Disliked{quote} Market will struggle with 1.2780-1.28 because there is a lot of stuff there but even if we move to 1.30 is still a bear market and my long term target is still 1.2180.Ignored
need to go cya@Asia
- #932,162
- Oct 28, 2014 1:15pm Oct 28, 2014 1:15pm
- | Commercial User | Joined Jul 2013 | 7,881 Posts
We watch the charts from every angle so you don't have to!!
- #932,163
- Oct 28, 2014 1:23pm Oct 28, 2014 1:23pm
- | Joined Nov 2013 | Status: Transformative Energy | 179 Posts
Ch is broken but not clear... Just opinion! {image}
That's true but to get a real clear view look at the Weekly and Monthly charts for the long term perspective!
I strongly believe that the market is going to really try and push this pair up to around the 1.29-1.31 area on this multi-week pullback so that they can "equalize" the price value and give everyone a "discount" so that we can have a much better entry for the continuation to the downside. With this pair right now it almost feels like the market just wants to hand us all free money! I used to hate trading the EUR/USD but I am now beginning to actually like it by the way
So, what is a "discounted price"?
Discounts occur whenever price pulls back or during a retracement leg of a trend. It also coincides with Point C of the Fibonacci ABCD pattern
So say the retracement at point C comes to 50.0%. That is like saying that you are getting a 50% "discount" on the retail price which also means if you missed some of the trend move before that point, the retracement or "pullback" allows you to hop back on the train at a good price and continue to "ride the wave" {or ride the train}.
Somewhere "near" that 50.0% Fibo area (either below it or slightly above it) would be your entry point. Your exit would be slightly before the 1.618% extension level where price should begin to "retrace" and form another solid pullback leg again.
I expect the EUR/USD to create a strong looking reversal candlestick formation like a pin-bar, a hammer or maybe even a bearish engulfing candle at those strong resistance levels near 1.29, 1.31 or even as high as 1.34...
That's where the bears should take back over with a mighty hand and push this bad boy way down near 1.20, 1.18 or even as low as 1.14.
That's how I think it's going to play out over the next few months and into the new year 2015.
It's time we stop entertaining ourselves and start realizing ourselves!
- #932,165
- Oct 28, 2014 1:46pm Oct 28, 2014 1:46pm
{quote} 1.2747 historically is a key area to the direction (at least the trend) according to what i know of course from the past havent searched it yet for further info (if there is) and egkid is not talking about out of the blue he has made a good point .... as to who cares to find out (incl. me) thats another story
I also think history is very important but cant find this level nowhere...
- #932,169
- Oct 28, 2014 2:39pm Oct 28, 2014 2:39pm
- | Commercial User | Joined Jul 2013 | 7,881 Posts
We watch the charts from every angle so you don't have to!!
- #932,172
- Oct 28, 2014 3:28pm Oct 28, 2014 3:28pm
- | Commercial User | Joined Jul 2013 | 7,881 Posts
We watch the charts from every angle so you don't have to!!
- #932,173
- Oct 28, 2014 3:29pm Oct 28, 2014 3:29pm
- | Joined Nov 2013 | Status: Transformative Energy | 179 Posts
{quote} Well done! If you put the fib on your weekly chart you will see that 1.25 is .786 Ret from the swing 1.2058 to top, that was my early sign, though I didn't take long from there. I just checked that 1.31 area, which swing are you using, just tell me the high and the low please.
Sorry it took so long to respond back to you and I also have to correct myself on what I said in my previous post, my bad
.I will give you the levels and show you my chart. But first I must admit, I went back and checked and I actually found the upper resistance "retracement" target of 1.3074 on the Daily chart and not the Weekly. I placed my first set of pending Buy Stop orders from the Weekly chart itself and kept thinking that that's where I got my Fibo levels from but it was the Daily and not the Weekly.
Sorry for that...
Okay, here's my Euro/USD Daily chart
Now after drawing the Fibo Retracement Tool from Fibo point A 1.2500 [Fractal Swing Low] to point B at 1.2791 [Fractal Swing High] point C at 1.2605 [Retracement] showed a beautiful 61.8% retracement or should I say a 61.8% "discount" on this short-term complex bullish reversal leg. And if it's a 61.8% retracement entry, then the target extends to the 161.8% extension which so happens to land right smack on that pink horizontal line drawn @ 1.3074. It's a perfect target almost to the nose but there are still no guarantees that price will push that high. Let's just wait and see!
But keep in mind, that price may reach this range and overshoot it and go even higher but it's going to take a strong push to get through the 3 or 4 layers of resistance up there.
Alright, now I will tell you the three fractal price points that I connected with the Fibo Expansion Tool:
- Fibo Expansion Point A @ 1.2500 {Fractal Swing Low}
- Fibo Expansion Point B @ 1.2791 {Fractal Swing High}
- Fibo Expansion Point C @ 1.2605 {Retracement "Discount" of 61.8%}
- Fibo Expansion Retracement Target Zone = 1.3074 @ the 161.8% extension level
Some of those numbers that you see on my Fibo Retracement and Expansion Tools are my own custom numbers that I wanted to experiment with. And the Fractals indi that I'm using is the one called "Fractals_Price". You can probably Google it and find it if you want to use it.
Like I said, I'm sorry it took awhile to respond back to you but I had to take the time to make my chart look nice and clean just for you...LOL!
I hope that helps and I hope I explained it well my friend,
It's time we stop entertaining ourselves and start realizing ourselves!
- #932,175
- Oct 28, 2014 3:53pm Oct 28, 2014 3:53pm
- | Commercial User | Joined Jul 2013 | 7,881 Posts
{quote} Hi Pedro, Sorry it took so long to respond back to you and I also have to correct myself on what I said in my previous post, my bad
Fractals are good to establish the swings that really matter, a good combination of Zig Zag and fibs does it as well.
Cheers and thanks for taking the time.
We watch the charts from every angle so you don't have to!!
- #932,176
- Edited 4:43pm Oct 28, 2014 4:29pm | Edited 4:43pm
- Joined Oct 2008 | Status: sideline is a position | 105,127 Posts
{quote} Do u see now how important 2747 and if u think u know the reason no u still not wait and see in future
its not my birthday or anything. i did want to c 2663.5 tested before 2795 and a run toward 2814. the atm high is a mid to 2814.. its getting late in the month. time wise things are tightening.. there is a fine line about 2663, in knowing if its the bounce or late enough for the month closers to take a shot. last months close is/also has the added 1/4 close power.
those who can, do. those who cant, talk about those who can
- #932,178
- Oct 28, 2014 4:48pm Oct 28, 2014 4:48pm
- Joined Sep 2013 | Status: Trader | 2,999 Posts
"W. D. Gann said that time is the most important factor among all things."
