EURAUD Some interesting levels on EURAUD. MA200 confluence / Fib and range. {image}
now reachs the RZ, spike down stophunting longs ?
HPT
from level to level - you need mental strength to reach the summit
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- #802
- Edited 4:06pm Jun 1, 2016 9:15am | Edited 4:06pm
- Joined Sep 2013 | Status: OTM AI IntelliWave™ Trader | 1,107 Posts
{quote} That double bottom would have me relying on short-term PA for a successful entry. Definitely would like the TL and 200 MA to be involved since this would be the second short from the level. {image}
I took entry the upper line. Was enough space to lock in BE. So lets see. ( I have short term bearish outlook GBP but system is system
) . Has been taking long GU too at golden levels in case it turns, so far out on BE on all. ( I have of course short term shorts running from far north for GU 
) .
Trading in the shadow of SM
- #803
- Jun 1, 2016 10:50am Jun 1, 2016 10:50am
{quote} EURGBP try long to level, SL now @ BE, interesting to see what works better ... upper fork line or 23.6 fib {image} HPT
exit long tp hit
,.. and now entry short
D1 confl MA 100
Hpt
from level to level - you need mental strength to reach the summit
- #808
- Jun 1, 2016 7:54pm Jun 1, 2016 7:54pm
EURGBP 0.77565 confluence with Fib 50 and possible MA200 on 4H looks like it can be an interesting Golden level . My different colors for MA for the SMA and EMA is the following Blue is MA 50 Red is MA 100 Gold is MA 200 {image}
Would have been nice if one of the MAs had confluenced with the level. Then things might have turned out differently.
If that MA has just been positioned a bit lower on EUR/GBP, that trend might have at least been paused. Very bullish at the moment.
AUD/JPY showed how it's done today:
- #812
- Jun 1, 2016 8:31pm Jun 1, 2016 8:31pm
Good evening everyone! GBPNZD , what do you think about going long here? I would take a long position right above the previous candle's high, but in this case, it's quite high. Any opinions on this? Thanks! {image}
Nice one, dominus.
Not an easy call in this "brexit" environment. Usually the best golden levels can be traded just on the first touch (if PA near the level is playing along). Here I would definately aggressively book some profits on the way up.Q
- #813
- Jun 1, 2016 8:36pm Jun 1, 2016 8:36pm
{quote} Agree, here is my view {image} now reachs the RZ, spike down stophunting longs ? HPT
Been scalping that tight range for about 20 pips. No long-term holding here.
That range is in play, however note how price is responding to the innermost levels (golden levels), not the levels formed by the outer lows of the range.
Q
- #815
- Edited 10:23pm Jun 1, 2016 9:50pm | Edited 10:23pm
EUR/GBP
As I mentioned, that double bottom would probably be a potential issue for any shorts from lower levels (as indeed it turned out to be). I have marked the next significant levels below. They seem far away but the gaps between price and levels can be closed quickly in this environment. As of yet I have only located one TL as a confl. factor. PA will play a large role in determining the viability of a short from one of these levels.
Q
As I mentioned, that double bottom would probably be a potential issue for any shorts from lower levels (as indeed it turned out to be). I have marked the next significant levels below. They seem far away but the gaps between price and levels can be closed quickly in this environment. As of yet I have only located one TL as a confl. factor. PA will play a large role in determining the viability of a short from one of these levels.
Q
- #817
- Jun 1, 2016 10:25pm Jun 1, 2016 10:25pm
{quote} Not entirely sure I follow, could you please clarify? I saw that double bottom as a clear sign I should go long, and made nearly 100 pips off it. Still have 1 long order open at the moment
The comments relate to a level that I posted a week ago here, btw: http://www.forexfactory.com/showthre...80#post8939780
Q
- #819
- Jun 1, 2016 11:15pm Jun 1, 2016 11:15pm
EUR/JPY is doing something kind of funny and I can't really tell what's going on. Pretty sure I have my GL's where they should be. Look at my not on this chart and see what you think U/J AND G/J pairs are nearly identical, though that's to be expected {image}
EUR/JPY is in a nasty range and has been for quite some time now. There were some good golden levels to trade from (notably toward the lower and higher end of the range which where the best opportunities are in such an environment) but there have been better opportunities elsewhere. Over the short-term all JPY pairs seem to be correlating with a sell-off in equities. When this happens one should always book profit quickly when counter-trend trading against this kind of momentum. The fact that price broke the level on a second test is not surprising given this environment.
The USD/JPY level you posted is golden as it is well-nested with that May 10th-18th range and respected by tight short-term ranges (esp. on the short side, which is what counts if we are looking to take a long from a level). Quick profit taking was key here
Q
{quote}The USD/JPY level you posted is golden as it is well-nested with that May 10th-18th range and respected by tight short-term ranges (esp. on the short side, which is what counts if we are looking to take a long from a level). Quick profit taking was key here
On another note, looking at E/G it looks to me like this runaway Bull may be running out of breath because it's hesitated at my .7752 S/R which correlates to the 100 Fibo. Placed a tight SL just below this line in case it changes direction. Made enough pips on this run that losing a few here won't hurt my feelings
