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  • #361,481
  • Jan 9, 2011 8:14pm Jan 9, 2011 8:14pm
Quoting buonvangvn
i'm long 1.2902
It broke a trendline it's been riding for hours, and former resistance failed to hold as support. Hope it works out for you, but it's a gambit....always better to wait for confirmation....
  • #361,482
  • Jan 9, 2011 8:17pm Jan 9, 2011 8:17pm
Quoting PriceVolume
It broke a trendline it's been riding for hours, and former resistance failed to hold as support. Hope it works out for you, but it's a gambit....always better to wait for confirmation....


I suspect to have China buy this up a little bit before we reach our daily low established at the beginning.

I am just waiting for the ECB or Merkal to talk this week, driving the Euro down with no solutions.
  • #361,483
  • Jan 9, 2011 8:19pm Jan 9, 2011 8:19pm
going off last reply, PA shouldn't push this pair to new barriers during Asian session {statistically speaking as of late}. China has been selling USD and buying the Euro lately.
  • #361,484
  • Jan 9, 2011 8:19pm Jan 9, 2011 8:19pm
today should be a choppy day on both asian session and european session. looks pretty flat
  • #361,485
  • Jan 9, 2011 8:25pm Jan 9, 2011 8:25pm
Quoting mikej2010
going off last reply, PA shouldn't push this pair to new barriers during Asian session {statistically speaking as of late}. China has been selling USD and buying the Euro lately.
Extremely thin market, so anything can happen. As Bemac would say, it all depends on who holds the hammer tonight. Waiting for London would be wise for anyone not already in.....
  • #361,486
  • Jan 9, 2011 8:26pm Jan 9, 2011 8:26pm
Quoting PriceVolume
It broke a trendline it's been riding for hours, and former resistance failed to hold as support. Hope it works out for you, but it's a gambit....always better to wait for confirmation....
What's your take price?
I think short term we may still see a move downward but given that the Fiber is extremely oversold, i would not be surprised to see a move up to 1.2965 even 1.3020 later on in the day?
  • #361,487
  • Jan 9, 2011 8:29pm Jan 9, 2011 8:29pm
Quoting BrunargarFx
What's your take price?
I think short term we may still see a move downward but given that the Fiber is extremely oversold, i would not be surprised to see a move up to 1.2965 even 1.3020 later on in the day?
I'm not trading this.....see post above. But, looks like we're setting up to test the session lows at 84 and 73. 2964 will be important today, if we make it there. Strong rejection there, and you can expect bears are reloading......
  • #361,488
  • Jan 9, 2011 8:30pm Jan 9, 2011 8:30pm
Quoting PriceVolume
Extremely thin market, so anything can happen. As Bemac would say, it all depends on who holds the hammer tonight. Waiting for London would be wise for anyone not already in.....
'Thin Market' ... it was but this week should be the first normal market.


Quoting BrunargarFx
What's your take price?
I think short term we may still see a move downward but given that the Fiber is extremely oversold, i would not be surprised to see a move up to 1.2965 even 1.3020 later on in the day?
few things to consider IMO ...

1. How much are Asian central banks going to buy?

2. Where are SL's set & where is profit being taken?

3. What will the EU announcements be? {watching news on Port.}

4. China has been showing cracks lately {5.xx inflation, real estate bubble, etc} and to add to it, it's exports are GREATLY DISAPPOINTING for their latest report. So keep watching China.
  • #361,489
  • Jan 9, 2011 8:32pm Jan 9, 2011 8:32pm
Quoting mikej2010
'Thin Market' ... it was but this week should be the first normal market.




few things to consider IMO ...

1. How much are Asian central banks going to buy?

2. Where are SL's set & where is profit being taken?

3. What will the EU announcements be? {watching news on Port.}

4. China has been showing cracks lately {5.x inflation, real estate bubble, etc} and to add to it, it's exports are GREATLY DISAPPOINTING for their latest report. So keep watching China.
Yes, but I was referring to the holiday in Tokyo tonight.....rather than the entirety of last week....
  • #361,490
  • Jan 9, 2011 8:32pm Jan 9, 2011 8:32pm
Quoting mikej2010
going off last reply, PA shouldn't push this pair to new barriers during Asian session {statistically speaking as of late}. China has been selling USD and buying the Euro lately.
With Tokyo closed, it's unlikely that BoC or any official entity was doing very much positioning.

Going forward, though, it is going to be very interesting to watch just how serious the PRC government is in supporting the EZ.
  • #361,491
  • Jan 9, 2011 8:34pm Jan 9, 2011 8:34pm
Quoting gatorinla
yellow line may be tough
29047 was a baby st target. the chart is #2.. all plus some slippage usually.. we usually bounce after.
#2, all i see is the usual bounce so for. so far nothing bullish about the bounce.
Attached Image (click to enlarge)
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those who can, do. those who cant, talk about those who can
  • #361,492
  • Jan 9, 2011 8:36pm Jan 9, 2011 8:36pm
Quoting PriceVolume
I'm not trading this.....see post above. But, looks like we're setting up to test the session lows at 84 and 73. 2964 will be important today, if we make it there. Strong rejection there, and you can expect bears are reloading......
Thanks for your response.
Oh yes, i agree that if we go up, it's because bears will be reloading (& so will I)
Did we reach 1.2873? I did not see that.
1.2964 uis important indeed, if broken I think we can go up further. I don't know if the retracement could go as high as 1.32 (?) but I have the 23.6 fibo at 1.3218. My first target would be 1.3020
  • #361,493
  • Jan 9, 2011 8:36pm Jan 9, 2011 8:36pm
Quoting OldQuant
With Tokyo closed, it's unlikely that BoC or any official entity was doing very much positioning.

Going forward, though, it is going to be very interesting to watch just how serious the PRC government is in supporting the EZ.
1. What does Tokyo have to do with China's CB buying up

2. China has 'supposedly' already made a couple purchases tonight driving the earlier rally.

3. As far as Japan, I would concern that one more with USD/JPY, Japan hasn't really been as involved in the Euro when compared to others.

I have been bearish on this pair, but China is in the Game of buying up cheap, selling down for more $$$.

& as we sink further down, I think there will be gradual profit taking in the 1.25xx-1.28xx area to slow the declines from what they would be.
  • #361,494
  • Jan 9, 2011 8:38pm Jan 9, 2011 8:38pm
Quoting BrunargarFx
Thanks for your response.
Oh yes, i agree that if we go up, it's because bears will be reloading (& so will I)
Did we reach 1.2873? I did not see that.
1.2964 uis important indeed, if broken I think we can go up further. I don't know if the retracement could go as high as 1.32 (?) but I have the 23.6 fibo at 1.3218. My first target would be 1.3020
Just don't be fooled by a hit plus slip above. Wait for the PA to confirm...if it cuts right through and builds support, then it's time to short term look long. Otherwise, look for rejection and bear resumption.
  • #361,495
  • Jan 9, 2011 8:39pm Jan 9, 2011 8:39pm
Quoting gatorinla
#2, all i see is the usual bounce so for. so far nothing bullish about the bounce.
I see a baby neckline hoping to get popped.
  • #361,496
  • Jan 9, 2011 8:42pm Jan 9, 2011 8:42pm
Quoting PriceVolume
Just don't be fooled by a hit plus slip above. Wait for the PA to confirm...if it cuts right through and builds support, then it's time to short term look long. Otherwise, look for rejection and bear resumption.
As tempting as it is, I wouldn't touch a long tonight without a tight tight SL, just because ... IMO, the USD weakness tonight is just profit taking from the Bullish USD run across the board last week.

once profits are taken, & actual news comes out, I expect some much deeper trends to develop and develop fast.

Already seen USD profit taking right off the bat in the Asian market, expect the same in the early time of the London session & U.S. session, especially profit taken in the U.S. session if London drives price back down after taking profits.
  • #361,497
  • Jan 9, 2011 8:44pm Jan 9, 2011 8:44pm
Quoting PriceVolume
I see a baby neckline hoping to get popped.
And for the candlestick junkies....a possible inside bar forming on the 1H....
  • #361,498
  • Jan 9, 2011 8:44pm Jan 9, 2011 8:44pm
Short-term.

Former Channel support is now resistance.

Break past this resistance plus former trend line can give a nice jump to the 1.294x area.
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  • #361,499
  • Jan 9, 2011 8:46pm Jan 9, 2011 8:46pm
Quoting PriceVolume
Just don't be fooled by a hit plus slip above. Wait for the PA to confirm...if it cuts right through and builds support, then it's time to short term look long. Otherwise, look for rejection and bear resumption.
Good thinking, thanks. I'll keep that in mind before going long
Thanks for your post
  • #361,500
  • Jan 9, 2011 8:46pm Jan 9, 2011 8:46pm
Quoting gatorinla
#2, all i see is the usual bounce so for. so far nothing bullish about the bounce.
Hey gator....have you heard from the fat lady lately?
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