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  • #754,081
  • Feb 4, 2013 11:31pm Feb 4, 2013 11:31pm
Morning,

I see a lot of traders here trying to ascertain the next move and especially looking for longs at this stage due to the "uptrend"

The weekly chart shows clearly that there is no trend - the "uptrend" on the dailies was a move from the weekly up trend line to now test the down trend line.

It should be no real suprise that the momentum is down right now. At the same time EURUSD is at the top of a daily up trend channel and should at least attempt to return to the lower up trend line of this sme channel, which is another 300 odd pips away.

Longs beware.

Sniper
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd weekly 5 Feb 2013.png Size: 35 KB
  • #754,082
  • Feb 4, 2013 11:34pm Feb 4, 2013 11:34pm
yaser2us,

The way I have drawn my 4hr pitchfork, would it qualify?

I have obviously modified the ABC setup etc.
  • #754,083
  • Feb 4, 2013 11:37pm Feb 4, 2013 11:37pm
Posting my daily chart here, since I referred to it in my previous post.

Looking at this, any upside potential has to be limited , at best.

Weekly chart shows room for down side, daily shows we are at resistance.

Sniper
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd daily 5 Feb 2013.png Size: 37 KB
  • #754,084
  • Feb 4, 2013 11:40pm Feb 4, 2013 11:40pm
Quoting TheInformant
yaser2us,

The way I have drawn my 4hr pitchfork, would it qualify?

I have obviously modified the ABC setup etc.
Dear TheInformant
It is true but before more down, the price must test the ML because reject of ML is a strong signal for movement 2x of the size of the pitchfork. Moreover, the test of the breakout is significant part of the safe trading for smart trader which at this point we need. Therefore, without result of the test it is not advisable because smart traders are looking the old breakout again opportunity to place more contract for more down movement.

And in my case, yesterday candle is very large and the ST is too far for safe trading which can be called exhausted and need more confirmation. because the price we are now is only last few days long breakout.

I would be happy to share with you more about pitchfork.
Thanks
Good companion, is a trophy.
  • #754,085
  • Feb 4, 2013 11:40pm Feb 4, 2013 11:40pm
today EURUSD - Bearish 70% x Bullish 30%
Price Target ~ 1.3410
Everything in the world has its own rhytms
  • #754,086
  • Feb 4, 2013 11:43pm Feb 4, 2013 11:43pm
Quoting attila
if it gets stuck between 3490 and 3408, we'll be there for a very long time..
I hope that will not be the case, so it better start turning up or gain speed down if it doesn't want to get into that predicament.
  • #754,087
  • Feb 4, 2013 11:48pm Feb 4, 2013 11:48pm
I see this correction as an excellent buying opportunity for a target in upcoming weeks at 1.43
Market also adjusted there positions since with ECB Draghi to speak on thursday..
With current level of price, the market is coming to "Sold" area, which shall push the prices up during Europe Open..
Classical chart patterns of currencies from 15+ Year Pro Trader
  • #754,088
  • Feb 4, 2013 11:52pm Feb 4, 2013 11:52pm
Quoting attila
I hope that will not be the case, so it better start turning up or gain speed down if it doesn't want to get into that predicament.
always good to see you so early, chief

well, if yours is true. can't we just scalp our way down and up? better than the shit we had this early january, lol
  • #754,089
  • Feb 4, 2013 11:56pm Feb 4, 2013 11:56pm
Quoting ec_creep
always good to see you so early, chief

well, if yours is true. can't we just scalp our way down and up? better than the shit we had this early january, lol
I guess we could... next level of interest is 3450..
  • #754,090
  • Feb 4, 2013 11:56pm Feb 4, 2013 11:56pm
Quoting sniperfxtrdr
Posting my daily chart here, since I referred to it in my previous post.

Looking at this, any upside potential has to be limited , at best.

Weekly chart shows room for down side, daily shows we are at resistance.

Sniper
I'm not sure you have enough trend lines plotted to really have a clear understanding of price structure.....
What is any ocean but a multitude of drops?
  • #754,091
  • Feb 5, 2013 12:02am Feb 5, 2013 12:02am
Quoting attila
I guess we could... next level of interest is 3450..
3477 first..
  • #754,092
  • Feb 5, 2013 12:03am Feb 5, 2013 12:03am
124.55 long E/J . looking 20 pips
looking for investors . pm me
  • #754,093
  • Feb 5, 2013 12:10am Feb 5, 2013 12:10am
eu is @ support and swissy is well worth consideration

including todays daily candle she is printing last 4 pretty nice candles, having bounced from a confluence of support, going to 4hr is a pretty neat inverted H&S, presently tapping the neckline, very very interesting levels both ladies
If you are new to Forex? Say Goodbye to your account!!
  • #754,094
  • Feb 5, 2013 12:15am Feb 5, 2013 12:15am
Quoting attila
I guess we could... next level of interest is 3450..
yes...


Quoting attila
3477 first..
that high on the 25th, right?
  • #754,095
  • Feb 5, 2013 12:17am Feb 5, 2013 12:17am
Quoting ec_creep



that high on the 25th, right?
yes, 78.4 actually..
  • #754,096
  • Feb 5, 2013 12:19am Feb 5, 2013 12:19am
for up, I would like to see a move above 3490, and then a back test of it.. if it touches 78.4 before that, even better.. either way it's kind of down while below 3490..

on the downside, I will consider a trend change below 3408..

that's pretty much the plan.
  • #754,097
  • Feb 5, 2013 12:25am Feb 5, 2013 12:25am
Morning Guys. I've just decided to go long. My analysis suggests the pull back is finished. It's a low risk trade anyway.
  • #754,098
  • Feb 5, 2013 12:25am Feb 5, 2013 12:25am
Quoting attila
for up, I would like to see a move above 3490, and then a back test of it.. if it touches 78.4 before that, even better.. either way it's kind of down while below 3490..
*nods

i have it at 3495 on my chart.

...
i think i posted that here, a few hours ago. if not here, then on my wall..

kk, thanks for the food. gotta run
  • #754,099
  • Feb 5, 2013 12:29am Feb 5, 2013 12:29am
here
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 15 KB
looking for investors . pm me
  • #754,100
  • Feb 5, 2013 12:38am Feb 5, 2013 12:38am
here
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 13 KB
looking for investors . pm me
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