I think I also see bearish flag forming on daily tf
FOREX PRO Weekly May 27-31, 2013
- Thread starter Sive Morten
- Start date
I think I also see bearish flag forming on daily tf
Personally, I hate trading against daily trend. Daily trend has been bullish this whole week and yesterday attempted push down. However, as you can tell, this did not succeed and I believe (correct me if I am wrong please) we have Bullish Daily Stop-Grabber.
4H timeframe is also bullish now. Hourly timeframe however, is bearish but maybe we will see some sort of bullish dynamic pressure or something on the hourly.
We have 1.3000 as the nearest highs. Based on SG, this means 1.3000 should be taken out.
I personally am bullish now on EUR/USD, at least in the near future, until market shows some sort of bearish action. I am looking to buy the dip so hopefully market will allow me to join the party to the upside here...
4H timeframe is also bullish now. Hourly timeframe however, is bearish but maybe we will see some sort of bullish dynamic pressure or something on the hourly.
We have 1.3000 as the nearest highs. Based on SG, this means 1.3000 should be taken out.
I personally am bullish now on EUR/USD, at least in the near future, until market shows some sort of bearish action. I am looking to buy the dip so hopefully market will allow me to join the party to the upside here...
LeoDvinchi
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I add a snapshot of the Dollar Index ( Day chart), I think it can tell us something
Last week we had one of the highest volume days in many many months (futures) and the DX suddenly stopped. Right now, we are at the bottom range of that candle (red arrow). If it doesn't hold, we will get a correction in the DX index. Ironically that high volume candle corresponds to the 200% fibo extention of the Cyprus candle I posted several times in the past
If the DX falls, then EUR will most likely go up, perhaps not much, because other currencies might correct even more. I still have in mind April's monthly engulfing candle, which has not been invalidated, soI would not be surprised to see a trust up until the next NFP and then ......... surprise, surprise!!. We will see if the pattern keeps repeating itself ( NFP => change in direction on high volume)
I will personally do nothing, every analyst says "Euro down" and I find that suspicious. Hence, better to be angry for not being inside the trade rather than being angry for being in; I have been burned too many times in the past.
Last week we had one of the highest volume days in many many months (futures) and the DX suddenly stopped. Right now, we are at the bottom range of that candle (red arrow). If it doesn't hold, we will get a correction in the DX index. Ironically that high volume candle corresponds to the 200% fibo extention of the Cyprus candle I posted several times in the past
If the DX falls, then EUR will most likely go up, perhaps not much, because other currencies might correct even more. I still have in mind April's monthly engulfing candle, which has not been invalidated, soI would not be surprised to see a trust up until the next NFP and then ......... surprise, surprise!!. We will see if the pattern keeps repeating itself ( NFP => change in direction on high volume)
I will personally do nothing, every analyst says "Euro down" and I find that suspicious. Hence, better to be angry for not being inside the trade rather than being angry for being in; I have been burned too many times in the past.
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Hi Sive. Thanks again for all your hard work in analysing this market so neatly. I find really important to know where the invalidation points stand so we can trade accordingly. I use this day by day along with my pre defined intraday resistance and support levels, very useful indeed. Have a great day.
RahmanSL
Major
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......hmmmmm....seems like the Euro Zone are not quite finish with making money from the forex market for their monthly payroll and expenses....1.299 levels and seems hell bend on touching or even breaking resistance??
...hmmm.. most probably payroll & expenses for month of May 2013 was higher than expected
I supposed the Americans will soon kick-in with recouping their monthly payroll & expenses and the EUR/USD will probably sky dive....
...hmmm.. most probably payroll & expenses for month of May 2013 was higher than expected
I supposed the Americans will soon kick-in with recouping their monthly payroll & expenses and the EUR/USD will probably sky dive....
......hmmmmm....seems like the Euro Zone are not quite finish with making money from the forex market for their monthly payroll and expenses....1.299 levels and seems hell bend on touching or even breaking resistance??
...hmmm.. most probably payroll & expenses for month of May 2013 was higher than expected
I supposed the Americans will soon kick-in with recouping their monthly payroll & expenses and the EUR/USD will probably sky dive....
Probably not. Maybe a retracement after hitting 100% of upward AB-CD on daily but right now seems pretty bullish. We have 25x5 SMA at around 1.3100 so maybe market will touch that level and then respect the 25x5 SMA. Only if market will take out 1.2850 will I start to think about shorts. Right now, I am bullish and will wait for retracement to long this dip.
Note that daily overbought is @ around 1.3100 area also so expect some respect at 1.3100. Maybe this will give us the dip to buy into.
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O
Agree with you, from current area I will scale in short position targeting 1.287-1.291 area. From there I will long, targeting >1.314-1.32.
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