Wallace Euro Trades

I didn't expect Friday's downside to happen so fast - limited forward thinking —
what else was the price supposed to do after a substantial retracement ?

could the price go back up again ? 1.4285 area ? an Up session ?


Monday May 16 session: Sunday: 2:00pm

while that 'adjustment' was a help on Thursday, it's back to the usual

the 4H looks like a correction's completed and the next wave down has started
Oanda's price has seen a low of 1.40693 , 40 pips below Friday's close, price is now
rallying - an rc rally that lasts the opening hour but no longer ? spot 1.4110 area ? -
close the gap ?
downside estimate is for 1.3900 area, and a fallthru is a possibility

previous 'correction can last till July, down to around 1.3655 ' price wise ok but time
wise, could be a Lot sooner; possible break around 1.3850 area
these prices are a combo of fibos and secs intersections
 
no wonder the euro was so weak early on - Strauss-Kahn

another focal point was the sdcs I have on the 4H; the price had penetrated the mls
and closed on or above them, and I hadn't anticipated another penetration before rallying
having now adjusted the sdcs the C of that second penetration bar sits on the mls with a
small penetration of session's H on the upper outer sdc line - is the rally over ?
disclaimer: repeated use of 'penetration' is entirely unintentionally and unrelated to S-K

the price certainly closed the gap and made a large rc, but ending in no-man's land again
so far as other major fibo levels are concerned - same with spot
then there's the 'adjustment'; I'm having to run both the unadjusted and adjusted at least
for the time being only if to see if one is 'better' than t'other
and the waves; and none of the above helps at this moment to make a clear interpretation
of what's next and whether or not the price will re-rally

6E-spot spread now about 7 pips


Tuesday May 17 session: 3:00pm

the price is just about sitting on 'significant' - well 'meaningful' lets say fibo levels, but
it still doesn't help me determine whether or not it's all down from here or there'll be
another rally back towards the previous high, Friday's H or even last Wednesday's H

today 'should' be a Down session and the new downside series of waves, but there may
be some upside first, then a decline beginning late in the session ?
 
FOMC Minutes 2pm EST

it's quite a puzzle to me what's going on with the price
I had thought that the down part of the wave ended last Tuesday and what followed
was the correction prior to new downside; now I'm wondering if the downside didn't
end until Monday, and we're now getting some correction, even tho the whole of the
Monday till now formation is not conforming to My wave expectations ! !


Wednesday May 18 session: 4:00pm

because of the above, several scenarios present themselves:
- price could drop to the previous low and form a base from which a say five day rally
begins as a correction of the downside to date
- correction continues into the Thursday session, 1.44 area, begins a decline in that
or early Friday session
- similar to first but without basing
- no more downside. the correction completed and it's all up from here including a
new high to come
 
another up session ?


Thursday May 19 session: 2:45pm

down to 1.4185 again ? 1.4201 ? then a rally
first target 1.4330 then 1.44+
 
I recently placed an mt LRChannel on the Daily and found Monday's low hit the ml
the problem with the lrc is that it's fixed - no user inputs so it's either going to work
for you or not - can't place a second lrc and reduce it by 50%
looking at the 4H and the 2 time target methods, the price could start to decline in
this session, Down
alternately the price could continue rallying till Tuesday and then begin a decline
then, or Wednesday, and I'm favouring this idea of a continued rally


Friday May 20 session: 3:00pm

although the price didn't get to the 1.4330 target - last Friday's HH, yesterday's HC
was higher than Friday's
it may be that most of this session is down, with a late rally
upside fibo level targets besides yesterday's 'previous highs' are 1.4352 , 1.4372
 
W, just read your whole thread, you work hard there bud. If I may add the following on Spot EUR/USD,

Based on nothing but price, no indicators or trendlines, I see the following.

Weekly retrace heading to a possible down trend

Daily downtrend appearing to be in first wave start.

Following step/pauses down, 1.4000, 1.3500, 1.3000, 1.2500, 1.2000.

Hey how come price pauses every 500 pips more or less???

Oh also this, 1 hour in a random slow drift higher, no conviction , no momo, just drift.

Anyway I enjoy the commentary, and if you want to delete my post no prob, I am not a hijacker.

The Ever Looking For The Elusive Yard VIPER
 
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