that the Eur/Usd is building up momentum for the next big run. Unfortuneatly I can't get a good read on whether or not it will be up or down?
I over traded today. At the end, I ended up losing 1 tick and plus the commissions. At least, I made up for decent sized earlier loss. Chinook
Thanks Ebo. I'd like to go back and read what I wrote. That reminds me what the hell I was doing/thinking at that time We have a good mix of people here with interesting comments so people can read useful stuff besides my usual mumblings Chinook
I can't find the post that went to the elliot wave analysis, also is there anyway to get it in english? the link to english wasn't working. thanks
[00:55 EUR/USD: Slow Start To The Asian Session] Sydney September 15. A tight range of 1.2240/60 so far this morning, but market sentiment appears to be turning a little bearish as the 1.2300 offers prevail. There are stops at 1.2220, just below the overnight low at 1.2226 and if there is to be any volatility today, they appear vulnerable. <pre>| [ EUR/USD TRADING PAGE ] | [SPOT] |[TECHNICAL SIGNIFICANCE] |[RECOMMENDATION] | [POSITION] : 1.2385(M) |hourly highs Aug 16, 17 |flat on a failure | [FLAT at] : 1.2325(M) |daily high Aug 23 |flat on a failure | [1.2292] : 1.2305(M) |daily high Sep 10 |buy a break above | : 1.2290(M) |trendline resistance |expect stalling |Open|14/09/04 [1.2250] 01:00 GMT WED 15 SEP : | TIME 14 11| : 1.2225(M) |daily low Sept 13 |buy a bounce | | : 1.2205(M) |pullback low Sept 10 |buy a bounce |TGT | : 1.2160(M) |daily low Sept 9 |buy a bounce |Stop| : 1.2115(M) |failure highs Sept 7 |buy a bounce | ============|==========================|=========================|=============</pre>EUR/USD is consolidating the rally from 1.2030-1.2310 last week but the band is narrowing and now seems to be locked 0.2230/1.2290. This consolidation may need to continue for the next day or so. Intraday traders can trade the 1.2230/90 band but keep stops tight outside the range.Ultimately we prefer the rally to resume, close above 1.2310 signals upmove underway. I thought the pair hit it on nicely around 21:00 EST ... edit: It was a quick 8-tick long-affair after all, and the reports say : [01:31 GMT Sep 15th] USD/JPY remains ensconced in a core 109.50-110.00 range and it seems fading break-outs towards 109.00 and 111.00 extremes remains profitable. From an Asian high of 110.13 yesterday, it fell to as low as 109.37. USD/JPY is trading back at 109.65/70 at writing on the back of Japanese importer settlements at the Tokyo fix as well as short-covering, in this pair and in some of the yen crosses. No break-out near term is in sight with bids still seen firm in the low-109 area and offering interest strong towards 110.50, if not just above 110.00. Yesterday, Japanese exporters were repeat sellers on moves towards 110.10. Expectations for more range trading is evident in option vols. One-week vols are trading on the 7% handle now and term vols looks to be breaking back below 9%. On EUR/JPY, the bullish bias yesterday may have been a bit premature. Despite strong technicals, it seems fresh moves higher in the cross will require a decisive EUR/USD break above 1.2300, something that might not be in the cards yet. The cross fell to 134.10 overnight before stabilizing. With the market still seen long, some more weakness may be seen.
Anyone else seeing the flagpole that has formed on the 2hr charts especially? or the symmetrical triangle which favors resumption of the bull trend or the dominant trend.
I don't think anyone knows better than you. This is a worldwide casino Just bet a small % of your account, obey your stops and don't get too obsessed with your positions-- a little obsession is OK, we're all human. Chinook