I know, it's ricocheting between the range boundaries now. By the time we get used to it, the breakouts will come. Long, targeting 1.6540. It's about to form a perfect butterfly again, ready to be shorted.
Afraid what i fear for those majority who shorted. FXCM eur ssi is -1.35, majority shorted hoping for a break of 1.388.
Blood everywhere.
yes this is what i think . did any one thought of 1.3740 ??? . euro never broke this level so it meant that the downside was only a correction .... the real trend is still bullish ............
Sell Eur/Usd @1.4205 Today If Given Chance; Otherwise Sidelined
No compelling set-ups on Friday thus far, but the market already has the feel of a strong USD down day, with currencies pushing to fresh daily highs across the board. While we still hang on to our USD bull bias, it looks as though this could really be tested today as the major trades back towards the recent range highs. The key levels to watch over the coming session come in by 1.4140 and 1.4175 with a break above to accelerate gains to 1.4200 on what is sure to be some significant stop-hunting. Nevertheless, we think any rallies above 1.4200 should be well capped and we will look to sell by the 78.6% of the 1.4340-1.3750 move which comes in just over 1.4200 if given the chance. Strategy: SELL @1.4205 FOR AN OPEN OBJECTIVE, STOP @1.4355. Recommendation to be removed if not triggered by NY close (4pm ET) on Friday.
Just to share my personal experience
example when eur0 fail to close below 1.388x and bounce back above 1.39, those who shorted should be careful and close their position.
Now euro trying to close above 1.4100, same thing happening again.
There is always some kind of rejection near round numbers in forex.
Have to observe how it behave near such numbers.
Anyway, if u shorted, u r joining the majority and now more call to short at 1.42, I am sure more will join if it hit that, then the fxcm SSI will become even more extreme.
Well, go luck to you when you stand with the crowd.
Majority of crowd is loser, only about 10% win.
To be one of the winner, go against the crowd, have a sound strategy and u will stand out.
I know, it's ricocheting between the range boundaries now. By the time we get used to it, the breakouts will come. Long, targeting 1.6540. It's about to form a perfect butterfly again, ready to be shorted.
Hi melbgirl
Can you explain the butterfly pattern to me please?
Can you explain the butterfly pattern to me please?
Well, I hope this will do. Look at the charts with this in mind and try to see what happened after a butterfly was complete. Of course they have fibonacci numbers and all the world's wonders involved but I don't have the time to calculate those.
Just to share my personal experience
example when eur0 fail to close below 1.388x and bounce back above 1.39, those who shorted should be careful and close their position.
Now euro trying to close above 1.4100, same thing happening again.
There is always some kind of rejection near round numbers in forex.
Have to observe how it behave near such numbers.
Anyway, if u shorted, u r joining the majority and now more call to short at 1.42, I am sure more will join if it hit that, then the fxcm SSI will become even more extreme.
Well, go luck to you when you stand with the crowd.
Majority of crowd is loser, only about 10% win.
To be one of the winner, go against the crowd, have a sound strategy and u will stand out.
Stanchiam, SSI could stay at an extreme position for weeks on end. It in no way is a timing tool. Actually, it is practically worthless except for long term traders.
Stanchiam, SSI could stay at an extreme position for weeks on end. It in no way is a timing tool. Actually, it is practically worthless except for long term traders.
True, anyway here is my view on euro hourly chart
Is this the end of the correction?
If this is wave C and start of wave 3, then should be interesting.
Above 1.4140 the count will be invalid and call for strong upmove,
which will make following short on 1.42 dangerous.
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demeryt
Originally Posted by demeryt
Lucky you... I dont trade that much volumeIf that was you
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