Getting that EUR/USD reversal that I have been looking for - not surprising given the weak Durable Goods orders - anyone considering going short?
yes, looking for stops just below 3181 area and a spike down. if no stop run will get out. well missed 3197 as i was typing so now short @3195, will be out before FOMC rate news
Updated short term chart with MyWaves on for clarity. I am playing this as 1-2,1-2 (or MW 4) thus far given the lower low and potential for the 240min MA band to pull under, as matters stand right now (which of course may change).
Max range over past 20 days has been 154 pips - taken from today's high, that makes 1.3081 as a target but the average range would be 102 pips to 1.3133. Given the 3 day low of 1.3104 has to be taken first, I'll take S2 at 1.3112 if the luck comes my way.
yes, looking for stops just below 3181 area and a spike down. if no stop run will get out. well missed 3197 as i was typing so now short @3195, will be out before FOMC rate news
There is a sudden drop in USD... EUR advance further. any news on that?
There is a sudden drop in USD... EUR advance further. any news on that?
no, i do not. expected some position jocking before the news but thought it would be going the other way. well will wait to see till 10 minutes before the news and start getting ready to get out.
no, i do not. expected some position jocking before the news but thought it would be going the other way. well will wait to see till 10 minutes before the news and start getting ready to get out.
good luck in your trading.
I am also in the short position. GL for both of us
I been trying to get my wife to have a go but having no luck - me thought if she could earn the money, I could shop more, meet friends for coffee, get the hair done, generally mooch about and ask how much she had made for the month after my expenses were covered. But apparantly, that's not really fair in this house and matters are best left as they are!!!
HAHAHAHA both of you guys never forget Tony Montana, first you get the money - then you get the power. dont ever let your wife get the money!
It's only about 100+ pips to reach the upper Boll20 band
on the daily chart. After the tag happens, there is a natural tendency to retrace. So a spike up, followed by a retracement should be considered as a possibility.
if this can break up north........... will find out else touch to resis and then a failure time to reverse trades....
normally on a pattern play the break is to the lower side.. but FOMC and who knows breaks to the other direction...
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...
on the daily chart. After the tag happens, there is a natural tendency to retrace. So a spike up, followed by a retracement should be considered as a possibility.
And lower highs it now appears on the 5M as well......more consolidation into a triangle lol.
not sure who or what is bidding up euro still, my gut tells me big money is slowly reversing to net euro longs.....and by that nature, it'll take a big scary event risk to drop euro below 1.30, but at the same time, if we have a medium event risk positive, or money printing event.....we could see 1.33 by tomorrow.
Gotta be careful with the bottom though, it could be a bull trap
And lower highs it now appears on the 5M as well......more consolidation into a triangle lol.
not sure who or what is bidding up euro still, my gut tells me big money is slowly reversing to net euro longs.....and by that nature, it'll take a big scary event risk to drop euro below 1.30, but at the same time, if we have a medium event risk positive, or money printing event.....we could see 1.33 by tomorrow.
Gotta be careful with the bottom though, it could be a bull trap
The 2H, 3H, 4H, 6H & 8H all show the price action still above their respective Boll20 midlines even after all the attempts to pull the action lower.
What exactly is a bull trap? Is it a trap to catch unwary bulls? Or is it a trap by bulls to catch unwary bears?
Last edited by rcopadilla; 04-25-2012 at 01:33 PM.
Reason: typo
London session review and outlook April 25 - 2012
Review of markets covered in today's edition of Bulls vs. Bears: EUR/USD, GBP/USD, AUD/USD, FTSE100, S&P500, Gold, Brent Crude and WTI.
Regards
Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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Originally Posted by Alejandro Zambrano
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