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Jeeeeeees - Mystic Megatron - you weren't kidding about this tape when you said a few days ago, it was going no where fast!! (Did someone mention China?)
All my best -ist methods are all ticking the boxes but no tape movement. I reckon we are about half way through this down cycle we are in and nada. I think I might be taking the next low and leaving this alone, unless it zips somewhere this afternoon.
Current situation seems to be grim for euro but it isn't good for dollar index either, it has got a strong support at 1.3050 and resistance at 1.3250, it will keep on dangling in between till we get to see some solution to eurozone turmoil, especially Greece.
honestly i'm still holding my short yesterday at 1.3235/1.3265/1.3268 for below 1.3100 target
50 pip range in the middle of the week - that's pretty intense. lol
So here is an updated Ichimoku daily TF. The upper kumo is still holding the price.
In general it is said if the price trades in the kumo, it is a period of consolidation. Thus we have no trend. Well, indeed it's been a range trading for the whole February.
Charts from today's edition of the webinar Bulls vs. Bears @ The Trading Room 11:30 GMT Mon - Fri
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http://img85.imageshack.us/img85/9532/eurusdps.png
Quote:
Originally Posted by banison
have had my eyes pealed to this since you posted it the other day. All it needs is a daily close above 3250 to get started.
If we close above 1.3250, I wonder how far can the price advance. The upside is limited by a strong resistances on weekly TF, which is fairly bearish. Perhaps it's a good selling area there.Quote:
Originally Posted by psperos
Heres where i am:Quote:
Originally Posted by Clivewaverider
The LTRO is on the 28th (Tues). Institutional investors are not going to sell off massively in Europe before this - this is almost certain, unless there is some other super-negative news event. The ECB is GIVING OUT FREE MEDIUM-TERM MONEY to banks. The Japanese are doing QE: more risk-on. We could see big external inflows into Euro govt and corporate debt if the next LTRO amount is large, as it will be a race to take the free ECB money. borrowing from the ECB at 1% is very low cost, so I think the banks in Italy and Spain would be retarded not to borrow in large amounts, given that people have essentially no confidence in them already without intervention.
We have a gap to close which bottoms around 13140, and this would correspond with the upper of the narrow green lines on the below chart:
Attachment 114587
ATM we are seeing sellers around the 38.2 retracement of the last large move down, and this is a logical place for longer-term sellers to enter the market, however, if we get any positive news next week (did i mention the LTRO?) then perhaps these guys will move back to the 50/61.8% retracement of the blue fibs on the chart - which also happens to be the area around longer-term trendline resistance and the top of the longer-term downward channels. I posted already about the possibility of breakouts on the DAX and Oil.
The red circles on the chart show that the green line has been decent resistance and a breakout level that imo was overcome at the start of this week when we gapped up on open - unless we close below it this week. either way, if we close the gap on friday / monday i'll be looking to buy.
I posted the Pitchfork work earlier showing 1.3120 ish as possible target (close enough to S2 for me!).
Here is the 2 week regression channel (purple) within a 6 week (red). Supports Banison's view of limited upside which is how I feel. There has been a very hard earned turn at the centre line of the 6 week channel and a biggish triangle seems to be building here between the 2 week and 6 week perimeters. Not a lot of room here to move but enough for some more ranging before a pop out of the top next week.
In looking at the chart, there's 2 sides to it:
1. There are rooms for some manoveur to not lower than 1.317.
2. We are in an uptrend and should only be looking at opportunities to buy.
Attachment 114600
Price now at 1.3245, quite overbought, so there will be some rooms to the downside. Good scalp setup, but I'm not surprised if it decides to charge above 1.33 before much retracement.
Good luck!
Triangle on short term chart complete: been staring at it all day but ignoring it for some reason?!
Just got rebuffed to upside which is interesting. Triangles are penultimate moves, so an end in sight at least and then that retracement!
News that Greek Parliament Finance Comittee Approved Debt Swap Bill Sending Euro Higher-
Yes indeed Clive! There have been a lot of whipsaws. Fading the breakout seemed to work until it stopped!
EUR/USD London session review and outlook February 22 - 2011
Regards
Alejandro Zambrano
Currency Strategist | DailyFX Forum (London)
azambrano@fxcm.com
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I'm so glad i was away for the last 3-4 hrs and I guess I missed nothing at all.
What a dead mkt it has been .....
well 30 mins turning bullish and a possible diamond formation breakout to the north in progress on the 2 hrs chart...
I was banking on gold to be a shiner but it hardly moved.... 1751 entry in but it needs to move now..
Anyways.............. its been sloppy today for sure..
GL..
Now what was you saying in your signature..... Patience is a virtue?Quote:
Originally Posted by stryker
So what happened to gold at 18.10gmt?
1757 to 1772 in 10 mins. Cool. No, Hot!
Had a nice day!
