EURUSD

in advance...gratz to the 10k

jackfruit should be

It depends...

Ok. It is not working
Strange with "no-icon" still title has default-icon.

Just to clarify my point. Years ago, many years ago, there was an edge to be found in trading and following correlated markets. Its just with todays technology and algos, especially in this EUR trash, I feel it gets priced in very, very quickly. Sure it might depend on TF, but for me, its not worth the effort anymore. That time is better spent following the PA and levels more closely.

you are brave if you're trading this noise and chop...

I am quiting this site at 10,001..., talk later..

yeah its default of the market when we are wrong

EU and GU Daily Analysis – 22/07/11

EU has finally reached its destination at the upper channel TL of the Bull Flag on the daily chart @1.4425 (on my chart) amidst a very serious volume to by-pass the stubborn middle TL (still on the daily chart) which forms a symmetric triangle with the upper TL of the channel. Also, few days back in my analysis, I wrote that EU still had some north moves to make due to a fibo analysis on the 4hr chart for the last week Tuesday’s Bull run. Let me say now that EU has also fulfilled this and technically, a retracement may be inevitable. So, as usual, we should be expecting two scenarios. The first is that 4400 and 4450 is a good resistance region that has affected the market in the past. This coupled with the upper TL of the channel might send EU back to the south on intraday. So, if EU finds it’s resistance around that region, let’s look for a sell signal and sell EU. If this eventually happens and EU breaks 4350 down, I expect it to find a support at 1.4275 and the middle TL (you remember the stubborn TL?) to act as support on intraday and from here. Bulls may take over. Secondly, due to some fundamental reasons which I’m sure all traders are aware of, USD is currently suffering against the EURO and it has also suffered significantly for some days now against GBP, AUD and NZD to the tune of hundreds of pips with each currency. So, more bullish moves could still be seen on EU today. This will be easier as a successful breakout of EU from the 4400 – 4450 region will send it to 4500 and above.
I have attached copies of the EU daily and 4hr charts for more details.

GU has successfully broken out of its own daily chart bull flag with strong volume as expected. Retracement of some sorts should also be expected on GU technically probably to re-test the broken upper TL and the @6200 - 6180 support region before it will start its bull run again. And as long as the region hold strong as support more bullish moves are still expected on GU and also as GU does not enter he channel back. It is also possible for GU to find a support @ 6250 on intraday and go back up. During the bull move, if 6300 is successfully broken again, it may expose the 6350 and 6400 region. Today’s candle close would be significant to what will happen to GU and EU next week.

What is of utmost importance is the ability (for traders) to be able to find a clear signal to buy or to sell as we now know what to expect in the market.

Another point I will like to make before going is that we should understand that the recent moves in the market are fundamentally sponsored. And during these kinds of moves, there is nothing like oversold or overbought (especially on lower TFs). So as long as USD is fundamentally weak, don’t let us base our reason for a sell on overbought or stuffs like that. Though the technicals on our charts have been preparing us for these moves for a while now and I think we are all aware of that.
The chart doesn’t lie and price too.

Wishing everyone a happy trading day and a nice weekend.

Green pips to us all.

Ibraheem.

watching 11.5 and 19...lol...

choppy waters...

And now it meets the neckline.

little activity just there, lets hope it leads to something..

I agree with you mate. If you are aiming for a quick 20 tick trade in the middle of nowhere in a H1 chart, looking for a explanation/trigger in a correlated market (DX included) is not only useless and inefficient but stupid (sorry for those who use it like that).

However, if you are swing trading and defining direction, correlated markets can and will a lot of times give the heads up more often than not. Not and easy task and requires experience and knowledge to know what and which instrument you are looking for Again not trading signals but direction signals but for that you need to step out (TFs) a lot and use it in major areas.

sisse

whats ur status dude?

If it maintains below the uptrend, down it goes

Agree on the longer TF's, on the shorter TF's I just let Goldman take care of it.

ya i hear ya i just put my stop at 72 and well see

pending put me in at 4435 as i slept. a poke @ 4381.0 is what i need now,

Aaah, I really joined the dark side

wake and poke, eh?

Been sitting on a trade since the open, and it is going exactly nowhere. Boring Friday. Would have expected a bit more here today. We'll see what develops.

Today is the start of the summer season till the first week of Sep. Mainly algos for the next 4-5 weeks.