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eurusd - 6E - ($) lines - euro topped ???
- Thread starter Wallace
- Start date
previous post was incorrect - notwithstanding friday's close was lower than last friday
i didn't expect the euro to run-up so high or stay there so long
i don't analyse other instruments in such detail as the 6E/eurusd, but you probably
know that the euro has a tendancy of repeating, that is it doesn't run in a nice easy
1 2 3 4 5 abc continue as some other instruments do, it forms what i refer to as ABs -
Reversal formations, so an ABC can form for example AB A, B, AB, C then the next wave
which is how i interpret - now, the 4H formation of the last 3 weeks - and 5 waves rather
than 3, plus a perception the whole formation is W 1, 2 and there'll be another wave up
conversely
when viewing the Daily - white MA C line - the formation appears now - with the 'additional'
run-up - to be the expected 3 wave Retracement correction - Wave B ? - prior to another
wave down - C ? - which has already begun ?
similarly, was the Daily Nov 25/09 - Dec 3/09 W 1, 2 or an AB ? and again on the Weekly
Oct 23/09 - Nov 27/09 - based on the white MA C line rather than highs, an AB or W 1, 2 ?
so for me - if not you - there's always alternates, sometimes an AB - but not always and
same same even on sub-minute charts, nothing is certain - so always remember that
'Chinese' proverb/curse â 'may you trade interesting charts'
i didn't expect the euro to run-up so high or stay there so long
i don't analyse other instruments in such detail as the 6E/eurusd, but you probably
know that the euro has a tendancy of repeating, that is it doesn't run in a nice easy
1 2 3 4 5 abc continue as some other instruments do, it forms what i refer to as ABs -
Reversal formations, so an ABC can form for example AB A, B, AB, C then the next wave
which is how i interpret - now, the 4H formation of the last 3 weeks - and 5 waves rather
than 3, plus a perception the whole formation is W 1, 2 and there'll be another wave up
conversely
when viewing the Daily - white MA C line - the formation appears now - with the 'additional'
run-up - to be the expected 3 wave Retracement correction - Wave B ? - prior to another
wave down - C ? - which has already begun ?
similarly, was the Daily Nov 25/09 - Dec 3/09 W 1, 2 or an AB ? and again on the Weekly
Oct 23/09 - Nov 27/09 - based on the white MA C line rather than highs, an AB or W 1, 2 ?
so for me - if not you - there's always alternates, sometimes an AB - but not always and
same same even on sub-minute charts, nothing is certain - so always remember that
'Chinese' proverb/curse â 'may you trade interesting charts'
Attachments
after a large rise/decline on a friday with a 'small' rally in the opposite direction there's
usually a sun/mon up/down gap opening, which is usually a guaranteed win trade as the
gap gets closed - most traders know this
trading at Oanda is 24/365 tho they go to 'weekend' spreads weekend and holidays so
the eurusd spread goes to 10pips, anyway there's usually some trading being done prior
to the time most other fx brokers open - 3pm pst - and sometimes it gives a clue to where
the price will open or how the early trading will go; you don't need an account with Oanda
they have an unlimited demo FXGame: http://fxtrade.oanda.com/forex_trading/fxgame/
if you want see the 'pre-market' prices, and i'm writing all this because it may be of interest
and because 'someone' began trading at about 9:45pm pst on Saturday night - earliest i've
seen. left chart 60min, right chart 1min, time on charts is incorrect by +1 hour
oops ! got that wrong, that start time was sunday at 9:45am pst
usually a sun/mon up/down gap opening, which is usually a guaranteed win trade as the
gap gets closed - most traders know this
trading at Oanda is 24/365 tho they go to 'weekend' spreads weekend and holidays so
the eurusd spread goes to 10pips, anyway there's usually some trading being done prior
to the time most other fx brokers open - 3pm pst - and sometimes it gives a clue to where
the price will open or how the early trading will go; you don't need an account with Oanda
they have an unlimited demo FXGame: http://fxtrade.oanda.com/forex_trading/fxgame/
if you want see the 'pre-market' prices, and i'm writing all this because it may be of interest
and because 'someone' began trading at about 9:45pm pst on Saturday night - earliest i've
seen. left chart 60min, right chart 1min, time on charts is incorrect by +1 hour
oops ! got that wrong, that start time was sunday at 9:45am pst
Attachments
continue small correction, possible breakdown begins Wed 27 ? eventually down to
1.3750 area ?
FOMC announcement is also on Wed, 11:15am pst, 2:15pm est - just before the
new trading day changeover, and last time Bernanke chairs the meeting ?
4H and D charts, new fibos and SECs
1.3750 area ?
FOMC announcement is also on Wed, 11:15am pst, 2:15pm est - just before the
new trading day changeover, and last time Bernanke chairs the meeting ?
4H and D charts, new fibos and SECs
Attachments
last week the euro broke below the 1.3750 / 61.8 area, bouncing off the intersections of
both Daily and Weekly sec lines and closing above its low
i expect this week to be an 'up week' in the form of a correction before resuming the fall
next week; question is if the correction will complete this week or next - ie when to go
short again, or, could the correction last for 3 weeks ? or, has the euro bottomed â
started the bottoming process ? or, will it hit 1.34 ?
still using above charts/lines - secs adjusted
both Daily and Weekly sec lines and closing above its low
i expect this week to be an 'up week' in the form of a correction before resuming the fall
next week; question is if the correction will complete this week or next - ie when to go
short again, or, could the correction last for 3 weeks ? or, has the euro bottomed â
started the bottoming process ? or, will it hit 1.34 ?
still using above charts/lines - secs adjusted
when i started this thread is was anecdotal, about arbitrary trendlines
i didn't intend it to be a 'my calls' thread and still don't, however there's been a couple of
reasons to make this mid-week update, one is that there's a larger quantity of people
viewing the thread than i expected and second, todate my weekend postings have seen
targets completing on the following Friday, however i think the top is in and the downturn
has begun, earlier than i expected, so here's the post to inform you - 'correction over' -
i think, i'm a day early ?
i didn't intend it to be a 'my calls' thread and still don't, however there's been a couple of
reasons to make this mid-week update, one is that there's a larger quantity of people
viewing the thread than i expected and second, todate my weekend postings have seen
targets completing on the following Friday, however i think the top is in and the downturn
has begun, earlier than i expected, so here's the post to inform you - 'correction over' -
i think, i'm a day early ?
Attachments
you think the correction in Euro is over?
i cashed in nice
buying under 1.36 levels last week...
most all my longer term technicals were hit below 1.37,
but the whole greece and whatever else news
has thrown a kink in the technicals, imho.
we pick the bottom on this one,
which could have come last week,
or may come this upcoming week,
and euro will be a cash cow
for all who choose to pull up a three legged stool...
buying under 1.36 levels last week...
most all my longer term technicals were hit below 1.37,
but the whole greece and whatever else news
has thrown a kink in the technicals, imho.
we pick the bottom on this one,
which could have come last week,
or may come this upcoming week,
and euro will be a cash cow
for all who choose to pull up a three legged stool...