10 winning trades out of 12... I'm definitely using this live !
- #14,864
- Edited 2:15pm Jul 26, 2012 4:17am | Edited 2:15pm
- | Commercial User | Joined Jul 2012 | 2,049 Posts
- #14,871
- Edited 5:11pm Jul 26, 2012 9:14am | Edited 5:11pm
- Joined Oct 2007 | Status: Trader | 2,972 Posts
If you will recall from my post #14798. I anticipated a move to touch the bottom of the wedge break from 20 Juli. This meets the minimal level for a ending point of a 4th wave. However, this price action movement that has occur.... occured in a most violent and fast move based on the comment from ECB President Draghi this morning stating that ''the ECB is ready to do WHATEVER it takes for the Euro.''
Based on that statement the EURUSD has soared over 100pips as the sugar rush of political speak pumps up the markts to thinking that there is nothing wrong with the PIIGS nations and Europe. There is many things wrong and most of them are structural but Europe is unwilling to take the hard road and actually fix them as they would rather throw money at it and hope it goes away....This will only make things worse....much worse. However, the strength of this EURUSD rally was both unexpected and a surprise at the speed by which it occur.
I am now watching closely the wedge formation and the next sell signal as the corrective appears to be near completion but I am also ready to buy if the strength continues (above 1.23500) to the 38.2 fib at 1.24800.
For me 1.23500 is the next important level to watch (top of the wedge) as that is the next gateway resistance level to 1.24 or possibly as high as 1.24500, a break above 1.23500 is my signal that the sugar rush has not worn off and a move higher going to happen. For now, I am looking to sell at the next Symphonie Signal because down from this level points to 1.18500.
However, if there is a move up above the 1.23500 level I am prepared to buy EURUSD as well.
Best of Luck!
Evaluator.:nerd:
Based on that statement the EURUSD has soared over 100pips as the sugar rush of political speak pumps up the markts to thinking that there is nothing wrong with the PIIGS nations and Europe. There is many things wrong and most of them are structural but Europe is unwilling to take the hard road and actually fix them as they would rather throw money at it and hope it goes away....This will only make things worse....much worse. However, the strength of this EURUSD rally was both unexpected and a surprise at the speed by which it occur.
I am now watching closely the wedge formation and the next sell signal as the corrective appears to be near completion but I am also ready to buy if the strength continues (above 1.23500) to the 38.2 fib at 1.24800.
For me 1.23500 is the next important level to watch (top of the wedge) as that is the next gateway resistance level to 1.24 or possibly as high as 1.24500, a break above 1.23500 is my signal that the sugar rush has not worn off and a move higher going to happen. For now, I am looking to sell at the next Symphonie Signal because down from this level points to 1.18500.
However, if there is a move up above the 1.23500 level I am prepared to buy EURUSD as well.
Best of Luck!
Evaluator.:nerd:
