Trade what you see, not what you think or feel. Let the market come to you.
- #1,562
- Apr 26, 2011 8:42am Apr 26, 2011 8:42am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
http://img845.imageshack.us/img845/5...6april2011.png
FX4Newbies appreciate your charting! Looks good. Here's my take at daily on EUR USD. Appears as though upside is capped with 4788 since it's a strong 886 level, also if you check out dollar index, apparently there is still some more downside available there, before it could crack the DXY wide open and send it in south toward the abyth, which is an unlikely scenario anyway.
Also Im a strong believer in metals-currency correlation, it does fade away sometimes, but more often than not there is a strong link. Currently Id say downside on XAUUSD is still limited, although it's long overdue for a correction.
Lets see how that meeting gets played out tmrw.
FX4Newbies appreciate your charting! Looks good. Here's my take at daily on EUR USD. Appears as though upside is capped with 4788 since it's a strong 886 level, also if you check out dollar index, apparently there is still some more downside available there, before it could crack the DXY wide open and send it in south toward the abyth, which is an unlikely scenario anyway.
Also Im a strong believer in metals-currency correlation, it does fade away sometimes, but more often than not there is a strong link. Currently Id say downside on XAUUSD is still limited, although it's long overdue for a correction.
Lets see how that meeting gets played out tmrw.
- #1,563
- Apr 26, 2011 8:49am Apr 26, 2011 8:49am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
http://img845.imageshack.us/img845/5...6april2011.png
FX4Newbies appreciate your charting! Looks good. Here's my take at daily on EUR USD. Appears as though upside is capped with 4788 since it's a strong 886 level, also if you check out dollar index, apparently there is still some more downside available there, before it could crack the DXY wide open and send it in south toward the abyth, which is an unlikely scenario anyway.
Also Im a strong believer in metals-currency correlation, it does fade away sometimes, but more...
Your chart looks good...lots of info. This chart adds a larger fork taking into account the full swing. Has a little more room to the ML...close to your 1.4788. 88.6% is a good Fib level to watch too
.Btw, for some reason, I have not been liking the feel of the market today...just seems so iffy. Is it just me?
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,564
- Apr 26, 2011 8:59am Apr 26, 2011 8:59am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
Btw, for some reason, I have not been liking the feel of the market today...just seems so iffy. Is it just me?
Not just you that's for sure.
I took losses on GBP USD for a net loss of little over 30K, better luck next time. The cable is just so locked in the range, so I'd keep out until we either reach 4380-4400 area to attempt LONG, or wait until topping action at 6620-6640 area to consider any trade setups.
- #1,565
- Apr 26, 2011 9:04am Apr 26, 2011 9:04am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
Not just you that's for sure.
Time to tread cautiously I guess...across the board. The Yens seem to have taken off a bit.
Take care,
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,566
- Apr 26, 2011 9:11am Apr 26, 2011 9:11am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
I would definately check out whatever insight you provide, this is much appreciated, thank you!
http://img854.imageshack.us/img854/8...hapril2011.png
Here's EW on EUR USD 60M charts, pointing strongly to the upside, won't rely on the targets though, however I get the general feeling that tmrw we will see recent highs takes out on EUR USD, won't surprise me too much if we retreat back to 4550 level before the news, since it's a strong options level.
http://img854.imageshack.us/img854/8...hapril2011.png
Here's EW on EUR USD 60M charts, pointing strongly to the upside, won't rely on the targets though, however I get the general feeling that tmrw we will see recent highs takes out on EUR USD, won't surprise me too much if we retreat back to 4550 level before the news, since it's a strong options level.
- #1,567
- Apr 26, 2011 9:15am Apr 26, 2011 9:15am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
I would definately check out whatever insight you provide, this is much appreciated, thank you!
http://img854.imageshack.us/img854/8...hapril2011.png
Here's EW on EUR USD 60M charts, pointing strongly to the upside, won't rely on the targets though, however I get the general feeling that tmrw we will see recent highs takes out on EUR USD, won't surprise me too much if we retreat back to 4550 level before the news, since it's a strong options level.
. If the ABC Correction plays out, then it "should" push higher. Thanks for the Summary Inspector...think there is room to go up. So, we watch with open minds and let price lead.Thanks for sharing,
FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
- #1,568
- Apr 26, 2011 1:30pm Apr 26, 2011 1:30pm
- Joined Jan 2009 | Status: Trader | 1,617 Posts
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
- #1,569
- Apr 26, 2011 1:36pm Apr 26, 2011 1:36pm
- | Commercial User | Joined Apr 2010 | 2,840 Posts
Price broke through the sliding parallel and came back to find support there.
?
Trade what you see, not what you think or feel. Let the market come to you.
- #1,570
- Apr 26, 2011 10:06pm Apr 26, 2011 10:06pm
- | Commercial User | Joined Jan 2011 | 4,044 Posts
Good morning FX4Newbies, guys! Very nice activity going on here, FYI FX4Newbies just made back 30K + 10K on XAUUSD long overnight, so I'm kinda happy it worked out in the end, just gotta stick with it. 
Also anyone notice a flag pattern on GBP USD 30M charts? The pole is 203 pips high, so that kind of derives to upside target of 6720 for today on good GDP numbers from UK, release is due in 3-4 hours now. 6538 is a lame entry, however I will place a pending order for 3 mln there and add another 7 mln on break above 6567 just because it's past the round number.
Just FYI, GBP USD important levels this week on the upside are:
1.6640 and 1.6760. I would say it's safe to add net long on break above 6640 TP 6740. Downside contained with strong 50 FIBO 6384 and strong buy sentiment level (call options) at 6400, so watch those levels and let the price action tell you the rest.
Just my 2 cents, hopefully FX4Newbies won't mind. Good luck for the day guys!
Also anyone notice a flag pattern on GBP USD 30M charts? The pole is 203 pips high, so that kind of derives to upside target of 6720 for today on good GDP numbers from UK, release is due in 3-4 hours now. 6538 is a lame entry, however I will place a pending order for 3 mln there and add another 7 mln on break above 6567 just because it's past the round number.
Just FYI, GBP USD important levels this week on the upside are:
1.6640 and 1.6760. I would say it's safe to add net long on break above 6640 TP 6740. Downside contained with strong 50 FIBO 6384 and strong buy sentiment level (call options) at 6400, so watch those levels and let the price action tell you the rest.
Just my 2 cents, hopefully FX4Newbies won't mind.
Good luck for the day guys!
- #1,571
- Edited 5:29am Apr 27, 2011 4:15am | Edited 5:29am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
Good morning FX4Newbies, guys! Very nice activity going on here, FYI FX4Newbies just made back 30K + 10K on XAUUSD long overnight, so I'm kinda happy it worked out in the end, just gotta stick with it.
Also anyone notice a flag pattern on GBP USD 30M charts? The pole is 203 pips high, so that kind of derives to upside target of 6720 for today on good GDP numbers from UK, release is due in 3-4 hours now. 6538 is a lame entry, however I will place a pending order for 3 mln there and add another 7 mln on break above 6567 just because it's past...
.The levels you mentioned are interesting. Hovering around 1.6568 now. Are you a breakout trader by chance? The red lines on an earlier chart...were they forks or channels or something else?
I don't mind you sharing your thoughts as every trader needs to make their own evaluation before trading.
Thanks for sharing and congrats again.
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,572
- Apr 27, 2011 4:23am Apr 27, 2011 4:23am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
Trade what you see, not what you think or feel. Let the market come to you.
- #1,574
- Apr 27, 2011 5:13am Apr 27, 2011 5:13am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
I trade levels / channels mostly and seek confluence across currencies/commodities before executing a trade. On my EUR USD were upwards/downwards sloping forks.
Currently 4hour balance on GBP USD is 6520 H4 bar got 155 minutes to go, so almost 50% left, so I'd suspect cable will want to retreat back to 6510-6520 area before the continuation of the bull move towards 6640 and ultimately ahead 6700 area.
... Oh one more thing. If you are looking to get in long on GBP USD, which Id say is the only viable option for now, I'd wait for close of current...
Here is an H1 of Gbp-Usd. Posted this yesterday on my website (not blog) around the time the Japanese banks open. Post daily there. I have attached the current action (second chart) and the chart I posted yesterday.
1.6520 comes in around the area of the green U-MLH. Fwiw...
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,575
- Apr 27, 2011 5:17am Apr 27, 2011 5:17am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
yep, nice chart, and once again 6640 pops up! hopefully we would get there soon.
hopefully we would get there soon.
- #1,576
- Apr 27, 2011 5:21am Apr 27, 2011 5:21am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
yep, nice chart, and once again 6640 pops up!
.FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,577
- Apr 27, 2011 5:56am Apr 27, 2011 5:56am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
yep, nice chart, and once again 6640 pops up!
We'll see how price decides to move.
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,578
- Apr 27, 2011 6:14am Apr 27, 2011 6:14am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
I do agree that there is uncertainty, however across the board EUR USD / GBP USD are in a very bullish mode, as you mentioned euro and cable are supported by U-MLH and other factors as well. XAU USD meanwhile decided to do it's own thing regardless, breaking the recent intraday highs and now heading towards 1512, break above which will indicate further upside capped initially by 1519, so that's a bullish sign as well.
For some reason me thinks that Mr Ben will give once again a mumbojumbo speach, which will just signal continuation of the uptrend on XAU USD and currencies across the board.
For some reason me thinks that Mr Ben will give once again a mumbojumbo speach, which will just signal continuation of the uptrend on XAU USD and currencies across the board.
- #1,579
- Apr 27, 2011 6:24am Apr 27, 2011 6:24am
- | Commercial User | Joined Apr 2010 | 2,840 Posts
I do agree that there is uncertainty, however across the board EUR USD / GBP USD are in a very bullish mode, as you mentioned euro and cable are supported by U-MLH and other factors as well. XAU USD meanwhile decided to do it's own thing regardless, breaking the recent intraday highs and now heading towards 1512, break above which will indicate further upside capped initially by 1519, so that's a bullish sign as well.
For some reason me thinks that Mr Ben will give once again a mumbojumbo speach, which will just signal continuation of the uptrend...
A note on Silver...Interesting price level around 46.50 or so...a critical level. Sellers were there before.
FX4
Trade what you see, not what you think or feel. Let the market come to you.
- #1,580
- Apr 27, 2011 6:24am Apr 27, 2011 6:24am
- | Commercial User | Joined Jan 2011 | 4,044 Posts
I think GBP USD is about to break out, however after setting aside 5K in losses earlier on GBP USD trying to go long from recent high I'd rather stay on sidelines and wait for a clean signal closer to the news time. 