EURUSD

au count suggest that there s more correction before it goes up

took a short at 3970. right below Pivot R1 and tl from two recent tops. Close enough to be called a retest of broken tl.

If you don't mind sharing your SL & TP, thanks

But that is the nature of MMTL. If a new high is made, the lines redraw, and off to a new race.......

Right now on my MM P=256 15min chart PA hangs right under 6/8 TL. It has traveled 7 Octave-Lines. (same for P=64)

Chance for a reversal in a up run at 6/8 are nearly 95%.

The more Octave-Lines PA has traveled, the greater the chance to reverse.

Speed angle of the last move up is 66°. Markets reverse fastes off at 33, 45 or 78degreeThe last reverse at the low of the day entered the trading frame at -1/8, therefore it had a high probability to travel 8,9 0r 10 octave lines.

So we asume a target between 3978, 4008 and 4038

4038 is the 8/8 resistance line. To be a good triangel, it may stop at 4029 :-)

Normally best odds to trade a market short is

A) best odds potential: 7/8

B) 2nd best 8/8 and 6/8

C) 3rd best +1/8

D) 4th best +2/8

I didnt read those FOMC min. was there any mention of QE3....

Hello forex comunity, good evening, good luck to all

So do you see us in wave 5 action now?

When yes, do you have a micro count of this leg up?

I can not count it as an impulse, but if it is a five, it should

good question

trades set, nap-time. cu in ny.

good & well detaild analysis, i've a headache now , way too complicated for me

What trades are you in Mr Hatch...eurusd long

Looks like a good area to get short again....Having a hard time moving up now...anyone else in here looking or already short or is everyone in here long still?

Bulls are greedy aren't they... haha...

I'm short 3965.... extremely, I mean extremely short leash. Can't ignore the power behind the bulls right now.

Sue me!

Bankers Not Alone In Doing Useless Jobs
By PAUL HANNON
Posted on The Source, the Wall Street Journal Online's



site for European real-time analysis http://blogs.wsj.com/source
Traders can relax--they're not the only people doing pointless jobs. Divorce lawyers, the makers of advertisements for cars and the manufacturers of very large handbags are among the many who are doing nothing to make the world a better place.
In the middle of last year the chairman of the U.K.'s Financial Services Authority upset many bankers by describing the jobs they did as "socially useless."
A year on, and Adair Turner is placing that judgment in a much broader context during a series of three lectures at the London School of Economics.
Turner's goal during the first lecture on Monday evening was to establish whether economic growth made people happier.
His broad conclusion was that it didn't.
He told the audience of students and academics: "There is no strong link between economic growth and some measures of human welfare once one has reached levels of income already reached some decades ago in many developed economies."
There are two sides to that.
For the consumers of goods and services, there is the problem of satiation--once you have a coat that keeps you warm, having two doesn't make you warmer, or at least, not in a good way.
Congestion is another problem--the more wealthy people there are, the more they must compete for the enjoyment of "locationally specific" goods like beach holidays or a house in Notting Hill.
Which is where the makers of car advertisements come in. According to Turner, they are selling the experience of driving a car on a country road in 1950s Britain, when there weren't many other cars around.
That's why many television spots appear to be filmed at 0400 on a summer's morning in northern Scandinavia, probably the only time that a European road isn't jammed with other cars.
Turner said: "If you are induced to buy something that you will never get to enjoy, that won't make you happier."
And then there is the question of what people do to earn money, rather than what they spend that money on.
Turner borrows the distinction U.K. economist Roger Bootle has made between creative and distributive activities. Bootle identifies the doctor tending to a patient as the perfect example of a creative activity. His example of a distributive activity is a marketing executive for a washing powder manufacturer--what he or she does is win market share, so a gain for his or her company is a loss for its rival.
For Turner, lawyers in general, and divorce lawyers in particular, are examples of people who are engaged in primarily distributive activities--to gain for your client, you have to take something from their former spouse.
"That is what happens in a depressingly large amount of financial services," Turner said.
The really bad news is that the wealthier a society becomes, the more people engage in distributive activities.
Turner said: "The very process of us becoming richer creates more opportunities for...distributive activities."
And it gets worse for those who would like to see a link between the value of what a person does, and how much they earn for doing it.
"It is noticeable that these distributive activities are often very highly paid activities. A feature of many rich societies is that many of the most highly paid people devote their skills to activities that cannot increase human happiness."
So there you have it--if you're earning lots of money, it's likely that you're doing something useless. Trading Credit Default Swaps is only one instance of that, and it may not be the worst one.

Need to see price get below 3955...

There are quite a few people around who are short.

Now all we need is for the pair to start moving south, it certainly has not been showing much energy or interest in going north. It is overdue for a retracement and maybe this will be it.

Likely better place to short is see pair fail closer or at 1.4.

Bulls working at the top.