I would wait to go short at just below your SL. I can always take the train downhill if it starts going that way
What if it never reaches the SL?
Euro Forex Pro Weekly 07-11 June 2010
- Thread starter Sive Morten
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What if it never reaches the SL?
wade pugsley
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If you could clarify when the "close on Monday" would be that would be great. Do you mean the close of the new york session... about 11:00am EST?
Thanks
Thanks
Sive Morten
Special Consultant to the FPA
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Sive Morten
Special Consultant to the FPA
- Messages
- 18,659
EUR/USD Update, Tue, 08 June
Hi there,
Not much to say, in fact. As we've expected, market has bounced from 1.1860 area of monthly Pivot support 1. There is no good Buy signal on daily - we can see some shallow engulfing, but day is not closed yet.
At the same time, on hourly chart there are some short-term bullish signs. First, after initial swing up market has retraced directly to 0.618 support. Second, trend remains bullish on hourly chart. If you want to trade today - probably intraday scalp trades are prefferable. As for me - I'll probably be aside today.
Anyway, I've post some levels for you - the first logical target from ABC-bottom pattern - OP=1.2035, but 1.20-1.2010 area - strong resistance - Fib confluence resistance, daily pivot resistance 1 and COP. Probably market will retrace lower from that level. Be carefull. NExt target is XOP=1.2111 and Weekly Pivot 1.2093. Ususally it trades by market during the week.
That's being said. No strong interest signals right now. If you want to trade - I recommend intraday scalp trades. I will be aside.
Hi there,
Not much to say, in fact. As we've expected, market has bounced from 1.1860 area of monthly Pivot support 1. There is no good Buy signal on daily - we can see some shallow engulfing, but day is not closed yet.
At the same time, on hourly chart there are some short-term bullish signs. First, after initial swing up market has retraced directly to 0.618 support. Second, trend remains bullish on hourly chart. If you want to trade today - probably intraday scalp trades are prefferable. As for me - I'll probably be aside today.
Anyway, I've post some levels for you - the first logical target from ABC-bottom pattern - OP=1.2035, but 1.20-1.2010 area - strong resistance - Fib confluence resistance, daily pivot resistance 1 and COP. Probably market will retrace lower from that level. Be carefull. NExt target is XOP=1.2111 and Weekly Pivot 1.2093. Ususally it trades by market during the week.
That's being said. No strong interest signals right now. If you want to trade - I recommend intraday scalp trades. I will be aside.
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Sive Morten
Special Consultant to the FPA
- Messages
- 18,659
Hi Chief,
For me it's not a DRPO - poor thrust down. Besides, DRPO is very unstable on intraday. It works, but worse than on daily and higher time frames.
I take my hats off to you guys, you guys are really persistant. I haven't been trading EURUSD for many days now. I still don't think it is time to trade. Still very choppy. But EURNZD is a good trade though.
Now I can see ABC and D forming at 1.2028. But it seems to selling bias right now. Anyway I have lost all confidents in this pair and won't trade until it starts getting more predictable.
Good luck
Now I can see ABC and D forming at 1.2028. But it seems to selling bias right now. Anyway I have lost all confidents in this pair and won't trade until it starts getting more predictable.
Good luck
Wait it out for now. The 1.19 is over sold so that is why it is not really falling but it is not going up because bad news from europe, well moderate keeps piling .Spain has announced strikes and the hungarian question still lingers. The Eu is hoping that the Brits will pitch in the euro bail out but they said no already 2 times so may be third time might be a charm.The Euro is as predictable right now as the zone itself. They got the money to save and do something but they don't want to end up losing more before recovering. The Us Recovery strategy and Japan have shown that the market needs to correct itself . If they invest , they might be postponing the inevitable .So while some agree to wait it out and see what will come out, others are saying lets us save europe.The world is in a mess and seriously there has never been no recovery since last year.Just government splashing stimulus money to make people believe in the lie. My take is that despite what you hear this is a big recession that will last 3 -5 years more since after Europe now within a year or so it will hit back at the US again. Hey we might never recover from this one who knows.Japan has been in recession for over 10 years and more now so what is next??????
Could be a "Double Repo Failure" instead, in my opinion.
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