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  • #280,741
  • Aug 12, 2010 2:16am Aug 12, 2010 2:16am
Do people in this forum mention candlestick patterns anymore? If so, anyone see an inverted h&s? You could post a pic too if you do
Different opinions highly valued, ignorant to slander.
  • #280,742
  • Aug 12, 2010 2:22am Aug 12, 2010 2:22am
Short covering in EJ ahead of Jpn Fin Minister press confrence 08:30GMT lending some support here looks like...
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Look Sharp/Trade Tight
  • #280,743
  • Aug 12, 2010 2:23am Aug 12, 2010 2:23am
Quoting psiholog
Hows your trading going?
Lousy this week. Looking forward to the weekend to recharge.
Not all sins are created equal
  • #280,744
  • Aug 12, 2010 2:24am Aug 12, 2010 2:24am
  •  jet4x
  • | Joined Aug 2010 | Status: slow & steady turtle wins the race | 168 Posts
the Euro plummeted through 1.3000 yesterday reaching 2-week low levels at 1.2825, confirming a top at 1.3335, and, according to Karen Jones, technical analyst at Commerzbank, setting focus to lower levels, with 1.2732 and 1.2673 as next targets.

Once confirmed a top at 1.3335, the pair has turned lower, targeting 1.2700 area on the short-term, says Jones: "EUR/USD so far dropped to 1.2829 which confirms that a top is indeed in place. The July 21st low at 1.2732, the May 21st 1.2673 high and the June-to-August uptrend line at 1.2701 are the next lower targets."

On the upside, Jones points out to 1.3031 and 1.3095/3126 resistance levels: "Since previous support, because of inverse polarity, becomes resistance, the mid-July 1.3031 high and next higher 1.3095/1.3126 zone is just that. The latter comprises the May 10 high and the 38.2% Fibonacci retracement of the 2009-2010 downtrend."
  • #280,745
  • Aug 12, 2010 2:28am Aug 12, 2010 2:28am
thanks a lot psiholog it looks clear to me now i just need a little patience on this one. i'm a bit confuse using both fundamental and technical analysis sometimes they screw each other
  • #280,746
  • Aug 12, 2010 2:29am Aug 12, 2010 2:29am
Quoting uraceulose
out for +1. uj long going to be now
i only sent 2 levels before #2 2949/50 with slip maybe to 4973... a staggered entry would be better.. tl at 49 also... consider dpp etc. #3 was 29608.. nap time 4 me

2939.5 also s/r
those who can, do. those who cant, talk about those who can
  • #280,747
  • Aug 12, 2010 2:32am Aug 12, 2010 2:32am
Lets see if the keep it above 95/00 for a bit..
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Look Sharp/Trade Tight
  • #280,748
  • Aug 12, 2010 2:35am Aug 12, 2010 2:35am
Quoting PayTheLimit
Short covering in EJ ahead of Jpn Fin Minister press confrence 08:30GMT lending some support here looks like...
As a newbie, I still dont understand short covering?
I am long EJ from yesterday 110.23 now at +1
Sold EJ yesterday for 50 pips.
  • #280,749
  • Aug 12, 2010 2:42am Aug 12, 2010 2:42am
http://cdn.forexfactory.com/images/attach/pdf.gif


2010-08-12_Forex Focus (09h15 CET) 001.pdf (11.5 KB)



Forex Focus: Renewed Euro-Selling Is On Its Way

By Nicholas Hastings

A DOW JONES NEWSWIRES COLUMN


LONDON (Dow Jones)--With the FOMC now out of the way, the euro zone's problems are coming back into focus.

And for the euro, that is not good news.


down down down ...
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File Type: pdf 2010-08-12_Forex Focus (09h15 CET) 001.pdf   12 KB | 266 downloads
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #280,750
  • Aug 12, 2010 2:43am Aug 12, 2010 2:43am
Looks like strong restistance at 2915 on the 1hour chart. I'm in short, hoping for dollar index to increase.
  • #280,751
  • Aug 12, 2010 2:43am Aug 12, 2010 2:43am
http://www.forexfactory.com/showpost...stcount=280725

if it works, it works.....if it doesnt, no risk

daily r1, tl @3075 work great with the 9am ny candle.......pump and dump like fomc?
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  • #280,752
  • Aug 12, 2010 2:45am Aug 12, 2010 2:45am
There is a possibility of OBV hidden bull divergence @ h1, that could confirm a trading range 2878 > 2939>2970
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  • #280,753
  • Aug 12, 2010 2:46am Aug 12, 2010 2:46am
I do agree with your views. This week euro broke 2 daily Supports (doesn't happen every week !!!) and yesterday was the 5th largest true range during this year (FED announcing more "free" money for the recovery ... hopefully this time not only a few speculator investment banks benefit but it goes to the real recovery)

I have the same broken S at 1.298x but my first major Support is a little bit lower at 1.275x. Intraday momentum is slightly bullish, daily momentum is very bearish and weekly is bullish. I need more intraday levels set and as you said a test of at least one of the last broken S before taking a position.

Tomorrow reports we'll be a good test to see the credibility of the FED announcement. Big divergences in those numbers and judging from the US stock markets reaction yesterday and the Chinese and European signs of slowdown, will put things back in last week faster than they went down.

All markets are again in very uncertain mode. VIX jump 30% since last week. In the euro/usd, daily chart and weekly charts are not aligned anymore. The only thing for sure is that the meat (easy) part of the uptrend is gone

sisse



Quoting psiholog
Haven't been here in a while....here's my current technical analysis.
The Eur/Usd broke a whole lot of support levels during its recent downturn. None of those have been tested as resistance yet. The first level is the area around 1.29850 since it was an area of consolidation in the upwards move last week. Not only that but it was proven to be a support area when retested in the uptrend last week.

Before we get there though...we are in a mega downtrend within a very narrow range. This downtrend needs to break to the upside before any serious bull...
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Pending conversations? PM for a chat...I am mainly in OTM now
  • #280,754
  • Aug 12, 2010 2:50am Aug 12, 2010 2:50am
EC trying to run some shorts out? maybe
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Look Sharp/Trade Tight
  • #280,755
  • Aug 12, 2010 2:51am Aug 12, 2010 2:51am
feels like some buyers about to emerge....above 30
Look Sharp/Trade Tight
  • #280,756
  • Aug 12, 2010 2:55am Aug 12, 2010 2:55am
Quoting gatorinla
i only sent 2 levels before #2 2949/50 with slip maybe to 4973... a staggered entry would be better.. tl at 49 also... consider dpp etc. #3 was 29608.. nap time 4 me

2939.5 also s/r
same here. gotta get some shut eye. po @ 49
  • #280,757
  • Aug 12, 2010 2:56am Aug 12, 2010 2:56am
H4 is perfectly aligned for an upmove. From this chart we can see that EU touched -2 octave ( extremely overbought). Because of that an upmove was imminent...First target 2939... We may see 3000 levels.. Long moves should be validated above the yellow line on chart...This is h4 chart so pay atttention pls

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  • #280,758
  • Aug 12, 2010 2:56am Aug 12, 2010 2:56am
Quoting sisse
I do agree with your views. This week euro broke 2 daily Supports (doesn't happen every week !!!) and yesterday was the 5th largest true range during this year (FED announcing more "free" money for the recovery ... hopefully this time not only a few speculator investment banks benefit but it goes to the real recovery)

I have the same broken S at 1.298x but my first major Support is a little bit lower at 1.275x. Intraday momentum is slightly bullish, daily momentum is very bearish and weekly is bullish....
You sir are one of the best traders I have ever seen. You incorporate both technicals and fundies in your trading for a complete comprehension of what the markets are really doing. You deserve a vouch and ill be looking forward to your future posts.
Different opinions highly valued, ignorant to slander.
  • #280,759
  • Aug 12, 2010 3:01am Aug 12, 2010 3:01am
i dunno if anyone else can see this like i can, maybe im crazy.....but just under 3100 is a HUGE energy point
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  • #280,760
  • Aug 12, 2010 3:03am Aug 12, 2010 3:03am
Not alot of momentum on this up move...
Look Sharp/Trade Tight
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