The View Down River

Quote from BLR:

Lorenzo:

I assume you went short at 1913. What do you think is a reasonable downside target.

Resistance seems to be at 1873 - 1850 and if that gives away 1770. I don't expect 1873 to give way but....

I am looking for a long position although the picture is far from clear. As indicated, the 12024 is still a target in my view and the big picture at this point is still for the Euro to head higher over the intermediate term.

Good luck on your trade.
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sorry for the delay but i've another job from 5.00 to 7.00CET so i've been unable to answer ...
i'm sorry for my english as well, i'm not used to write therefore some thought would be not so clear.
however, i went short today on 2 occasions: @1937 and @1913. so right now i'm in a full position short @1925 average.
unfortunately an hourly closing below 1915-20 hasn't occurred yet, so the chance for an upward movement is still in place.
i've put my stops @1949 and @1953.
if the euro will take these levels tonight we'll see a close above the SMA100, and 1.20 will be on aim. i would remind you that this is a very important level to decide where the pair is heading for.
it's a very tricky situation and i'm probably going to lose some money due to my tight stop.
i've set the first profit @1867. the second @1815 but i think it's a little early to discuss about it:)
if i'll change something i'll let you know promptly.
ciao;)
 
Hello everyone. I have been away for a couple days. Looks like you guys are keeping things going. Thanks.

Right now I have a key short term level at 1.1930 (EC).

Above targets 1.1962 then 1.1997

below targets 1.1900 ten 1.1869


I got long last night in the Asian session . This morning I was way up. Now I am back where I started. Whoa. Big selling up above. I am still long at 1.1930.

Looks like we just can't make a meaningful breakout right now.

I will try to look back thru the journal tonight to see what's been happening.

Good trading
DRT
 

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This is an interesting chart. Long term, but accurate. This explains the hard turn back today. Likewise, it tells me that if we are successful at taking out this level of 1.1973 ish, then we may see some upside potential. First target could be 1.2197 and more logically the 100% level of 1.2560.


On the flip side, if it rejects again, we may really head down. Mayber to 1.000. :p
 

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For you SPOT lovers.

Here's the spot chart, same configuration. This one was right on with the resistance. Amazing when you think about it.

I really do not use any Fibs for day to day stuff, but this long term stuff just amazes me sometimes. No wonder I read the Da Vinci Code without putting it down.

DRT
 

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I use Elliott Wave an find it useful especially on the longer term charts. The decline from the high in Dec 04, to the November 05 low completes a 5 wave decline. The 12653 area is a 50 % retracement of that downward move. I'm using a weekly chart for this. This should represent the minimum retracement.

My long term chart shows an eventual correction to 1.1000. Wouldn't it be nice to short a 5 lot at the 12650 level for that decline. Better keep our feet on the ground I guess.

I am watching the 1930 area with a view that a retest of the most recent top may be in the cards.

Lorenzo, good luck on your trade. The way the market is acting at this point it could go either way. No worries about your English it is excellent!

Eventually this market has to commit. Can't be a bridesmaid forever.

Good luck to everyone
 
Whew! Are you sure it was only wine, not Scotch. Oddly enough this is a very accurate answer. I am amazed.


Quote from HooLee:

A glass of wine at the dinner table makes things interesting... I see a "River"!

It runs to the left, stalls, then it runs to the right, and stalls again. The cycle repeats itself endlessly.

Where is this "River" leading? For that I may have to have another glass of wine... but who cares? After it stalls and builds a small pond or a large reservoir, it will then overflow or break the bank and get going. If we view it in a three-dimentional way, we want to see which part of the bank is lower, or weaker.

To me its pretty random anyways, but one thing is for sure: I want to float along with it, not against it.
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DRT,

Excellent charts

Here is a similar chart for the dailly yen with Fibonacci price extensions.

How did you get tradestation to save as a png file?

thanks
 

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Looks good. What's your prognosis based on this chart?

PS - I save the chart to my desktop or file. Then use MS Paint to open it. Then just "save as" a .png file. It will be in the drop down box as a choice. Also, try to make your charts smaller or they open up BIG and are hard to read.


Quote from spersky:

DRT,

Excellent charts

Here is a similar chart for the dailly yen with Fibonacci price extensions.

How did you get tradestation to save as a png file?

thanks
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