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EurAnalysis Kindergarten 24 replies

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EurAnalysis

  • #29,741
  • May 8, 2012 1:33pm May 8, 2012 1:33pm
Quoting PipTrapper
It might very well be another shorting opp but it's late in the day and volumes are low so in my opinion it's not a good time to be interpreting any hi/lo data or micro-patterns. However, if you want to look at something like that, you must not overlook the inverse H/S pattern on M5.

A break and close above the neckline at 1.3030 takes us up to 1.3080
Considering we already have a break and close above that level, my guess is more up.
Thanks for pointing that out...I hadn't noticed. I'm moving my stop to B/E, and I'll await further developments.
Student of the Markets
  • #29,742
  • May 8, 2012 1:37pm May 8, 2012 1:37pm
Quoting dchristi
Thanks for pointing that out...I hadn't noticed. I'm moving my stop to B/E, and I'll await further developments.
Those who say it cannot be done should not interrupt those who are doing it
  • #29,743
  • May 8, 2012 1:47pm May 8, 2012 1:47pm
Quoting PipTrapper
Finally broke 1.3035 resistance and forming leg C of ABC correction.
Target for C is 1.3080/90 area.
Sell limit order waiting at 1.3079
Target for Sell is 1.2850

E/U H4
Attachment
I agree, good resistance, thus selling at 1.3080-100 seems good for now. Will see tomorrow what has changed.
charting the euro...
  • #29,744
  • May 8, 2012 1:56pm May 8, 2012 1:56pm
Just finished karaoke with some of my friends

am realise my voice getting worse as am getting old each day
If there was easy money lying around,no one would be forcing it into your
  • #29,745
  • May 8, 2012 1:58pm May 8, 2012 1:58pm
Good afternoon everyone

What did I miss?

Knew I should have just held those longs from 3003. but when I went to bed it was looking so heavy I just kept 1/4 of my short from 3065
An opportunity lost is not a capital cost.
  • #29,746
  • May 8, 2012 2:00pm May 8, 2012 2:00pm
Hey guys, now in the office

My paths with EW... I closed all
Attached Image (click to enlarge)
Click to Enlarge Name: eu.07.05.12.PNG Size: 55 KB
Stocktwit: LuisCarlos - twitter: @lcparodi
  • #29,747
  • May 8, 2012 2:04pm May 8, 2012 2:04pm
Quoting PipTrapper
Finally broke 1.3035 resistance and forming leg C of ABC correction.
Target for C is 1.3080/90 area.
Sell limit order waiting at 1.3079
Target for Sell is 1.2850

E/U H4
Attachment


one question Pip,

you have soooo many things on your charts. Just out of curiosity, how do you filter the irrelevant ? I guess it's experience ?

And you said you liked 8 EMA...what else would u consider important reaction point (on a daily chart, for example) ?

As far as MA's go ? Some say 8, some say 21, some 50, some 100...can you explain the importance of those based on your tech analysis experience ?

thank youuuu
  • #29,748
  • May 8, 2012 2:08pm May 8, 2012 2:08pm
Quoting FXMindset
Just finished karaoke with some of my friends

am realise my voice getting worse as am getting old each day
What did you sing?, She bangs!
Stocktwit: LuisCarlos - twitter: @lcparodi
  • #29,749
  • May 8, 2012 2:20pm May 8, 2012 2:20pm
Quoting lumesh
one question Pip,

you have soooo many things on your charts. Just out of curiosity, how do you filter the irrelevant ? I guess it's experience ?

And you said you liked 8 EMA...what else would u consider important reaction point (on a daily chart, for example) ?

As far as MA's go ? Some say 8, some say 21, some 50, some 100...can you explain the importance of those based on your tech analysis experience ?

thank youuuu
Don't clean up my charts or you'll confuse me

I always look for confluence. The more indicators that point to a specific support/resistance/pivot, the more weight I give that specific support/resistance/pivot.

As for MAs, yes the 8 and 12 are very useful in monitoring when a wave is about to break (exhaustion point before a correction) and on larger time frames they make a great pullback indicator. The ones I see being most effective are 55, 100 and 200 ema and sma on close price. I also like the 89 smma on typical price

My strategy (besides the fundies and market psychology) is not based on any one or two of these but more so on how they come together.

Also as you can see from my charts, my favorite oscillators are the RSX and the MacD. Volume is only there for reference. High volume makes PA more reliable.
Those who say it cannot be done should not interrupt those who are doing it
  • #29,750
  • May 8, 2012 2:31pm May 8, 2012 2:31pm
15m chart looks very bad.

We'll see if we can break these g doji tops

short 3028
An opportunity lost is not a capital cost.
  • #29,751
  • May 8, 2012 2:37pm May 8, 2012 2:37pm
Quoting BFSGcapital
15m chart looks very bad.

We'll see if we can break these g doji tops

short 3028
We going down, we going down...
Stocktwit: LuisCarlos - twitter: @lcparodi
  • #29,752
  • May 8, 2012 2:40pm May 8, 2012 2:40pm
aaaight

thanks.



Quoting PipTrapper
Don't clean up my charts or you'll confuse me

I always look for confluence. The more indicators that point to a specific support/resistance/pivot, the more weight I give that specific support/resistance/pivot.

As for MAs, yes the 8 and 12 are very useful in monitoring when a wave is about to break (exhaustion point before a correction) and on larger time frames they make a great pullback indicator. The ones I see being most effective are 55, 100 and 200 ema and sma on close price. I also like the 89 smma on typical price

My strategy...
  • #29,753
  • May 8, 2012 2:44pm May 8, 2012 2:44pm
Quoting BFSGcapital
15m chart looks very bad.

We'll see if we can break these g doji tops

short 3028
Quoting Luis Carlos
We going down, we going down...
I don't expect it to go too far. Maybe 1.30 but more likely will not close below current levels. (1.3010/15 area)

However, if it does make a new low tonight, I suspect we will get some dollar dumping in Asia tonight.

Anyway, I'm nimble. I just don't make trade decisions this late in the session. Recipe for disaster (unless you're a scalper)
Those who say it cannot be done should not interrupt those who are doing it
  • #29,754
  • May 8, 2012 2:53pm May 8, 2012 2:53pm
Failure to follow through after testing the high of the day...

My short from 1.3040 still intact. Let's see if we can make a new low today.
Student of the Markets
  • #29,755
  • May 8, 2012 3:00pm May 8, 2012 3:00pm
I'm out at 3011

3005 looks good support
An opportunity lost is not a capital cost.
  • #29,756
  • May 8, 2012 3:04pm May 8, 2012 3:04pm
Hey BFSG I mentioned last night that these rallies should be shorted and a target of 130.10-15 was easily obtainable. That is how I trade for my clients and myself. I in addition I add to those wining trades as they go my way. I closed all positions and now sit on the side line for the next rally to short with discipline
(He who knows everything knows nothing!)
  • #29,757
  • May 8, 2012 3:08pm May 8, 2012 3:08pm
Again, Thanks to all for the private messages. It's appreciated!! You truly are a family on here. Happy Trading
(He who knows everything knows nothing!)
  • #29,758
  • May 8, 2012 3:10pm May 8, 2012 3:10pm
Quoting stormstopper
Hey BFSG I mentioned last night that these rallies should be shorted and a target of 130.10-15 was easily obtainable. That is how I trade for my clients and myself. I in addition I add to those wining trades as they go my way. I closed all positions and now sit on the side line for the next rally to short with discipline
Always good to hear other traders doing the same as me. Good for confidence. But this chart looks like it needs to make a test of the major trendline... or not loll.. just go straight down Euro

Although everyone wants 3080 so it probably wont make it there because of that... idk :/!
An opportunity lost is not a capital cost.
  • #29,759
  • May 8, 2012 3:12pm May 8, 2012 3:12pm
Stop to 1.3017 to lock in profits.

I agree this could potentially break up again, but we'll see.
Student of the Markets
  • #29,760
  • May 8, 2012 3:17pm May 8, 2012 3:17pm
Lol this market... it just doesn't stop moving. Even after NY close still has decent volume
An opportunity lost is not a capital cost.
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