EUR/USD London session review and outlook, August 31 - 2011
Regards
Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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I'm sorry if I'm not clear in my wording, but I thought the overall trend has been up so far, and change of trend will mean to short. It's very confusing really - Change of trend up, Change of Up trend, Change of Down trend... no matter how I put, it's still prone to misinterpretation. But if you read through my journal, you'll realize I mean Short all the while.
Next time, I should just put Short. But of course, as Banison well put it - it all depends on the Price Action. So, just be prepared, don't get caught at the mountain top waving naked.
A beautiful mind is much more important than a fat pocket.
PA broke below a rising trendline, however 4hr is still in an uptrend, 1.435 holds for now, next is 1.4325 and 1.427 (38.2 fibo of the move up from July)
Last edited by banison; 08-31-2011 at 10:02 PM.
In order to make a profit, learn first how to take the loss.
"The EU has been slammed?" Not at all, there is a difference between the euro and the people in the EU.
You can't really compare the economic problems of the US and the EU. Its like comparing animals of different species. The problems and issues of the two continents are not identical.
Hi Mary,
"The EU has been slammed?" Not at all, there is a difference between the euro and the people in the EU.
That's just one of many reasons I say to watch your people...
You can't really compare the economic problems of the US and the EU. Its like comparing animals of different species. The problems and issues of the two continents are not identical.
Why can't I? How "exactly" is it different? After all, the game we play is EUR verses the USD, is it not? Different species make no difference to me! Happy people or angry people, when and where? I've seen enough to answer those questions for my self, but what have you seen? Apparently something different then what I see, but have you done your homework?
I received a call today from Senator David Malone, very much to my surprise. I stay current with our leaders somewhat, but there are a few I demand to speak to one on one! But I've never spoken to Senator Malone prior to today and I'm just a bit impressed by what he had to say. Also I can go kick him in the nuts since he lives so close to me, but otherwise, he want's to abolish property and school tax, but he tells me it will take $14 Billion to do so, and that's just in the state of PA alone...
While you may see things as a conglomerate, or a whole, I assure you there is a difference and a very serious segregation between groups and/or factions, states included! None of this even comes close to hitting the FEDERAL regime......
So you tell me it's different, now I'd like for you to tell me exactly how.
The exact same problem but in two different areas, with two radically different solutions thus far, so what's on the other end of your equals sign?
Trying to get the big pic of EW analysis ,, Still new to it though ,,,
Will be glad to hear ur cririsism .. It always adds to my knowledge.
Still needs some work but keep trying you will not regret it once the learning curve lessons up.
Your wave ii would be the starting point for wave 1 of you iii
so your wave 2 of 3 would be the next low to the right of your ii and is lower than your ii thus wave 2 of 3 goes beyond the start of wave 1 of 3 and thus is invalid.
Also your wave iv is in the wave 1 price area discounts the count as well. Unless in an ending or leading diagonal but the price action on this chart does not appear to show that being the case.
Anyway just a couple thoughts hope it makes sense.
Thanks and GL trading
Stupid thing won't let me post I wrote a paragraph and it says it is less than 10 characters. So the post above is actually what was supposed to be here but yet somehow I quoted it. Very odd. Have a good one
Long @ 1.4370, target 1.4540ish. Time horizon 2 days. For confirmation, an hourly close above descending trend line.Stop loss 40 pips.
I like that.. have something similar to it. if the supp holds or about 4338-42 holds we should be able to see 4455-60 for the day.. been out the mkt for a while now and dont have that great feel on the PA.. nevertheless, 1485-92 on EC has some good supp and imp for it to hold if we want to see 1.22XX anytime soon now..
On euro perhaps 4338-42 holds for a bounce......
Anyways, seldom trading and will be back in full flow from Monday............. Ahh NFP 2moro so would like to place some orders on possibly catching them fake spikes......
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
EUR/USD is trading lower as long as price trades below 1.4380 and we assume a move to 1.4280 in this case. A correction might take price to 1.4350 but this will be viewed as a opportunity to go short by traders.
Please beware that the US ISM report will be released later today. The report might change the outlook for the EUR/USD. Join our "Live trading room" where an analyst will cover the event live.
EUR/USD 30 min chart
Regards Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
*Joining DailyFX Forum is free and offers an extended range of features, including: Replying to other peoples' threads and receiving email notification of replies to posts and threads you specify. Click here to join today.
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