The trend is down below 1.3035/1.3070. Price has rebounded off of the S1 and is correcting up. I'd like to go short on a test of the pivot or 1.30. Today's target is S2.
In order to make a profit, learn first how to take the loss.
Regarding the latest report released by the U.S. The Labor Department, Jobs report reflects slower economic growth - Part 1. It paints a picture of a slow economic recovery becoming downright sluggish. As a result many Americans hold the President responsible, though some analysts argue that he has worked hard to turn around a disastrous economy left by the previous administration.
My 'cycles' indicators are all over the place - I have divergence on my daily stoch moms from the 1.2994 low on the 16th April and the intraday are trying to rise from yesterday's low. It feels like there may be a test of the 1.2954 low to buy in to, according to these, but my 20min/2hr stoch moms and MACD (short term) seem to want a lift first, to sell into.
Trying to make sense of it all then: I am definitely playing for upside here until that Sunday night gap is closed, then down into a test of that low (unless it comes first), then either for a strong retracement up or something that suggests we have seen the bigger low for now.
Good to be back - lots of rain over the bank holiday!
Glad I took my long off last night! Just entered long at 1.2973 for quarter of max risk.
Chart attached. Cluster of stoch moms tight into the daily. Happy to fade this again if have to!!
Netanyahu stunned Israel by cancelling the surprise elections he had called for the fall, announcing a new coalition with the major opposition party Kadima, giving a security cabinet post to Kadima's head Shaul Mofaz-- who is from Iran, and has been the loudest political opponent of war with Iran. Expect oil to go down, although war jitters had already dissipated.
In Greece, Venizelos has said openly he is not going to take Pasok's hypothetical three-day turn at trying to form a coalition, if Syriza fails; instead prefers to go straight to elections June 3. Syriza still has until the end of Thursday.
Last edited by Robert Eckert; 05-09-2012 at 03:18 AM.
if prices go down first and test the above quoted number then i will remain bullish and if prices break 2995-3000 first then go down then i m out and i will be bearish
The first chart is where I was spotting a possible wedge and shared in the view with a friend over the skype..
the second chart confirms it..
I sense a possible topping of the USD coming in today.. It can still hit a marginal new high but to me that would be an opportunity for those who missed out to take entries against the USD..
My bias based purely on charts and if 9990 can be broken convincingly, prompts me to be mega bullish on the USD..
This 9985-88 was hinted out on USD if we are to break above 9955...
No change on EURO. 2944-46 is expected base and projected with the TL support coming in.. This woudl coincide nicely with the new high on USD which would be nice now for more better entries upto around 9990...
Would like to see a combo play here for a euro eventually to test 3040ish and a break above 3050 to encourage gains towards 3105-10......
Wishful thinking, but hoping it pans out as plan....
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...
The price trend remains bearish as long as we trade under 1.3070 and it’s therefore preferred to look for opportunities to go short. My personal view is however that we might be looking to carve out a low as other markets are indicating the same. It’s however more prudent to wait 24 hours and then assess if it’s better to be short, long or flat.
I therefore still prefer short positions and look for a drop to 1.2950 and 1.29.
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EUR/USD 60 min chart
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I just happen to look upon the EG and shows the most promise and the most easiest pair to trade into..
EG 8 hrs is self explanatory with detail done within the chart on a hint on pattern play..
4 hrs is used to depict the channel base coming in around 8010..
For the price to close above 8070-73 I be expecting a better rally on euro and a slower pace or halt on the gu...
It is only a matter of time before the EG rally up north to commence..
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 expect the 1.2994 S&R line to break again to the upside. If this move up and down from the 1.2954 low is an A&B of an ABC retracement, then 100% of A would take the price to 1.3074 - this is just below the 3 day high of 1.3078 and where my 2 day Hull (median of price envelope) sits too and gives us a flat correction, if it is indeed a correction and not a reversal.
However, a 1.618x A would get us to 1.3142 - this is just shy of the weekly Pivot which has not had a look in yet and may be a strong magnet for a move up, whether retracement or reversal. It would also mask which of these it actually was - the latter would likely have a flattish correction in wave 4 and this latest retracement has been very deep. Cool market, keeps us guessing all the time.
Either way, I got stoch moms sunk so deep they are drowning - no place for me to short and I'll keep chipping at the longs till there is some air in the 2hr and 4hr ones at least (see chart in last post).
The trend is down below 1.3035/1.3070. Price has rebounded off of the S1 and is correcting up. I'd like to go short on a test of the pivot or 1.30. Today's target is S2.
Still short against 1.30 for S2.
I don't know why am I stuck with this pair, when AUDUSD and GBPUSD are in a much better defined downtrend.
In order to make a profit, learn first how to take the loss.
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Originally Posted by Clivewaverider 
