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  • #16,361
  • Jan 17, 2013 1:21pm Jan 17, 2013 1:21pm
Quoting infinitus
and from below again (test of blue channel line)
  • #16,362
  • Jan 18, 2013 3:42am Jan 18, 2013 3:42am
Hello guys,

I logged in 10 mins ago and here is what I see.

We are currently having a retracement and it might have already been completed ( 1.3336). If that is the case we can expect another thrust up. Remember 1.3336 is major support now and the target to the bullish side still is 3425. If 3336 breaks 3305 is possible as it is 4/8 pivotal point of MM and it points to new buy/sell.

Daily high is 3398 so we still havent completed upward thrust to 3404 previous top.

As always trading during Fridays has had big oscillations.

You can read also read this on my FOREX BLOG.
  • #16,363
  • Jan 18, 2013 4:02am Jan 18, 2013 4:02am
Hey i have something for MM lovers.......
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  • #16,364
  • Jan 18, 2013 4:04am Jan 18, 2013 4:04am
Quoting Munal
Hey i have something for MM lovers.......


if it would be that easy.........


there is more to it, I can promise
  • #16,365
  • Jan 18, 2013 4:11am Jan 18, 2013 4:11am
Quoting Munal
Hey i have something for MM lovers.......
Quoting infinitus
if it would be that easy.........


there is more to it, I can promise

Thanx Munal Yes and I agree with Markus, there is a lot more to it.
  • #16,366
  • Jan 18, 2013 4:13am Jan 18, 2013 4:13am
Quoting infinitus
if it would be that easy.........


there is more to it, I can promise
Yes Sir, Much more that's right... that's just a visual presentation.

But for those who are interested can visit once http://wintrend.com/MurreyMath.aspx to get some idea on it.....
  • #16,367
  • Jan 18, 2013 4:18am Jan 18, 2013 4:18am
Quoting T@rantula
Hello guys,

I logged in 10 mins ago and here is what I see.

We are currently having a retracement and it might have already been completed ( 1.3336).
Yes mate, we got exactly a bounce at 1.3336 area which is 100 hourly MA support by 38.2 Fib and Daily Pivot. Bulls need to protect this area 1.3324 to 1.3336 for further upward correction just my two cents........
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  • #16,368
  • Jan 18, 2013 5:12am Jan 18, 2013 5:12am
Quoting Munal
Yes mate, we got exactly a bounce at 1.3336 area which is 100 hourly MA support by 38.2 Fib and Daily Pivot. Bulls need to protect this area 1.3324 to 1.3336 for further upward correction just my two cents........

Coming to smaller time frame.. we have price struggling at 50% FIB level of today's high low.... if bears wants to be active they need to defend 1.3364 to 1.3372 area...........
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  • #16,369
  • Jan 18, 2013 5:17am Jan 18, 2013 5:17am
Yes Munal, and as we thought...it was a nice jump of the support 3336-33 forming a non perfect double bottom. 3370 ofcourse is here and we are yet again in area of potential impulse buying.

I mean mate, just as we thought
  • #16,370
  • Jan 18, 2013 5:18am Jan 18, 2013 5:18am
Quoting T@rantula
Yes Munal, and as we thought...it was a nice jump of the support 3336-33 forming a non perfect double bottom. 3370 ofcourse is here and we are yet again in area of potential impulse buying.

I mean mate, just as we thought
  • #16,371
  • Jan 18, 2013 5:28am Jan 18, 2013 5:28am
No impulse to break that 65-70 area atm, but if it closes above 3380 before NY kicks in we can expect a new high. Still, everyone who bought in that 35-50 region got a good swing scalp trade.
  • #16,372
  • Jan 18, 2013 5:29am Jan 18, 2013 5:29am
If 1.3350x area is broken we can see bears in control..............
  • #16,373
  • Jan 18, 2013 5:35am Jan 18, 2013 5:35am
Quoting Munal
If 1.3350x area is broken we can see bears in control..............

EU 5MTF..........
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  • #16,374
  • Jan 18, 2013 6:00am Jan 18, 2013 6:00am
Quoting Munal
If 1.3350x area is broken we can see bears in control..............
Well I would say, its still not "bears" as this is a part of trading where we have retracement on higher timeframes, H1 and H4. Smaller timeframes are mixed. But major part is we are still in bullish trend but as you know on fridays, every sort of technical analysis is not 100 % valid due to profit taking.

Friday is a day where we can have a big turnover trapping the mindset of a trader thinking we have the trend change and then on Monday and Tuesday everything is back on normal tracks. Friday is a day we should not mess with a lot of analysis, technicals and other stuff. Its still an uptrend , we need to take it as that, and we need to be very careful about MM.
  • #16,375
  • Jan 18, 2013 6:46am Jan 18, 2013 6:46am
You see now what I mean...rejection off the 43 again.

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  • #16,376
  • Jan 18, 2013 6:53am Jan 18, 2013 6:53am
Yes the bulls are defending that 3340-3350 area very well... loads of 1hr wicks hanging down into this area. Finding support at the 50ma also and that 38.2% retrace area from yesterday (before the push higher late in the day.

I was very out of sync on EU yesterday but was able to cut my two bad trades out around BE (the long I posted about and the short I posted about). The long was good but early and a bit high of an entry, the short was just a bad call as we were still above that 3340ish level. What I love about this level is that it is the close of two 1 hour ultra high volume bars on the 11th and the 17th and the high of that crazy wide range bar (also 1 hr) on the afternoon of the 15th. A very important support level for the bulls and I went short above it... made a mistake and lesson was learnt.

I was able to pull a long at 3360 after that weak looking london close bar. Went long at the high as we were back above 3350 and lots of room back to the days high.

The bulls own that area for now... a close and hold below 3340 will change things.
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Today's zone = Tomorrow's opportunity!
  • #16,377
  • Jan 18, 2013 6:59am Jan 18, 2013 6:59am
Quoting pres78
Yes the bulls are defending that 3340-3350 area very well... loads of 1hr wicks hanging down into this area. Finding support at the 50ma also and that 38.2% retrace area from yesterday (before the push higher late in the day.

I was very out of sync on EU yesterday but was able to cut my two bad trades out around BE (the long I posted about and the short I posted about). The long was good but early and a bit high of an entry, the short was just a bad call as we were still above that 3340ish level. What I love about this level is that it is the...
Yes...a close below 3340 would probably give the bears momentum to try 3333 again and EVENTUALLY lead it to 3305. That will be again profit taking ( longs closing their position before the weekend). My assumption is that can happen but still we need to have in mind we are still in uptrend and place our orders according to MM.
  • #16,378
  • Jan 18, 2013 7:01am Jan 18, 2013 7:01am
And here it comes, its happening now, NY is giving the bears momentum, profit taking from a part of London traders ( closing a long position is automatically a sell into the market) so 3305 should be reached.
  • #16,379
  • Jan 18, 2013 7:07am Jan 18, 2013 7:07am
Quoting T@rantula
And here it comes, its happening now, NY is giving the bears momentum, profit taking from a part of London traders ( closing a long position is automatically a sell into the market) so 3305 should be reached.
This is it, if u remember I have written many times about LONDON having its profit taking around NOON +1h. This is what happened and there are no surprises.

Look at the time of the candle where it started and its all clear. Im sure many of you remember how many times I have written about profit taking Fridays

And it just landed where it should 3305 could have been blindly scalped.



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  • #16,380
  • Jan 18, 2013 7:12am Jan 18, 2013 7:12am
Quoting T@rantula
And here it comes, its happening now, NY is giving the bears momentum, profit taking from a part of London traders ( closing a long position is automatically a sell into the market) so 3305 should be reached.
3305 reached now to see what the reaction is. True weakness should take us to at least 3280 today (maybe that 3265 but that would be about it as that would be a large daily range. We hit that 3400 high this time with a much quicker reaction downward (last time on the 14th it took 28 hours to break 3350 for the first time).

Perhaps this will still end up playing out at strength and this is simply a SO / cleansing of the market (and profit taking as T. mentions) so they can buy back in lower and take out 3400 (now next week). Early NY session should give some clues... although it is Friday.
Today's zone = Tomorrow's opportunity!
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