i think if it s going down to test 1.23 it will go from here no higher than 1.2640 .
i m short back stp 1.2670 let see , i will add on the break of 1.2550 if happend today .
Be nice to have it out of the way! Good luck to us.
Thanks for advice Clive brought stop up to 1.2608 and see if it can get through daily and weekly pivots but looking shakey at the moment
Regards Johnny
Not advice Johnny - none of that here!! My 30 min momentum indictators are showing neg divergence on this move up (thus far) and given its location at daily pivot and fib line down from the top, it could slip down in line with Mozi32 and my wishes. A stop order below the action may be a good but your call as ever.
I still think we get to go up after we get the going down out of the way but there is little technical merit in making that statement, is there!! catch up later.
What up big guy looks like your doing your thang!!! How trading?
Trading good, if not tiring in this correction since 1.2287 - a nice drop from somewhere soon would push the week on a tad. How are you doing - not posting so much these days - tired?
i think if it s going down to test 1.23 it will go from here no higher than 1.2640 .
i m short back stp 1.2670 let see , i will add on the break of 1.2550 if happend today .
but low probability , so less short .
So while we sit here waiting, I just noticed something...you may have already crossed this bridge but me just got to it. We have this move up and fib fan from 1.2287 as initial map on short term chart. Ignoring the bigger fans for now, the question might be "how to navigate the fan up". The spikes up and down in a correction provide the ability for the market to draw in opposing fans - we have seen how last week's spike provided a really good ladder up. Because momentum does not drive price through/up the 1.2287 fan on its own, the market needs the downward fans to trade tighter (stops I assume) through the fan - or alternatively provide places to go stop hunting. If the market is correcting 80% of the time (approx) then this seems like a useful matrix of where all the stops are.
Just thinking - when we turned back at last week's high on Friday night, I was musing on how the fan we had used all week would be no good once we passed the high. The new retracement down to the 2 day Hull, now provides a new ladder to honour or not as the case may be. Useful for timing turns in corrections?
Anyone going short for a small dip overnight? given the fairly flat trend we can correct to 1.26. Here is a setup by Wanger - one of our DailyFX plus instructors. Stop should hover be placed above 1.2725.
Yep, I am still short, but from higher now, coming off 4hr bolly's and 30min stoch moms boxed to death
Count is the same but with steeper 'b' wave - we better get a really stunning 'c' wave down to either complete a 'B' or something else bigger. Bit seasick now!
Slightly different 30min chart today: 8hr price channels (light blue) overlaid by 1 week (darker blue). The last channel in salmon (I know!) is a regression channel which provides an ongoing 'build' whilst the correct number of bars clicks into place. The 240min chart provides a larger perspective of the 30 min chart and shows the fib fan lines being played at the moment.
Anyhow, price made it up into the weekly Asian opening zone (green lines) last night before peeling back. At the 1.2730 high, price met both the 240min (red) and daily bollinger (white) SD bands (2.5x). The 240min has been pushing the price back all the way through this correction since 1.2287, so a response was perhaps no surprise.
So the question is, will price keep moving up towards the 1.2800-1.2840 area as per the weekly blue channel perimeter? The high from last week at 1.2746 is still in tact, and with both bollingers capping price, it is going to take a leap to get over them all. Price currently is flirting with the lower edge of the regression channel, making room for a move up and also making a break downwards easier to commence. The 2 day Hull MA saw sustained price action beneath it yesterday for the first time since the 1.2287 low and sits at 1.2640 at the moment. This is the 'trend' for me and in order for it to go 'pink for down', we need to see price back underneath it again. Let the action begin!
With the US statements today, it is going to be eventful I am sure.
Last edited by Clivewaverider; 06-20-2012 at 02:31 AM.
i like the middle line in the 2nd chart which starting to turn from red to blue for a test . but i m not comfortable to trade today .
i have upload the chart i m following
Originally Posted by Clivewaverider
Slightly different 30min chart today: 8hr price channels (light blue) overlaid by 1 week (darker blue). The last channel in salmon (I know!) is a regression channel which provides an ongoing 'build' whilst the correct number of bars clicks into place. The 240min chart provides a larger perspective of the 30 min chart and shows the fib fan lines being played at the moment.
Anyhow, price made it up into the weekly Asian opening zone (green lines) last night before peeling back. At the 1.2730 high, price met both the 240min (red) and daily bollinger (white) SD bands (2.5x). The 240min has been pushing the price back all the way through this correction since 1.2287, so a response was perhaps no surprise.
So the question is, will price keep moving up towards the 1.2800-1.2840 area as per the weekly blue channel perimeter? The high from last week at 1.2746 is still in tact, and with both bollingers capping price, it is going to take a leap to get over them all. Price currently is flirting with the lower edge of the regression channel, making room for a move up and also making a break downwards easier to commence. The 2 day Hull MA saw sustained price action beneath it yesterday for the first time since the 1.2287 low and sits at 1.2640 at the moment. This is the 'trend' for me and in order for it to go 'pink for down', we need to see price back underneath it again. Let the action begin!
With the US statements today, it is going to be eventful I am sure.
i like the middle line in the 2nd chart which starting to turn from red to blue for a test . but i m not comfortable to trade today .
That is the daily SMA20 - centre of the daily bollingers. It is also exactly where the bottom 4hr bolly sits at the moment but is well under the 2 day hull. If it gets there (I'll be happy), may be we have our turn subject to retracement holding.
Not a lot going on at moment pre-statement.
Last edited by Clivewaverider; 06-20-2012 at 04:38 AM.
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Originally Posted by MOZI32
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