the 2 highs market off will be hit.
Then watch the upsloping pitchfork, you will see it doesn't encounter resistance until the trendline that is drawn off yesterday's high.
Then watch the pivot, money is moving above, probably some short covering.
Then watch where the selling occurred before, all at or above 1.2316

Fundamentally, SNB is watching weakness in EURCHF, and it is making it's way back to 1.4000,...
thank u very much,u know i don't work with pitchfork however i try to understand it on your chart and find somethings but my brain phosphor suddenly finished! so i got it in the simple way 1-u have posted 37xx 2-show me a complicated chart = u r right and i will be slow to adding sell
  • #251,380
  • Jun 2, 2010 3:21am Jun 2, 2010 3:21am
Quoting Jhig
GU is really starting to look like crap.
Im long GU with 4800 t/p. Dont like this PA atm
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