Sean, you are right that bulls are in control but that's a risk I'm willing to take. 1.4725 area gives a good confluence to short IMHO. As you can see from the chart that blue trendline held as support for some time and now is acting as resistance. That's the last stand for bears to take the price down. If the bulls manage to break it and move the price above then all the bets are off and new highs are likely.
The problem with trendlines is you can usually make it work more than 1 way. I adjusted your trendline just a little and now resistance is at above 1.48.
The Euro continues to strengthen against the US Dollar and the Euro reached 1.47 which was yesterday’s target. Today the trend remains bullish and will continue to do so as long as price trades above 1.4645 which is the overnight low. Given the positive trend we assume that EUR/USD will reach 1.4750 in today’s trading session which is in the region of the lows of the major EUR/USD top from the beginning of May 2011. A breakout below 1.4645 means the end of the bullish trend and a move to 1.4565 is expected in this scenario.
EUR/USD 30 min chart
Regards Alejandro Zambrano
Currency Strategist | DailyFX Forum (London) azambrano@fxcm.com
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crab or bat (point B in fe38 of XA)- that's why two different targets
This is how a bULLISH crab, or BULLISH BAT looks like.......
so its definitely not a crab.... in Bullish crab D cannot be ABOVE ` X`.. it must be below `X`
Ur bullish bat is possible...
but again....one basic rule to follow making any of these Chart patterns...
AB = CD,
Guide lines pics r below.....
Correct me if im wrong...........
GUD LUCK n HAPPY TRADING.....
Last edited by chaudhry; 06-08-2011 at 05:37 AM.
Reason: mistakenly deleted pic coz lack of storage space..:-(
These r the two possibilities im seeing on 5 min n one Hr chart....
Convergence of fib levels of XA with CD leg is important,
almost 60 % of the time AB=CD,
but if CD is extended, there must be a small ab=cd pattern inside the big AD leg.
angle is important while drawing these patterns....
Usually AB and BC legs decide where the possible D can be....
I hope it make sense to all of u, if anythin correct me....
This is how a bULLISH crab, or BULLISH BAT looks like.......
so its definitely not a crab.... in Bullish crab D cannot be ABOVE ` X`.. it must be below `X`
Ur bullish bat is possible...
look what is difference between crab and bat - point B and point D. On my chart B is the same for bat and crab. Only point D can be different -that's why I wrote that target's can be 4573 (for bat) and 4495 (for crab). http://zmarketcalls.files.wordpress....l11-798787.jpg
Originally Posted by chaudhry
but again....one basic rule to follow making any of these Chart patterns...
AB = CD
look what is difference between crab and bat - point B and point D. On my chart B is the same for bat and crab. Only point D can be different -that's why I wrote that target's can be 4573 (for bat) and 4495 (for crab). http://zmarketcalls.files.wordpress....l11-798787.jpg??
ok....
I don kno wht rules u follow while making these chart patterns.......
But AB=CD is the basic rule we follow when making these chart patterns...
where.. AB=CD is equal in TIME, ANGLE, Length,
this is called SYMMETRICAL pattern,
But many times CD is an extension of AB, which can be 1.27 to 2.618
and its angel and slope is wider or steeper then AB,
But the key lies in identifying the BC leg,
CD leg phenomena can be described as follows....
If the CD leg is made in just a few
bars, this strongly indicates that the CD leg is going to be an expansion of
the AB leg.
if all of these r not present then its not a VALID pattern.
...
i can go on n on explaining it to u......:-) its a very big subject not just drawing lines,
im still a learner, seeking knowledge from where even i get......
GUD LUCK n HAPPY TREADING.....
Below is a EUR.JPY pair i ve been trading for the past few days,
im amazed to see how these patterns r formed back to back n played very well......
During the Asian session last night we were seeing the EUR/USD start to fall and waiting for Euro Zone GDP to really see where the market was going. Unfortunately, the Euro Zone GDP numbers were just as expected and there has been no clear direction established. The EUR/GBP short I had, was stopped out and it looks like this pair may even continue higher. My EUR/JPY short saved me and made the overnight session profitable but I have taken profit on this pair for now. The market does not seem to be totally committed to moves on Euro pairs and we may be waiting for European Central Bank Rate Decision tomorrow. The ECB Rate Decision is always highly anticipated but this one is even more so due to expected hawkish language and higher inflation forecasts.
currently trading lower highs and confirmation of breakout of last nights low
A breakout below 1.4645 means the end of the bullish trend and a move to 1.4565 is expected in this scenario. (from Alejandro post this morning-good drills sir)
however this may be just short term bearish correction, will will see later. Closed out 9 shorts from the tops of yesterday and closed them at 14645 pivot area. If price holds below the pivot of today then i shall continue in scalp mode heavy shorts small TF 5 min through to 30 min max.
tried posting my chart but i got far too many to delete before i can re post it so shall clear it later. I waitied up all night babysitting my shorts from just under 14700 mindfull that if it broke 14700 then more hedging for me!! So, up all night for this move and for the UK where i am thats just a hell of a lot of tea and custard cream biccies... moans from the wife for restless sleep, but now she smiling and beckoned back to the kitchen !!!!!
Last edited by cw1; 06-08-2011 at 06:48 AM.
Reason: spell mistake
A breakout below 1.4645 means the end of the bullish trend and a move to 1.4565 is expected in this scenario.
however this may be just short term bearish correction, will will see later. Closed out 9 shorts from the tops of yesterday and closed them at 14465 pivot area. If price holds below the pivot of today then i shall continue in scalp mode heavy shorts small TF 5 min through to 30 min max.
tried posting my chart but i got far too many to delete before i can re post it so shall clear it later. I waitied up all night babysitting my shorts from just under 14700 mindfull that if it broke 14700 then more hedging for me!! So, up all night for this move and for the UK where i am thats just a hell of a lot of tea and custard cream biccies... moans from the wife for restless sleep, but now she smiling and beckoned back to the kitchen !!!!!
gud drills sir.....
Presistance pays....
glad it hit ma target on 5 min t.f...
Should we go long for some scalping now....? ;-)
A breakout below 1.4645 means the end of the bullish trend and a move to 1.4565 is expected in this scenario. (from Alejandro post this morning-good drills sir)
however this may be just short term bearish correction, will will see later. Closed out 9 shorts from the tops of yesterday and closed them at 14645 pivot area. If price holds below the pivot of today then i shall continue in scalp mode heavy shorts small TF 5 min through to 30 min max.
tried posting my chart but i got far too many to delete before i can re post it so shall clear it later. I waitied up all night babysitting my shorts from just under 14700 mindfull that if it broke 14700 then more hedging for me!! So, up all night for this move and for the UK where i am thats just a hell of a lot of tea and custard cream biccies... moans from the wife for restless sleep, but now she smiling and beckoned back to the kitchen !!!!!
A growth rate of .8 percent in the EU is going to make it more difficult for Mr. Trichet to justify rate hikes going forward.
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Originally Posted by JimboFX 
currently trading lower highs and confirmation of breakout of last nights low
