if the eurusd still has upside, then consolidation since 1.5066 is a 4th wave that could still be a triangle. my point is that we should see some weakness to complete the triangle....14900 is support
Thanks Gizmo, Aerocom, etc.for the info. Great stuff...I learn a lot here.
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While I don't disagree with Jamie, Here is another possibility with the Eur$.
Good Luck.
The dollar just got a pop up on some comments during Bernanke's speech to an economic club in NY.
See below.
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The question is which to take. It's interesting that we're at a crucial support on the 4 hour chart...and FXCM's SSI is 4 to 1 on the long side.
Since so many are trying to pick that bottom...and they're usually unsuccessful at it...it makes me wonder if your latter count is correct.
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Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com
hi sean.. yes.. FXCM's SSI is 4 to 1 on the long side.
i am confused..
That means 4 retail traders are long for every 1 short. So they're convinced on the buy side. However, when everyone's that convinced...it's usually when its not going to happen.
In other words, it's a contrarian indicator. When it gets about +3 or below -3, then it's time to take the opposing trade once you get a technical entry signal.
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That means 4 retail traders are long for every 1 short. So they're convinced on the buy side. However, when everyone's that convinced...it's usually when its not going to happen.
In other words, it's a contrarian indicator. When it gets about +3 or below -3, then it's time to take the opposing trade once you get a technical entry signal.
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