I look at all major pairs, Yen crosses. Together they give a very accurate picture. As a group, they are all at critical support and resistance levels, indicating a move higher for the EUR/USD. It will be a little choppy as those support and resistances break, but when they start to fall EUR/USD will take off. Also, in support of Euro gains, markets should calm down a little and move higher. S&P should break back above the 200 day moving average. We challenged it on Monday and took a plunge. Plunge stopped today and next challenge gets through. Probably not tomorrow but certainly by weeks end. All just my opinion though, could be totally wrong.
I look at all major pairs, Yen crosses. Together they give a very accurate picture. As a group, they are all at critical support and resistance levels, indicating a move higher for the EUR/USD. It will be a little choppy as those support and resistances break, but when they start to fall EUR/USD will take off. Also, in support of Euro gains, markets should calm down a little and move higher. S&P should break back above the 200 day moving average. We challenged it on Monday and took a plunge. Plunge stopped today and next challenge gets through. Probably not tomorrow but certainly by weeks end. All just my opinion though, could be totally wrong.
The big picture is the only way to trade. We are using the same tech, I have scaled it down to 200MAs for each Time frame. Happy trades Renegade.
How do you know? Usually you have a chart to verify your reasoning. I bailed out of those nice shorts your lesson put me in. Hope it wasn't to soon.
It's very likely that it was too early. With all due respect to mr MoneyInc let me give you my perspective with a simple trendline and MACD analysis. This small bearish reversal remains unbroken. The break of the bullish trendline around 1.2330 coupled with the bearish MACD signals indicate a bearish reversal until the trend in broken.
The only problem is that these trend lines are really to short to be very reliable on the hourly chart but I think the indications are good enough. I'll watch this for just a bit and as soon as I can I'll move the stop to break even and get some sleep.
It's very likely that it was too early. With all due respect to mr MoneyInc let me give you my perspective with a simple trendline and MACD analysis. This small bearish reversal remains unbroken. The break of the bullish trendline around 1.2330 coupled with the bearish MACD signals indicate a bearish reversal until the trend in broken.
The only problem is that these trend lines are really to short to be very reliable on the hourly chart but I think the indications are good enough. I'll watch this for just a bit and as soon as I can I'll move the stop to break even and get some sleep.
Hey Southerner what timeframe is this? I see that green candle with the wick finding resistance from that previous low.
Nvm, think thats a 1Hr.
Last edited by FXTA; 05-26-2010 at 02:49 AM.
“There are no limitations to the mind except those we acknowledge.”
South, extend your down trend line to the left and you will see that it was broken at 12:30 May 25 (today, yesterday depending on your location). Now we are testing the top side of it, for a push higher.
It's very likely that it was too early. With all due respect to mr MoneyInc let me give you my perspective with a simple trendline and MACD analysis. This small bearish reversal remains unbroken. The break of the bullish trendline around 1.2330 coupled with the bearish MACD signals indicate a bearish reversal until the trend in broken.
The only problem is that these trend lines are really to short to be very reliable on the hourly chart but I think the indications are good enough. I'll watch this for just a bit and as soon as I can I'll move the stop to break even and get some sleep.
I like to follow the trends through the various time frames. Thats the only way to keep something from sneaking up on you and bitting in the A@# later. I have much respect for you and I mean it when i say i like your charts. They are clean and to the point. I don't have that ability. Happy tradin'
Looks like this thing is going to jump two MAs at once.
OK, to see if I'm learning this correctly. The price appears to have broken thru first, so this incates an uptrend?
Hey, MoneyInc.
I have been asking you questions and am totally ignored...not one reply. You seem to be offering your knowledge to help. I'm asking some verifying questions and getting no answers. You are replying to everyone else. If there is no room for a bothersome newbie, then fine, but you post to apparently help educate. Very frustrating to be shown something, then don't reply to questions. I'll try and figure th out myself, I guess.
OK, to see if I'm learning this correctly. The price appears to have broken thru first, so this incates an uptrend?
Hey, MoneyInc.
I have been asking you questions and am totally ignored...not one reply. You seem to be offering your knowledge to help. I'm asking some verifying questions and getting no answers. You are replying to everyone else. If there is no room for a bothersome newbie, then fine, but you post to apparently help educate. Very frustrating to be shown something, then don't reply to questions. I'll try and figure th out myself, I guess.
It did not have enough momentum to continue so it broke the red 45 where it is now consoildating and building pressure for an up run.
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Originally Posted by Renegade 
Renegade
