Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

EUR/USD May 3 - 2012


Volatility has contracted and price is currently being capped by 1.3175, which is also the level where we find today's pivot point level. This is short term resistance and can be used as a base for a short position with a profit target at 1.31 and 1.3070 but I am not sure if 1.3175 will hold. Thus I would not go short with the help of the 1.3175 level if I want to trade the EUR/USD.

A breakout above 1.3175 would take price to the 1.3200 level which is a better level to consider short positions as it here were we find resistance for the longer term trend - the trend will be bearish as long as we trade under 1.3250.


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EUR/USD 60 min chart



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yeah, that all makes sense. think i'll take a tiny 'hit and hope' short at 150, stop 165. you never know. supose if we go above 170 we should reach 210?

good morning

to me it should(must) not break the yesterday's low and if does then its a new lower low and if it does happen then we my see prices below 3100 may be to 3085-90 area, atr support rite at 3074, the thing to be noticed we are already in atr extended mode,
another thing to me the hourly close should be above 3131
thank you and use leverage wisely!

i want to talk little about fibs how i use them if you ppl allow me to lol

for a moment forget every thing except fibs, in the chart you will see point "a" and point "b"

1: point "a" is when prices find resistance at 78.6% or 76.4% and when they break prices usually find next resistance at 50%

2: point "b" is when prices find resistance at 66.6% or 61.2% and when they break prices usually find next resistance at 38.2% or 33.3%.

thank you and use this only as a tool for better decision making while trading

the above crap invalidated after the extremes are broken i.e high and lows for that particular fib levels.

chart attached for better understanding

Hello Traders!

ECB Rate Decision Could Lead to "Pop and Drop" Price Action- Initial move after the ECB's rate announcement could send pair back toward the 1.3200 area before a push lower in the 1.3078 zone.

This whipsaw action could lead to much higher Euro after the NY equity open.

Have a great trading day!

Greg

Could the ECB move it today out of the range ?

Good luck

Originally Posted by Gregory McLeod

Hello Traders!

ECB Rate Decision Could Lead to "Pop and Drop" Price Action- Initial move after the ECB's rate announcement could send pair back toward the 1.3200 area before a push lower in the 1.3078 zone.

This whipsaw action could lead to much higher Euro after the NY equity open.

Have a great trading day!

Greg

It would work for me. I am struggling a bit with the EW count here although MyWave is quite clear - 9 thus far, albeit the 9th has not made a new low - and we all know price is extended in its usual range. Time can sort that out though in part.

If I squint alot, we maybe had EW 1-5 (in whatever leg down this is) from MyWave 1-7 - see chart. Then 8 is an 'a' wave of a retracement, this last drop to MyWave 9 is a 'b' wave and we have the 'c' wave up to come. Your Pop and drop, Greg? As I say, I am squinting alot but like everyone, looking to short near 1.3200, so why not?

sell short above 320xxx only if you see weakness i will attach a chart in a moment

Originally Posted by turmaz

sell short above 320xxx only if you see weakness i will attach a chart in a moment

Indeed - sorry assumption on my part. I look for a topping stoch and MACD cross on my short term chart and a bounce or cross of a S&R line on my pyrapoint /Gann grid, etc etc.

Just to keep as many options open as possible - Ending diagonal on the prowl? Oh I hope so!

Originally Posted by Clivewaverider

It would work for me. I am struggling a bit with the EW count here although MyWave is quite clear - 9 thus far, albeit the 9th has not made a new low - and we all know price is extended in its usual range. Time can sort that out though in part.

If I squint alot, we maybe had EW 1-5 (in whatever leg down this is) from MyWave 1-7 - see chart. Then 8 is an 'a' wave of a retracement, this last drop to MyWave 9 is a 'b' wave and we have the 'c' wave up to come. Your Pop and drop, Greg? As I say, I am squinting alot but like everyone, looking to short near 1.3200, so why not?

Hey Clive I see some positive divergence on your chart too. We all know the old saying "Buy Low and Sell High", but I also like " Sell High and Buy Low" when we have the Bear paws on!

Charts from today's edition of the webinar Bulls vs. Bears @ The Trading Room 10:30 GMT (11:30 UK time or 06:30 EST Mon - Fri)

Recorded version
Bulls vs Bears - The spread Betting Morning Update May 3 - 2012 | DailyFX: Bulls vs Bears on Blip

Originally Posted by Clivewaverider

Just to keep as many options open as possible - Ending diagonal on the prowl? Oh I hope so!

What about your DX chart ?

Hey Traders! Let's get this party started with a Lightning Round!

Just post your open positions with your stops and limits in sentence or two.

Even if you are "Flat" or "no position " or waiting for a specific price level to be triggered.

Don't worry about a chart or a detailed explanation!

Don't be Shy!

I'll start: Short CAD/JPY@ 81.62 stop 81.75 Limit 81.41

Originally Posted by Gregory McLeod

Hey Traders! Let's get this party started with a Lightning Round!

Just post your open positions with your stops and limits in sentence or two.

Even if you are "Flat" or "no position " or waiting for a specific price level to be triggered.

Don't worry about a chart or a detailed explanation!

I'll start: Short CAD/JPY@ 81.62 stop 81.75 Limit 81.41

Wow just got stopped out of that bad boy!