FOREX PRO Weekly June 04-08, 2012

rashidin5178

Sergeant
Messages
244
Anyone have any take on the current eurusd situation? I am honestly not sure what to think atm, because all fundamentals since the US NFP are actually pointing harsh negatives for the euro, yet it is still rising... *Shrug*.

As a bear, I am waiting to see if it will break 1.2455 level 'till I get slightly worried, although it is probably short term retracement anyway.
I'll be searching short entry around 1.2655 (MPP + 1.618 extension on H1 AB-CD). But again, who knows what happen later. Maybe market could show some respect for this level at least. Currently I'm long from 1.2391.
Thanks and Best Regards.
 
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Damian1987

Corporal
Messages
149
Now this is a crucial moment for market retesting the old 1.2455 resistance.. however 1.24947 is the NEW R1 and much stronger. This sort of behaviour leads me to believe the bears are still in control. For example it is clearly still a psychological level, and if market is struggling so much to break this level then how will it act at the real resistance which is 1.24947? I hardly think it will be able to pass it when it acts like this on only small / technically invalid resistance...

Since typing :p I see market has just broken through this minor level and heading for the next target which is 1.24947... I will be closing my buys just before this resistance & begin selling, for sure market will proceed downwards after it goes upto that level!
The area where we are standing now is a good selling spot, but my analysys coincides with Sive's in that "we might be in for retracement"...daily trend shifting to bullish, oversold conditions, extension targets reached on Monthly, weekly and dialy trime frames, u know what I mean? I expect some selling but not renewing lows right from this point. Anyways if this K resistance area holds I'll be looking to sell an upward retracement after 15M trend goes bearish.
eur-usd-4h.jpg
 

seedof

Corporal
Messages
99
if not that i've learnt hard lessons not to go against the trend i would have taken buy order before the close of market on friday because i'm expectin reestablishment of bearish movement until 2600 area where i've my pending order but will be watchn closly to see reactions at 2500
 

Louis123321

Corporal
Messages
166
Seems like market really is going for strong retracement.... I have my buys set TP for 1.26020 on all my buys, just before the 1.261 resistance.
 

Synchronicity

Sergeant
Messages
166
I honestly have no idea whether to buy or sell now .... Waiting sucks.
There are three valid positions. Long, Short and Out. :)

I don't know either so I'm out until it becomes clear - remember Joe DiNapolis words that "Loss of opportunity is preferable to loss of capital."

All the best

Michael
 

seedof

Corporal
Messages
99
and it does not cost anything to just exercise a little patience. i think 2600 area is sure however i don't think its wise buying now either. by the way anybody think gbpusd is also gonna retrace too? i was thinking its just not gonna be deep
 

asif faryad

Sergeant
Messages
194
I honestly have no idea whether to buy or sell now .... Waiting sucks.
Hi Mate,

One professional trader to a another, You should have a WRITTEN TRADING PLAN of your stragedy defining your edge.... And if according to your plan an opportunity occurs you enter it THATS IT!!! without any thinking of what you may think will happen or not... After this your edge will either work or not if it doesnt that should not effect you one bit!

You just move on to the next trade according to your plan.....

If this is not happening you need to review your plan otherwise you are not professionally trading just gambling..

I have quoted this One from my personal experience in the quest which i have achieved but is a daily ongoing exercise..from the book by Mark Douglas... As this is all you need to be successful as believe it or not you dont need to know much about the markets to earn money!!!!!

This is not a critism just hopefully to help... :))))))
 
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