Euro Forex Pro Weekly, 26-30 July, 2010
- Thread starter Sive Morten
- Start date
TraderJoe99
Recruit
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4 Hour buy off 8ema? .2955 to .3050? Then sell to S1 weekly?
What are the chances for a "rinse and repeat" of your original buy set up only now off of the 8ema on the 4 hour, if upside momentum still prevails during Asia/London if there is a dip to be bought for bulls?
Views on this setup: Buy .2950 TP .3050
Maybe a sell at .3050 to .2912 (300sma) for fresh buy there up to .31**?
Both of my EA's favor short side, .3114 stop, though summer chop is not their best range to trade.
Might be like a "Bugle" range trade?
What are the chances for a "rinse and repeat" of your original buy set up only now off of the 8ema on the 4 hour, if upside momentum still prevails during Asia/London if there is a dip to be bought for bulls?
Views on this setup: Buy .2950 TP .3050
Maybe a sell at .3050 to .2912 (300sma) for fresh buy there up to .31**?
Both of my EA's favor short side, .3114 stop, though summer chop is not their best range to trade.
Might be like a "Bugle" range trade?
US Stock Market again closed undecided. Currency is probably gonna continue its crappiness. Advise you not to enter unless it hits around 1.3090 - 1.31xx or close to it. You may consider selling when signal is clearer. Right now I am also seeing a ABC and D at around 1.3110. Its in direct relation with our XOP target. That is what I will be watching.
Nice!
Thanks mandrake, for sharing your ideas with us. so is there a good idea to get in short if market reach XOP or 1.31xx?
Thanks mandrake, for sharing your ideas with us. so is there a good idea to get in short if market reach XOP or 1.31xx?
Hi Ghazali,
I see that you have been following this forum for a while now. This questions has been asked several times. The answer to this is always dependent on the trader. If you are a risk taker you can enter as soon as the price is reached.
For me I always wait to look for a bounce back; like a tennis ball hitting a wall. Its a good sign that a lot of people are selling it. Sometimes I will wait for the hourly candle to close and watch the 2nd candle form for a while before entering, as sometimes there can be some retracement or to get a clearer picture.
So its entirely up to you. Most importantly you need to know how to read candle sticks and how much risk you are willing to take
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Sive Morten
Special Consultant to the FPA
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EUR/USD Update, Wed 28, July
Hi, friends,
Today's update I suppose will be almost a twin to yesterday's one. For now is obvious that people are waiting for GDP release.
At the same time, we have almost 5 days in a row with MACDP failure pattern. For last 5 days in the beginning of the day, trend has turned bearish, but at the end - didn't confirm that signal. It's a bullish sign.
There were 2 oportunities to enter market - on Monday, around 1.2890 and yesterday 1.2950. We've talked about these levels in our weekly research and yesterday's update. But let's look where we are today...
This is a hourly chart, you can clearly see Diamond reversal pattern. Although I'm a sceptical about this and rare rely on such patterns. What is obvious - it's obviously wrong.
Just below this diamond consolidation hourly Confluence support that creates and Agreement with COP target. Even if market will break to the down side, I think that this is not bad area to enter long with daily XOP target at 1.3133.
So, that's being said. I'm bullish now. I think that market should reach XOP. It does not mean that it has to, but this is a normal price action. If Diamond formation will show break to the downside - I expect failure around 1.2950 area and think that this is good area to enter long.
Hi, friends,
Today's update I suppose will be almost a twin to yesterday's one. For now is obvious that people are waiting for GDP release.
At the same time, we have almost 5 days in a row with MACDP failure pattern. For last 5 days in the beginning of the day, trend has turned bearish, but at the end - didn't confirm that signal. It's a bullish sign.
There were 2 oportunities to enter market - on Monday, around 1.2890 and yesterday 1.2950. We've talked about these levels in our weekly research and yesterday's update. But let's look where we are today...
This is a hourly chart, you can clearly see Diamond reversal pattern. Although I'm a sceptical about this and rare rely on such patterns. What is obvious - it's obviously wrong.
Just below this diamond consolidation hourly Confluence support that creates and Agreement with COP target. Even if market will break to the down side, I think that this is not bad area to enter long with daily XOP target at 1.3133.
So, that's being said. I'm bullish now. I think that market should reach XOP. It does not mean that it has to, but this is a normal price action. If Diamond formation will show break to the downside - I expect failure around 1.2950 area and think that this is good area to enter long.
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