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  • #1,074,661
  • Aug 29, 2016 6:55am Aug 29, 2016 6:55am
Quoting baherhosni
{quote} In price action analysis, you only test the resistance when you get to it. Support and resistance are not firewalls.
The price is already falling... I give it some more 36minutes EUR/USD goes south.
What do you think?
  • #1,074,662
  • Edited 8:17am Aug 29, 2016 7:59am | Edited 8:17am
Quoting actionmoney
{quote} The price is already falling... I give it some more 36minutes EUR/USD goes south. What do you think?
My view is that this is just wave 5 of the bearish wave then the consolidation comes and its a Monday
It is also my view that the price will want to retest the lower bound (1.1240) of the range which is currently between 1240 and 1320 (all the PA above that are consolidation peaks, false breakouts and bull traps).

If the USD will not be able to maintain its upward momentum due to resistance area, then we maintain the north trend after retest.

That is what I have from what we have now.. Of course the market needs continuous analysis.

NOTE: nothing moves in a straight line in forex.. nothing.. And if it does for a break brief moment, it is punished by a sharp retrace.. (Even your equity curve )

EDIT NOTE2: it seems I need a break so much I wrote the work "brief" as "break" LOL
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #1,074,663
  • Aug 29, 2016 8:04am Aug 29, 2016 8:04am
Looks like lot of traders are trapped since Friday longing the EUR/USD, they are in big DD, SELL EVERY RALLY BOYSSSS!
This thing won't even go up 30 pips.
  • #1,074,664
  • Aug 29, 2016 8:16am Aug 29, 2016 8:16am
Well.. It doesn't seem to be my artistic day.. But I have a number of scenarios in mind based on my current analysis to the USDX weekly..

The white wave lines are not the prophecy of the Gospel however should give you an idea of what I think should be the case.

In my view, the USDX will need to complete the consolidation and retrace to find a strong support. The green box should be a rough target.. May be even lower..

You should be able to as least partially reflect that on the EURUSD pair due to the partial reverse correlation..
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 100 KB
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #1,074,665
  • Aug 29, 2016 8:28am Aug 29, 2016 8:28am
Quoting Vorex
Looks like lot of traders are trapped since Friday longing the EUR/USD, they are in big DD, SELL EVERY RALLY BOYSSSS! This thing won't even go up 30 pips.

watch it go up to 1210 in the coming hours..

RSI and AO traders will relate..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #1,074,666
  • Aug 29, 2016 8:51am Aug 29, 2016 8:51am
Quoting baherhosni
{quote} watch it go up to 1210 in the coming hours.. RSI and AO traders will relate..
I also think that 1.1160 is the low for today..

I take a small long here.
  • #1,074,667
  • Aug 29, 2016 9:23am Aug 29, 2016 9:23am
Quoting baherhosni
{quote} watch it go up to 1210 in the coming hours.. RSI and AO traders will relate..
I am not buying until the weekly Stochastic RSI is oversold on the weekly chart. Being that it is extremely bearish even time frames like the 1hr or 4hrs and even daily chart are going to act against common sense with most common indicators like the RSI. Not to mention that we are coming to the end of the month
  • #1,074,668
  • Aug 29, 2016 10:19am Aug 29, 2016 10:19am
Sold EURUSD. Profit target reached.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15.png Size: 23 KB
  • #1,074,669
  • Aug 29, 2016 11:03am Aug 29, 2016 11:03am
Quoting baherhosni
{quote} watch it go up to 1210 in the coming hours.. RSI and AO traders will relate..
hopefully u right... I'm on buy since market open... too early damwit... shud wait 1160s
  • #1,074,670
  • Aug 29, 2016 11:35am Aug 29, 2016 11:35am
Selling on a 3rd wave 3 of ending diagonal c white, off 1.1366 top, target towards 1.0540.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 30Aug16.png Size: 97 KB
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  • #1,074,671
  • Aug 29, 2016 12:46pm Aug 29, 2016 12:46pm
Long at 1.117.

Shooting for a touch on the 61.8% fib from Brexit drop, which coincides with a possible retest of the upward channel's bottom line on the daily timeframe.

TP @ 1.122

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDproH4.png Size: 55 KB
  • #1,074,672
  • Aug 29, 2016 12:59pm Aug 29, 2016 12:59pm
Quoting investing101
{quote} I am not buying until the weekly Stochastic RSI is oversold on the weekly chart. Being that it is extremely bearish even time frames like the 1hr or 4hrs and even daily chart are going to act against common sense with most common indicators like the RSI. Not to mention that we are coming to the end of the month
Some aggressive traders trade retraces successfully btw
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #1,074,673
  • Aug 29, 2016 1:01pm Aug 29, 2016 1:01pm
14.00 ESTDT 1. 11.90 Risked another short here. . .
  • #1,074,674
  • Aug 29, 2016 1:15pm Aug 29, 2016 1:15pm
M5 - sell - 1.11896

sl - 1.1195

tp - 1.1174
Together we can be strongest
Vantage Return This Month: na
  • #1,074,675
  • Aug 29, 2016 1:18pm Aug 29, 2016 1:18pm
Quoting baherhosni
{quote} My view is that this is just wave 5 of the bearish wave then the consolidation comes and its a Monday It is also my view that the price will want to retest the lower bound (1.1240) of the range which is currently between 1240 and 1320 (all the PA above that are consolidation peaks, false breakouts and bull traps). If the USD will not be able to maintain its upward momentum due to resistance area, then we maintain the north trend after retest. That is what I have from what we have now.. Of course the market needs continuous analysis. NOTE:...
Absolutely correct as it appears on the Price trend on charts right now. @07:00 AM till 09:30 AM the EUR will gain great support, which will invariably affect GBP according to economic Calendar which does not have a stagnant trend. We all know change is most constant and no one would try to think otherwise in forex market cases


I appreciate your transparency a lot; Kudos to you for all the time sacrifice to gather information for other's benefit.
  • #1,074,676
  • Aug 29, 2016 2:08pm Aug 29, 2016 2:08pm
15.08 esdt sl 1.12 00...........
  • #1,074,677
  • Aug 29, 2016 5:53pm Aug 29, 2016 5:53pm
From what I understand today's range might be caused by European markets being closed
  • #1,074,678
  • Aug 29, 2016 6:33pm Aug 29, 2016 6:33pm
Pressure on the downside remains, the pair next possible target would be at 1.1100 if break below 1.1160/50 support zone.
  • #1,074,679
  • Aug 29, 2016 8:59pm Aug 29, 2016 8:59pm
I work with Quancycles which has proven to be super profitable on EURUSD I have set a TE up if anyone wants to check it out and ask me about it.
  • #1,074,680
  • Aug 29, 2016 9:47pm Aug 29, 2016 9:47pm
It doesn't seem to go any lower...

Is it just a correction?
A good strategy for trading is... the opposite of having a bad strategy.
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