Trade imbalance remains. There are lots of companies who accumulate mountains of euros every day that they need to sell off. Recently 1.3375 was where they would all start dumping their euros: buying spikes would crash into that ceiling with a fury of blinking red and blue lights, and the resistance never broke. Those sellers are still out there, and they have to make up their minds what the price is where they will dump, since they can't expect to see 1.3375 again. Still early to tell, but 1.3233 might be the ceiling now.
ASIAN SESSION UPDATE: support at 1.3200 is weak, may break through and on down
Thanks for the Point of view . It's nice to hear what everyone is thinking . Two heads are always better.
Cheers
The decline from today's high at 1.3365 appears to be impulsive, so I expect to see further selling during the European session. We are approaching the 100-DMA (1.3155), so we can see some support. Nevertheless, I expect prices to drop between 1.3150 (trend line connecting the January and March lows) and 1.3050 (Fibo of all-time high and low). Once these levels are reached, we should see a short-term corrective bounce towards 1.3250. Good luck!
*This is my opinion only, and should not be taken as investment or trading recommendations. Thanks!
3215 should hold the drop else we head to 3177-83.
Chances 3215 holds out and provoke a bounce back up to 3290 is a preferred scenario now..
GL...
3177-80 is imp supp .. A break and we are likely to head to the base of the channel around 3030ish ...
A hold and a bounce off 3177-80 and can expect the price to retest the 3314-17. A break higher to 3320-22 puts bulls back in control for today..
GL..
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...
I am seeing an ending diagnonal building on the short term chart and we are some ways from the daily pivot where I would have thought new selling might occur. The strength of it will help decide the plan from there.
Also, this whole couple of weeks of sidewards and then the drop, looks like a possible ABC in the 4th EW wave, giving us the 5th up now, hopefully to the 1.3584 annual pivot. We have reached the 50% retracement now from the move up from the 1.3003 low and my 240min MACD looks extended, whilst the 2 day Hull channel is stretched out across its usual range. Could of course be the turn down, but I'll await confirmation of that.
Well, that is how I am interpreting matters this morning. As long as there is an attempt to get back to the daily pivot, I'll be happy.
Last edited by Clivewaverider; 04-04-2012 at 02:24 AM.
My opinion is that price needs to make another low as wave 5, and I think as I'm writing it already started. Just my opinion.
AV1
Me too - I am only counting this as 3 down completing - hoping for a 38.2% ish correction back towards the daily pivot for wave 4 and then 5 down. Either way, I am fading long for the daily pivot and hopefully an easy day.
It is snowing here? I got a tan last week in the garden! What we need is more taxes to sort this weather out!!
Once again need 3175-80 to hold else risk is to the downside towards 3030 play...
3222-25 now resis on rallies..
DX on 4 hrs testing resis.. On a pattern play can expect it to be a tough resis and an initial failure here.. else the move above should be a furious one for euro can very well be testing the 3030 out b4 the end of the day..
ADP later could turn things around later..
GL..
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...
Some really nice action with the 2hr/4hr Hull combination - been a while since I have seen this!
Price is clearly bowling out the 2hour and setting up a 'cross' that has already been tested. Combined with the clear positive divergence on the 20min MACD, it is a high probability that a 5th wave of some degree is ending here - or enough to support my fading in longs anyway. Break of 1.3212 would add some confirmation.
Which degree of wave, I dont know yet (is it 5 of 3 or 5?), but the follow up action will let me know a little bit more.
Last edited by Clivewaverider; 04-04-2012 at 03:59 AM.
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Originally Posted by Robert Eckert
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