This daily bar is tricky. Loss 50 pips. Won 200 pips now becomes 150 pips. Unexpected. I long again at 1.265 yesterday. This type of movement has confirmed the dollar index is running out of steam. I will hold it until end of the year. Not because of it is not completed, it is complete already. No way dollar can gain power in future. Luckily i did not trade on GBP.
This is the Elliott wave site. It looks like the high of June 17 will be it. The Eur$ looks to be making 5 down on the 5 min chart. That being the case, I look for a retrace of about 70p+/- then you can kiss your 150p good by.
This is a good call and one of your best. So, why the warning here. This pair has broken a long term inverse H&S pattern and retest the neckline without a break. It provides an excellent entry point with clearly defined risk and reward.
Good Luck.
warning here cause the end of the wave may extend further and newbies without proper management might blow their account if there is no warning
This is the Elliott wave site. It looks like the high of June 17 will be it. The Eur$ looks to be making 5 down on the 5 min chart. That being the case, I look for a retrace of about 70p+/- then you can kiss your 150p good by.
Good Luck.
See first the emotion of the Dollar index. May this help you to justify what is going on.
So my view on S&P still the same. Go Go Bull. Too early to close Gold.
I am using the S&P futures index. On the daily chart C=A at 1371. Today, Price hit the 61.8% retracement and reversed in what I have depicted in my chart as a wave i LD. If I am wrong on my interpretation the probability is that there is less than 8p remaining to the up side. I can also count 5 up but 5of 5 may not be complete.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Originally Posted by JoeyLee
This daily bar is tricky. Loss 50 pips. Won 200 pips now becomes 150 pips. Unexpected. I long again at 1.265 yesterday. This type of movement has confirmed the dollar index is running out of steam. I will hold it until end of the year. Not because of it is not completed, it is complete already. No way dollar can gain power in future. Luckily i did not trade on GBP.
Reply With Quote
