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.
Based on rolling 20 day high/low range of this pair.
From the low of the day (L), I measure up the average range (103 pips(A)), the lowest range (64(1)) and the highest (154(2)) from the past 20 days.
From a possible high (H), I do the same in reverse, in case of reversal.
We have already tagged the lowest range threshold for the rolling 20 days, which does not say much in terms of strength. The wave up has been corrective in style thus far.
You see a 60 min MA band based on my attenuation settings with a 240 min Hull. Break of 1.3142 looks good for 1.3114 to 1.3063 if momentum with bears.
This is my play and still waiting!!
Thanks Cw1. This might end up being my main trading screen with all the others as storyboard. Update for you. Upside only made just over the lowest range move threshold over a rolling 20 days and both the MACD and 60min MA band reversed as hoped for as my MyWave counts were already at 7 - this is usually enough for a retracement move - and the wave was all wobbly as correctives usually are too.
I have overlaid my 240 min range too - the light blue worm - my data bank for 10 min charts holds approx 70 days worth and all of the price action has been contained by this worm over that period. Interesting to note that the minimal upside move from the low as per the ATR above still made it above the 240min range first band, which was holding it down too unless their was a trend underway to break it.
Lots of reasons for me to avoid longs today and play for the short as high up as could get.
Hello, I am a newbie. Based on the reports that I have read, I shorted the Euro. But who is pushing it higher! Just can't believe it!
The euro has looked in need of a sharp drop for over a month now, but it just keeps on not happening. Who is pushing it higher? Apparently Asian banks buying up dubious assets that European banks need to clean off their balance sheets (the Asians need to buy euros to make these asset transfers). These big buyers seem to be running out of steam. I predicted a couple weeks ago it would not be until early May that the floor finally gave out. There could be a sharp drop tomorrow if the Fed meeting helps the dollar (or a sharp move the other way! be very careful) but the real bear market is not quite due.
Come on guy. Stop the spamming. Another wanabee guru with not even a real website but a Facebook page. Without historical results. Freshly minted. This forum has some real experts with real proof of profitable signals and it is free. You cannot beat that.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.