I have some questions about Pivot Points, as I've heard different tidbits here and there. I understand, of course, that nothing is exact and the market never behaves the same way all the time, so I'm just speaking in general terms and what usually might happen in regards to Pivot Points. So, some of my questions:
Is it common to see a bounce and pull-back off a Pivot Point? And when this happens would one expect price to continue in the original direction of the Pivot Point once the pull-back has been completed? Or should this really be considered in terms of the direction of the trend? That is, in an uptrend, if price hits S1 first, one could expect price to bounce up and continue to R1, and vice-versa, in a downtrend, if price hits R1 first we could expect a bounce down and price to continue to S1?
What about in the case of, in a down trend, price hitting S1 first, would we expect a continuation to S2, either after a small pull-back or congestion or slow-down? And vice-versa, in an uptrend, price hitting R1 first?
Thanks for the insight and any other insight regarding Pivot Points.
I have some questions about Pivot Points, as I've heard different tidbits here and there. I understand, of course, that nothing is exact and the market never behaves the same way all the time, so I'm just speaking in general terms and what usually might happen in regards to Pivot Points. So, some of my questions:
Is it common to see a bounce and pull-back off a Pivot Point? And when this happens would one expect price to continue in the original direction of the Pivot Point once the pull-back has been completed? Or should this really be considered in terms of the direction of the trend? That is, in an uptrend, if price hits S1 first, one could expect price to bounce up and continue to R1, and vice-versa, in a downtrend, if price hits R1 first we could expect a bounce down and price to continue to S1?
What about in the case of, in a down trend, price hitting S1 first, would we expect a continuation to S2, either after a small pull-back or congestion or slow-down? And vice-versa, in an uptrend, price hitting R1 first?
Thanks for the insight and any other insight regarding Pivot Points.
I like to think of pivots as speed bumps in the road, a place to slow down, check the map and see if I am going in the right direction and make adjustments as required.
Hello Traders! Here are some Euro charts with wave counts on them. I can not vouch for the accuracy of the counts and I sometimes see "repainting" or count changes throughout the day. So use them as a guide. I will start posting these regularly if you guys are interested.
Any feedback to the usefulness of this analysis would be welcome or just give the post a link to let me know if it is helpful.
Short term bearish: I can see EUR/USD dropping to 1.26 before exceeding 1.2735
I hope so I need a good entry, I cashed in my long a bit to soon on Tuesday at 1.2661 (opened at 1.2604) should have done much better but still 57pips is 57pips
EUR/USD is a progress of correcting the last few days gains and yesterday's FOMC meeting where FED downgraded the outlook of the US economy and did not exceed expectations about further quantitative easing is another reason to expect a EUR/USD decline.
I am therefore bearish as long as we trade under 1.2735 which is horizontal resistance and expect price to decline to the 1.26 area which is support. Short term traders can if they wish use 1.27 as a base for short positions - saving 35 pips in stop loss.
If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.
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EUR/USD 60 min chart
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a little scalp i will take once we break TL lower maybe for a small spike down.... waiting for the HH/HL to finish but till the i have two longs one in profit and one at break even. will close and open short once we break.
EUR/USD is a progress of correcting the last few days gains and yesterday's FOMC meeting where FED downgraded the outlook of the US economy and did not exceed expectations about further quantitative easing is another reason to expect a EUR/USD decline.
I am therefore bearish as long as we trade under 1.2735 which is horizontal resistance and expect price to decline to the 1.26 area which is support. Short term traders can if they wish use 1.27 as a base for short positions - saving 35 pips in stop loss.
If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.
Feel free to join me today at 10:30 GMT (11:30 UK time) for a free FX, stock and commodity market webinar at www.dailyfx.com/bvb Send an e-mail to azambrano@fxcm.com to sign up to my distribution list.
EUR/USD 60 min chart
Click here to view a recording which introduces you to my trading system
*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 today.
Surprising, if I were a betting man I would not have backed you making a bearish call here. Personally as you know I have a bit of a bearish opinion on the Euro, but from pure technicals I'd probably still back the upside as long as we trade above y'days low.
Hello Traders! Helicopter Ben Bernanke disappointed markets by not handing out the QEIII candy but instead extended Operation Twist. Commodities sold off and currency and stock traders are wearing neck braces from all of the whipsaws in the market that followed the Fed's rate decision.
I thought I would share the following updated wave counts for the Euro.
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Surprising, if I were a betting man I would not have backed you making a bearish call here. Personally as you know I have a bit of a bearish opinion on the Euro, but from pure technicals I'd probably still back the upside as long as we trade above y'days low.
Maybe - yet as we can see in the image there is nothing supporting price between 1.2650 and 1.26 - while we have a large amount of resistance all the way up to 1.2750 - so the path of least resistance is to the downside - when and if we reach 1.26 I would turn bullish having a stop loss under 1.2550 aiming for 1.2735.
Maybe - yet as we can see in the image there is nothing supporting price between 1.2650 and 1.26 - while we have a large amount of resistance all the way up to 1.2750 - so the path of least resistance is to the downside - when and if we reach 1.26 I would turn bullish having a stop loss under 1.2550 aiming for 1.2735.
All good MrZ, I'm just one of those annoying people who always pulls things apart to see how they work. As you know I mainly follow trend, but as you have seen do deviate from that under certain conditions. I had you pegged for a "pure follow the trend" guy. Seems you are a little more complicated than that
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Originally Posted by bfleming 
