EURUSD

shucks! i feel that i entered at the bad entry, @96.

arwwwwgggg! hopefully it gonna be green pip soon!

for me i see a big move up...bears are exhausted for now

bears and bulls fighting hard...can we have a winner already

exhausted

1 - 5 - and 15 min charts.


Get ready guys

I have built three short positions so far:
1. 1,2422
2. 1,2400
3. 1,2395 sorry thats 91

All with intension to reach 2275

Grabbed the bear train...

welcome on board johnny

nice entries you got there mate!

Morning everyone , Ready to ride this up @94 to tp 1.2443

I think what he mean by profit taking is that ppl are closing their short so the price goes up or you could called that a short covering on London 1st session.

somehow i feel slightly peace when you on the same train with us now Johnny

thank you thank you...lets just hope we dont crash lol

i think the bears have it.. bit of a pull back for the day. h1 charts are saying it was overbought and its starting to look like it is heading down again, slight pull back but didnt even break a trend or reach yesterdays high

yes thats a possibility..but the main direction is down,and what looked like bull move was just accumullation and distribution..if you made money out of it ..well good for you bro..thats what we are here for,at least i am..cheers

Yes.

I earlier asked what "Lul Bashir" means in Pakistanian language.

If someone tells you that Pakistan is situated in the Middle-east, people speak Arabic, everyone or most of them keep beard, all women wear Burqa or viel, it doesn't produce good doctors/accountants and other professionals, never got a Nobel Prize, people honestly pay taxes, politicians are not corrupt, it is a demoratic country- democracy as it is understood in the West, civil services are excellent, legal system is anywhere near acceptable level, police helps people and fights crimes, most of them are literate, and Pakistanian is the official language or any language for that matter .......................... That person is called a Lul Bashir.

A Pakistani guy calls me Lul Bashir....................... equivalent to Nerd in English

On another note, ..........I am a Pakistani.

All on board - choo choo

i think he is saying he made money of the profit taking. buy yeah people seeing it flat and recovering taking their profits and finding a better entry. bears look to be in control. just a matter of time now i think. when people start losing profits on their longs they will close them paving the way for the shorts

Falling Wedge (Reversal)

The falling wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout.
The falling wedge can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns.
http://stockcharts.com/school/data/m...gwedge-rdc.png

1. Prior Trend: To qualify as a reversal pattern, there must be a prior trend to reverse. Ideally, the falling wedge will form after an extended downtrend and mark the final low. The pattern usually forms over a 3-6 month period and the preceding downtrend should be at least 3 months old.
2. Upper Resistance Line: It takes at least two reaction highs to form the upper resistance line, ideally three. Each reaction high should be lower than the previous highs.
3. Lower Support Line: At least two reaction lows are required to form the lower support line. Each reaction low should be lower than the previous lows.
4. Contraction: The upper resistance line and lower support line converge to form a cone as the pattern matures. The reaction lows still penetrate the previous lows, but this penetration becomes shallower. Shallower lows indicate a decrease in selling pressure and create a lower support line with less negative slope than the upper resistance line.
5. Resistance Break: Bullish confirmation of the pattern does not come until the resistance line is broken in convincing fashion. It is sometimes prudent to wait for a break above the previous reaction high for further confirmation. Once resistance is broken, there can sometimes be a correction to test the newfound support level.
6. Volume: While volume is not particularly important on rising wedges, it is an essential ingredient to confirm a falling wedge breakout. Without an expansion of volume, the breakout will lack conviction and be vulnerable to failure.

As with rising wedges, the falling wedge can be one of the most difficult chart patterns to accurately recognize and trade. When lower highs and lower lows form, as in a falling wedge, a security remains in a downtrend. The falling wedge is designed to spot a decrease in downside momentum and alert technicians to a potential trend reversal. Even though selling pressure may be diminishing, demand does not win out until resistance is broken. As with most patterns, it is important to wait for a breakout and combine other aspects of technical analysis to confirm signals.
http://stockcharts.com/school/data/m...gwedge-fcx.png
FCX provides a textbook example of a falling wedge at the end of a long downtrend.

1. Prior Trend: The downtrend for FCX began in the third quarter of 1997. There was a brief advance in Mar-98, but the downtrend resumed and the stock was trading at new lows by Feb-99.
2. Upper Resistance Line: The upper resistance line formed with four successively lower peaks.
3. Lower Support Line: The lower support line formed with four successive lower lows.
4. Contraction: The upper resistance line and lower support line converged as the pattern matured. Even though each low is lower than the previous low, these lows are only slightly lower. The shallowness of the new lows indicates that demand is stepping almost immediately after a new low is recorded. The supply overhang remains, but slope of the upper resistance line is more negative than the lower support line.
5. Resistance Break: In contrast to the three previous lows, the late February low was flat and consolidated just above 9 for a few weeks. The subsequent breakout in March occurred with a series of strong advances. In addition, there was a positive divergence in the PPO.
6. After the trend line breakout, there was a brief pullback to support from the trend line extension. The stock consolidated for a few weeks and then advanced further on increased volume again.