I think i have asked it before but didnt get any response. What is the best software/chart to draw waves? Something that can be saved for a long time. i am trading mt4 but dont find it very comfortable.
Thanks
Just for the sake of general interest.
The concept of a common currency was introduced more than 20 years ago. At first, it was called ECU (European Currency Unit) and it was undergoing many changes, negotiations, strability pacts, different scenarios.
The Euro was introduced in 1999, but only in theory, only for bank operations.
The coins and bills are in circulation "only" since 2002.
Today it is the 2nd largest reserve currency of the world, used in 16 countries plus several aspiring "new" EU members who will join Eurozone in 2012.
Also, many Eastern Europe and African countries are pegged to Euro.
Big Mike thanks for the info, is that to say that the chart data before 1999 for this pair is just hypothetical data or is it based on some equivalent currency that was traded against the dollar prior to the euro.
Hey Mike,your chart was very helpful.thanks again.
No matter how I looked at it,seems we are heading South to around parity to whatever time it might take.
3 Options I came up with: Contracting triangle,a double and single zig zag. (single zig zag ;assuming the pair had done 5 waves up prior to 1977 and from 77 to 2001 was correcting and from 2001 uptrend resumes....I dont see this as a very convincing option)
anyone sees other scenarios ,please feel free to share.thanks
Big Mike thanks for the info, is that to say that the chart data before 1999 for this pair is just hypothetical data or is it based on some equivalent currency that was traded against the dollar prior to the euro.
Yes, it is so called "synthetic" value, based on the currency basket in Europe, but mostly based (65%) on the German Mark.
Hey Mike,your chart was very helpful.thanks again.
No matter how I looked at it,seems we are heading South to around parity to whatever time it might take.
3 Options I came up with: Contracting triangle,a double and single zig zag. (single zig zag ;assuming the pair had done 5 waves up prior to 1977 and from 77 to 2001 was correcting and from 2001 uptrend resumes....I dont see this as a very convincing option)
anyone sees other scenarios ,please feel free to share.thanks
Nice work, Mike
One more piece of info, which might add a small tidbit:
When I was a little kid, 1 USD was 4.12 DM (german Mark) and it was pegged.
When Nixon reneged on the Bretton Woods agreement , the DM shoot up to 45 cents almost overnight, back in 1972.
To convert DM to Euro, use 1 Euro=1.95 DM
Thus, 10 DM became 5 Euro (approximately), for example
One more piece of info, which might add a small tidbit:
When I was a little kid, 1 USD was 4.12 DM (german Mark) and it was pegged. When Nixon reneged on the Bretton Woods agreement , the DM shoot up to 45 cents almost overnight, back in 1972.
To convert DM to Euro, use 1 Euro=1.95 DM
Thus, 10 DM became 5 Euro (approximately), for example
Nixon did not renege on Bretton Woods. Bretton Woods provided that countries could free float there currencies or peg to the dollar. At the time, the US dollar was pegged to Gold.
Nixon decided to free float the $ in order for the market to determine its value and here we are today.
I'd like to make a comment but your charts are not visibale to naked eyes! is it possible for you to first use white color for the background,like mine or Big Mike,Marketwaves and 2nd ,to make it simple,your charts are clutter with lots of stuff in it!
Nixon did not renege on Bretton Woods. Bretton Woods provided that countries could free float there currencies or peg to the dollar. At the time, the US dollar was pegged to Gold.
Nixon decided to free float the $ in order for the market to determine its value and here we are today.
Good Luck.
You are correct, my apologies.
All Nixon did was to remove the dollar relation to Gold.
Partly, after DeGaulle demanded gold for the dollars held by french and partly after the huge cost of Vietnam and partly as a result of inflation in the US.
Interesting part of history.
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Originally Posted by aerocom 
