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

Originally Posted by MoneyInc.

Kutero i don't know your gender, dont shoot me if i am wrong.

old man..52 years old..

Originally Posted by cw1

am mout of office again via i phone
what time is the close

5pm EST is when the international trading day closes and rolls into the next trading day.

Originally Posted by Thomas Long

The daily chart of the EUR/USD continues to show a strong downtrend which means to look for selling opportunities. On this hourly chart we can see a series of higher highs and higher lows which notes the correction up off of the lows. A good selling opportunity would be a move down through one of those higher lows as that does serve as a certain level of confirmation that the sellers are back and looking to take control of this market. Traders could sell on a move down through one of the support levels noted on this chart and then place their protective buy stop above this current high. Target to take profits should be placed at twice this risk for a 1:2 risk:reward ratio.

Thanks Mr. Thomas for this piece of advice. Though I very new to Forex trading I am learning alot from this Forum. Today I learnt how to enter a Short position. I also learnt that its important to make other traders feel that the selling sphere has started by entering at the correct time. I also learnt that eventhough I am just a beginner I too have my roll to play in bigger game

Originally Posted by Sean Hyman

5pm EST is when the international trading day closes and rolls into the next trading day.

ok think thats approx 10pm uk time,,,

thanks sean

this is not to confuse anyone from what i posted before but simply what i have on display at the present...
here is a quick snapshot on the 30's on the swissy and the euro...

Originally Posted by cw1

ok think thats approx 10pm uk time,,,

thanks sean

No prob, glad to have been of help.

Originally Posted by goldguy20

Thanks Mr. Thomas for this piece of advice. Though I very new to Forex trading I am learning alot from this Forum. Today I learnt how to enter a Short position. I also learnt that its important to make other traders feel that the selling sphere has started by entering at the correct time. I also learnt that eventhough I am just a beginner I too have my roll to play in bigger game

Not sure if this is a wrong time to go Short! Can anyone help?

Good morning, Sean , can you please post the labeling for this correction.please.

Originally Posted by eme

Good morning, Sean , can you please post the labeling for this correction.please.

Ah, I'm not an Elliott Wave pro. I label counts that are obvious to me. But I'm far from a pro in that department.

Originally Posted by Colly

Ok, well naturally there are no lines for all we appear to have at present is "a" and "b" with the zig-zag between them marked 1 & 2.

There is a fuller explanation somewhere yesterday and the basis's behind the presumption.

yesterdays selloff looks corrective lot less of a angle. today sharp & imposive lot more volume. we got clean 5 wave up plus were in an extention. am i reading that correct

Originally Posted by nopainnogain

yesterdays selloff looks corrective lot less of a angle. today sharp & imposive lot more volume. we got clean 5 wave up plus were in an extention. am i reading that correct

I think you are reading it correctly if the following is true:

1. The down-trend is complete.

2. The uptrend began with a Leading Diagonal.

However,

What is a zig-zag but a 5-3-5.

5 waves does not guarantee Impulse waves, nor does it guarantee that the trend has reversed.

Originally Posted by zion

Closed 1 lot added @ 12200 for 100 pips..still holding the balance from 12050 expecting to close @ 12350. Changed stop now to 12240 to lock in ~200pips

Closed out all positions @ 12320. On the side for now. Wanna see the price action in this zone

Guys,

The gap formed on sunday has to be filled.

Probably look for sellers at 1.2330 level. The previous top formed on 3rd june,1.2330, we found sellers.

Originally Posted by Colly

I think you are reading it correctly if the following is true:

1. The down-trend is complete.

2. The uptrend began with a Leading Diagonal.

However,

What is a zig-zag but a 5-3-5.

5 waves does not guarantee Impulse waves, nor does it guarantee that the trend has reversed.

my position are not bad 1.2295 am willing to risk a little here.

I have little confidence in this retracement of dollar strength in general. Where did it come from? Hardly out of nowhere. Initially a taking profit movement alongside short term speculators and eventually stops that always amplify the movement. After that, while it's still poised to go south, i read in the press that the SNB entered aggressively in the market, selling the franc mainly against the euro, but also its dollars against the euro, which apparently helps a lot the majors going to the upside.



While everyone shouts "reversal", "shift in sentiment", even if it's true, i have little confidence in such big words. I'd rather think sentiment is moderating, and the trend is far from being reversed. I don't know how far this correction may go, and it may go very high, but what i want to say is that there's no real fundamental driver behind this, except central bankers. Only technicals. Fundamentals still say the economy is far from being in good health. Sooner or later, the big market movers will take the gun and jump in the market to sell aggressively. They only need 3 things : high enough levels to maximize the entry level, a real shift in sentiment (many speculators willing to go long on any dips, so that it creates more potential stops), a weakening upward short term momentum.