Euro Forex Pro weekly 24-28, May, 2010

[Mandrake]

Hey auna, nice short entry. I long yesterday during the breakout but I wasn't confident and went out far too early after the longer green candle. May I ask where did you get your news from ? My bloomberg don't seems have anything on this. It is paramount for such breakout situation to determine whether it is a false breakout or not.

 

[bombermanpc]

Hi Everybody,
Now we stand at very important level - Weekly Pivot support 1. Market has reached it and bounced a bit. But, first we should to look at longer picture - daily time. There are two very important bearish signs. First - trend changing failure bar (three days ago) and second - dynamic pressure - trend turns bullish, but prices continue to fall down. It makes me think that new lows are very probable.
on 4-hour chart market has reached XOP target 1.2272, weekly pivot support 1 and 0.786 fib retracement level. This can make some support and market can retrace a bit higher. If this level will hold - then upside move become more probable , if not - be prepare for new lows. weekly XOP = 1.1968 nearest beacon.

auna, don't u think it's going to be bullish for euro, since the weekly pivot support withold ?

 

[auna]

Mandrake, what news in specific?
If About Asia then you got to see how it is buzzing all aroung.
Another downturn idicator was nearly all stock markets closing downwards
but as i said we are not out of the woods yet.The Euro might rise tomorrow (when Eu markets open) only if ECB decide to pump so more buys in. Otherwise the mood is panic again since the prevailing opinion that Many of the Eu countries will not be able to pay up the debt is getting more on the minds of speculators and the masses
I am still keeping my short for now with a TS on it.

BombermanPC.. The support held because the ECB intervened. I think next time the Euro goes down, we will see 119 or even 116.

I just want to say that no position is safe right now so scalp if you can.

 

[Mandrake]

I was referring to this news about ECB buying 108M. I can't find this piece of news anywhere on the internet, but you seems to know about it so you must be getting it from some reliable source which gives live news updates.

As for EUR movement I am in long after it closed at 50% fib lvl (1.2282) and above 20day MA. I am hoping it will continue to move up and make an ABCD (target at around 1.2470) before moving down again.

 

[auna]

Read about it on some russian channel

 

[Sive Morten]

EUR/USD Update, Wed, 26 May

G'd Morning ladies and Gentlemen

As I've said yesterday daily chart has a very bearish bias that has not changed since. I'll be searching for buy signal only if market will return upper than Weekly Pivot at 1.2467. Until that moment I think that we can reach new lows. And there is some on 4-hour chart that makes me think that this can happen even today.

Look at 2 last bars on 4-hour chart. This is a trend changing failure pattern. It means that stops that I've market should be hit. These stops are very close to minimum, so I expect that market will renew it. I'll try to enter short on retracement higher.
So, I will be looking for Buy signal only above weekly pivot. Daily bias is bearish, 4-hour bias is bearish. I want be a seller. target - new lows. I expect something around 1.2100 level. Probably weekly XOP at 1.1968.

 

[Sentinel]

there you go for free, otherwise you could go to dinapli page if you want original
this is the link Coast Investment Software Inc.

Hey Vix,

dinapli indicators.zip file looks corrupt??

 

[Sive Morten]

Hi Sive,

First off can I add my thanks to those already given for the time and effort you go to to post these updates, and give the explainations you give.

I've just read through your Scalp Trade Description for May 17th and have a question about Confluence resistance and Fib expansions.

On the 4 hourly chart you have placed 4 Fib lines in to give you an indication of where the Confluence resistance area is but I'm unsure as to why you have chosen those 4 specific peaks to start your Fib lines? Was it that you had lines from all peaks but that they were the only ones that gave good evidence of a strong resistance area? As an example I'm curently looking at the live EURUSD chart to see if something similar may happen but am unsure as to how best to find a strong resistance area using the Fib lines if the retracement holds.

Once thats worked out I'm also not quite clear on how you go about placing the lines to work out the Fib expansions to see if they come close to the resistance area?

Quite a lot to ask I know but I would be grateful for any advice on this even if it's just a link to an explaination elsewhere!

Also apologies if this is a little off topic for this thread, wasn't sure if you would check the Scalp Trade thread!

Thanks again

Chief

Hi, Chief
These questions are too large to answer here. In general, I try to show only imortant levels to forumers and hold charts as clear as possible, otherway they will be too heavy to read them. Of cause there are other levels can exist.

Concerning expansions. I just build them, but they not nesesary coincide with resistance or support. If they do it calls Agreement and add power to level.

Hi sive,

Looks like the bull is back for eurousd, is it still valid sive for weekly resistance 1.2780 n 1.30 for the retracement target ? or will it be lower? since there was a unpredicted down move

Hi bombermanpc,
I make daily updates and point my position there. For today, I do not want to buy, until we rise higher then weekly Pivot level.

HiSive

What's your take on this upward move on eurusd
Temporary or get in?

Jim

Hi Sive,

So I can know when to expect your responses, what time zone are you in?

Jim

I'm in Europe. Usually, I post my updates around 8-9 AM of CET (Central European Time) it's +2 to UK.

 

[Mandrake]

Eur now strong breakout downwards.

 

[Marau]

Eur now strong breakout downwards.

I`m already short. We`ll see...