EUR/USD is trading higher and as long as price trades above today's key level at 1.3450 we need to assume that price will reach today's R2 level at 1.3600. If price would fall below 1.3450 then the short term uptrend fails and we turn bearish and target 1.3400.
Please bear mind that we are close to today's target thus is its important to allow EUR/USD the possibility to correct lower. In this way we optimize the relationship between risk and potential reward. A rule of thumb is to aim for a gain of 2 dollars for every dollar that we risk. It's also important not to risk more that 1% of the remaining equity per day.
EUR/USD 15 min chart
Regards
Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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i found a piece of scrap paper with my EW numbers for the euro 13566 was 1 of my targets on it so i went short here @ 13535 . i wish i woulda seen it earlier but oh well i hope it was right.
I really enjoy reading your fundamentals, I'm never turned off. Think it add intelligence to the discussion, whether it be useful to short term trading or not. Please keep on posting.
Thanks for the encouragement, Paul. What bugs me is that I try to contribute and I have been correct (so far) about 95 % of the time and making money. Yet some people have the arrogance to say they don't care about Fundamentals and I should go play with my toys. Well, this is just as conceited as if I were to write that I don't give a damn about technicals and tell people "So What?!?" I don't butt into technical debates and technicians shouldn't butt into mine.
This Board needs a lot more tolerance, and I don't know where this anathema and widespread hostility towards fundamental analysis comes from.
If I were talking nonsense, misstating facts (like budgets/trade deficits/unemployment and so on) everyone would have a right to reprimand me, but I really don't see why strong fundamental debate should upset so many people. I have always made money off it, ignoring short-term fluctuations and sticking to my guns. Others may be interested in doing the same thing and going against the technicals when fundamental analysis suggests the technicals are completely wrong. I have gone against the technicals several times and been right every time. Fundamental analysis works for me. I find the hundred technical "sell' and "buy" targets confusing, and the only technicals I use are the long term MACD/RSI/MOM indicators plus SMA crosses which are useful when they reinforce my fundamental beliefs.
If you check your weekly graph you would find that the trend was down at some point early this week but has now pushed up.It is yet to pass through the 200 day moving average.
If that is achieved before the closing session today it would mean we could be heading for a push further up.I think if it ends below it may not have a chance to push up any longer but would face down in the week to come.
Last edited by Thomas Long; 01-21-2011 at 07:58 AM.
HHAHAAH Now where is my dunce cap? Should have paid more attention. I'm thinking of going long here shortly. Would like to see the Euro come down to 1.3450/40.
No sweat. We all like confirmation that we have good ideas. You confirmed mine. I hesitated getting long yesterday (6p NY, EST) @ 1.3465. Today has been interesting so far. I "feel" the 1.36 handle may be tested before Europe market close today. Will be significant daily, weekly candles.
4HR chart with three tests of trend line. Next support 1.3485/90.
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Originally Posted by SharonSS
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Check this out!
very clear
