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EURUSD

  • #284,201
  • Aug 20, 2010 7:08am Aug 20, 2010 7:08am
This might be useful
Attached Image (click to enlarge)
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  • #284,202
  • Aug 20, 2010 7:09am Aug 20, 2010 7:09am
Quoting style2fx
Hi guy and welcome here

Happy trades
Thx Dear
  • #284,203
  • Aug 20, 2010 7:10am Aug 20, 2010 7:10am
Hi,

As seen the line of 1.27000 was hard to break and keep so now I think we are in a small bullish trend.

As figured in the attached picture it might go way back to 1.27689.

Opinions?
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  • #284,204
  • Aug 20, 2010 7:10am Aug 20, 2010 7:10am
Quoting wannaberich
breakout. i see. thanks.

short again from this level. tight sl. precisely above that Master candle u say.
If it breaks above the upper ( resistance) level thats a long trade
  • #284,205
  • Aug 20, 2010 7:12am Aug 20, 2010 7:12am
up wedge on the 5m (more clearly seen) being broken in a few minutes.

ok, ok, a lot of wishfull thinking here too LOL

Quoting kuroro001
Or up
dreams do come true.
  • #284,206
  • Aug 20, 2010 7:13am Aug 20, 2010 7:13am
Hi!

I am new to trading and started with EUR/USD pairs via dukascopy.

I am just wondering if you guys are selling short on the euro? The 4 hour chart is showing the lowest down trend of the euro but I can't help myself think that it might be on the recovery end technical wise.

But I am in doubt actually cuz the fundamentals are not showing any progress as stated in recent bloomberg news.

Thanks alot and hope to hear your advice and positions.
  • #284,207
  • Aug 20, 2010 7:17am Aug 20, 2010 7:17am
In regards to the Head and Shoulders pattern, be careful here if this 4hr bar closes a pin, there seems to be some good divergence that suggests there still might be a move to the upside before eventually turning down.

There might be a retracement back to the 1.27800 level.

New to this site and really enjoying it, hope to stick around a long time and hunt those pips.
  • #284,208
  • Aug 20, 2010 7:18am Aug 20, 2010 7:18am
Quoting hytham
Luck?

http://www.forexfactory.com/showpost...stcount=284048
short
Good companion, is a trophy.
  • #284,209
  • Aug 20, 2010 7:22am Aug 20, 2010 7:22am
Quoting Xismal
Thanks Gatorinla and Tarantula. Both of you have been very helpful to explain things to newbies like me.

One small request please (and would really really appreciate it), how is a failure of 1.2740 a continuation of bull wave?


Thanks in advance!
Ill try to give the simplest explanation why a failure of 2740 is bullish to me.

2741 is 3/8 Murrey math line. When the price gets close to 3/8 its in the NORMAL trading area. NORMAL trading areas lie between 3/8 and 5/8. The price is between 3/8 and 5/8 45 % of the time. Before the price jumps outside of its normal trading zone, levels need to be retested. Thus 3/8 level needs to hold as below 3/8 the price tends to go lower

Above 5/8 we are bullish, below 3/8 we are bearish. Based on my MM analysis the price really likes to jump off 5/8 level once it has been reached.

Also looking on higher TF 2741 lies IN BETWEEN strong reversal points 1/8 and 2/8. Those are BUY areas where buy is suggested as 1/8 and 2/8 are REVERSAL points

Price is currently between 0/2 and 2/8 and its called CONSOLIDATION trading area.
  • #284,210
  • Aug 20, 2010 7:29am Aug 20, 2010 7:29am
Quoting T@rantula
Ill try to give the simplest explanation why a failure of 2740 is bullish to me.

2741 is 3/8 Murrey math line. When the price gets close to 3/8 its in the NORMAL trading area. NORMAL trading areas lie between 3/8 and 5/8. The price is between 3/8 and 5/8 45 % of the time. Before the price jumps outside of its normal trading zone, levels need to be retested. Thus 3/8 level needs to hold as below 3/8 the price tends to go lower

Above 5/8 we are bullish, below 3/8 we are bearish. Based on my MM analysis the price really likes to jump off 5/8 level...

That explanation above is so detailed, I am really grateful. Thanks a lot! *bows*
  • #284,211
  • Aug 20, 2010 7:33am Aug 20, 2010 7:33am
Quoting Xismal
That explanation above is so detailed, I am really grateful. Thanks a lot! *bows*
No problem, i tried to give u the simplest explanation based on MM geometry
  • #284,212
  • Aug 20, 2010 7:35am Aug 20, 2010 7:35am
4hr pin may be forming on the AUD/USD with divergence currently as well...

money to be made today...
  • #284,213
  • Aug 20, 2010 7:50am Aug 20, 2010 7:50am
Quoting ryanjoe
T@rantula, thanks for sharing.... good job !!!
NP
  • #284,214
  • Aug 20, 2010 7:55am Aug 20, 2010 7:55am
shorting this again at 2673......it is banging on support level 2680 -85
  • #284,215
  • Aug 20, 2010 7:58am Aug 20, 2010 7:58am
They are reversing
COT: The precious data ignored
  • #284,216
  • Aug 20, 2010 7:59am Aug 20, 2010 7:59am
taking the divergence into account, along with the pin bar price action, I still think this will move up in the short term, anyone agree???
  • #284,217
  • Aug 20, 2010 8:00am Aug 20, 2010 8:00am
Checking one thing...
Maximum time, before H4 candlestick close there is a upside spike happening. Suspecting something
You cannot learn better without losing
  • #284,218
  • Aug 20, 2010 8:00am Aug 20, 2010 8:00am
Thanks Mr T

An eloquent explanation as per usual.

I think it is worth pointing out a couple of Fib levels which have been pretty relevant over the last 48 hours or so.

Todays high at 1.2832 ish is within a couple of pips of the 38.2 % Fib retracement from 2pm high yesterday to the 1.2792 support level tested 5 times or so before finally breaking this morning.

Also MM level at 1.2725 referred to by Mr T is pretty close to the 23.5 % fib at 1.2720. Priced was rejected at 1.2718 ie below the fib line.

I refer to both Fib and MM as I have found that they are all SR levels that need to be watched.
  • #284,219
  • Aug 20, 2010 8:00am Aug 20, 2010 8:00am
Quoting kuroro001
They are reversing
if they go above 2720 they do ...but with this price action it looks like retrace
  • #284,220
  • Aug 20, 2010 8:04am Aug 20, 2010 8:04am
the 08:00 long bar with high volume suggests there was one last push to sell off and now the short term reversal should take effect and confirmed by the price action of the pin bar....

someone tell me if I have this all wrong...

it is late in Australia on a friday night! haha.
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