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Intraday FX Player
- Thread starter CFerret
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Support level seems to be holding for now. I'm still looking for a bounce around here to the 5650 or thereabouts level. Haven't seen anything yet to change my mind about this. If/when I do, I'll yank those suckers in a heartbeat...
EUR/USD Daily --
http://i31.tinypic.com/29e0plg.gif
EUR/USD Daily --
http://i31.tinypic.com/29e0plg.gif
As an aside, there is an interesting diversion taking place on the EUR/USD 4 hour chart --
http://i29.tinypic.com/2w3vslh.gif
http://i29.tinypic.com/2w3vslh.gif
I didnt see much of anything today either to change the upward energy ....until just now, when it plunged some more.....now here's my updated trendline formation...........
I knew that the euro was needing to move up to and stay above 155 to have a chance to stay uptrend..... the big drop from 160...as I described last week, is like a super highway....or a rushing river cascading down..... and brings with it all the energy from all the previous tops 1.59 to 1.60.
Drawing trendlines from all those tops thru the obvious connectors.... shows a sharp drop....continuing as it has..... unless Euro stayed away from the cliff's edge....which was the march 23 point @ 153.50..........now it will be very tough for Euro to continue uptrend .... I would see a continued sideways slowdown until friday...and then either a big blast up to 1.56 area....or a plunge down to 152 area.
I knew that the euro was needing to move up to and stay above 155 to have a chance to stay uptrend..... the big drop from 160...as I described last week, is like a super highway....or a rushing river cascading down..... and brings with it all the energy from all the previous tops 1.59 to 1.60.
Drawing trendlines from all those tops thru the obvious connectors.... shows a sharp drop....continuing as it has..... unless Euro stayed away from the cliff's edge....which was the march 23 point @ 153.50..........now it will be very tough for Euro to continue uptrend .... I would see a continued sideways slowdown until friday...and then either a big blast up to 1.56 area....or a plunge down to 152 area.
Idiot market thinks the ECB might lower rates. Not likely.
Quote from Turhovach:
Well, so much for that. Eur/Usd just took a good dump. If I didn't know better, I'd be thinking here that tomorrow's decisions are already known, which of course is absurd thinking. Soooo, bite the bullet and get out of this sucker's way or join in for the ride...
Quote from Turhovach:
Support level seems to be holding for now. I'm still looking for a bounce around here to the 5650 or thereabouts level. Haven't seen anything yet to change my mind about this. If/when I do, I'll yank those suckers in a heartbeat...
EUR/USD Daily --
http://i31.tinypic.com/29e0plg.gif
Good chart and good analysis and you still might be correct at EOD if we get a wick under the support and body resting above support of even higher.
What makes money is how you develop and trade your analysis. Simply buying support and selling it's break would make money, but the real money is trading the small T/F. PA rose off this support, formed a triangle with a horizontal top with 3 hits... so sell resistance was the rule and that fell hard for an easy 65 pips.
Trading short like this is still not going against your big chart view. The falling knife reversal long (best seen on tick) would put you in a position to capitalise on your bigger view - which I'm watching as well because the 2 day chart shows this as crucial support.
If the reversal continues it could be a huge run up, but the rule is kick the participants out first. That could have been it.
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