Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

Eur/Usd

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a work in progress


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this market appears to be consolidating after making a hic-cup
to the upside on the open probably caused by short-covering

Let see this pattern comes true? on 5 min chart

Originally Posted by marketwavez2

this market appears to be consolidating after making a hic-cup
to the upside on the open probably caused by short-covering

And what could be the cause of the short-covering? I believe most people is ready for a rally on the Euro right here.
Probably to the 1.24 level (or better)

Originally Posted by Pivotal12

And what could be the cause of the short-covering? I believe most people is ready for a rally on the Euro right here.
Probably to the 1.24 level (or better)

Short Covering

is just that ,,,,, the shorts , cover

massive amounts of traders that have short positions abruptly get stopped out all at the same time ,,,,,
and is most likely caused by stop orders being triggered on the market open

sometimes called a " short covering rally "

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Thanks for the description but, like I said, I have a different vision of it: What happened was people jumping out of short positions as the rally accentuated and ultimately joining the long side. When Europe opens the rally will cotinue I believe.

Originally Posted by KUTERO

Originally Posted by AyoBro

Hey Kutero
15min looks a little topish w/ MACD & RSI confirmation. Possible double tops on 4hr MACD & RSI, with negative divergence on momentum? Didn't realize til now that price broke the 4hr descending trendline and has already tested/bounced off of it as support? I'm think a small top then down we go?

A-Yo Bro

Good Morning,

Originally Posted by esi2535

Let see this pattern comes true? on 5 min chart

Wow, how did you correctly foretell this? Amazing...... :-)

There are 3 pinbars at 4H.
backing to 1.2150 will not be a surprise..

Originally Posted by heispark

Wow, how did you correctly foretell this? Amazing...... :-)

It was a corrective wave 3 angles (Symetrical )

have to pass 1.2200 in order to go up..

If the price reach to 1.2210 it will go to 1.2320 as next target.

Originally Posted by MOZI32

Attachment 58854

dollar index testing the broken uptrend to go well down next week , so becareful in shorting euro

keep careful in shorting euro

The 1.24 level, like I said. But it won'y be in a straight line and could mean quite wild swings on the way.

Originally Posted by AyoBro

I just saw Mywaves chart. Dang!! Just what I said, scary. We'll see what happens? So you have a tool that measures out your expansions? What are the 3 coordinates if you don't mind sharing? So what I'm doing manually, you have a tool that projects the same levels?Lol. So within WXYZ corrections, does W=Y=Z normally? I'm going to have to dig into Balan's book or ask Fazi.

A-Yo Bro

Good morning A-Yo Bro,

The 1 Hr chart below shows the expansion basis I used.

Because its quick and easy, should the market come to rest in "no-mans-land" then I can quicky play around with the "tri-angle" to see what is forming the basis of expansion.

Triangle you may ask? - Don't worry, not an EW triangle ( even though it could be lol ), but one as per the co-ordinates painted in deep purple below in the chart.

Regarding the relationship in W-Y-Z...., I don't know, it seems to me that there would be a relationship to consider if it were a certain type of W-Y-Z but not all.

Also, there was some mention last week, that triangles ( symetrical ), only happen in Wave 4. I think that is what was said but I don't know by whom.
As far as I am aware, they happen in W2 or W4 but only when they are alone within the correction are they signifying the final move in the series.... i.e. W5.


Attached Charts:

1 hr - showing zoomed Expansion basis.

3 hr - showing FOUR targets, with, how the present movement dealt with each one to date.


Best,

Colly
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