Discussion in 'Forex Trading' started by speculatorking, Aug 23, 2005.
see the pic
Can you please explain the rationale behind your call? I give you kudos for stating that you call a 1.13 EUR by NOV 5th (provided this post doesn't vanish mysteriously) but anyone can draw a pic. I'd be curious to hear why you believe what you do.
I think for many ppl the picture is the rationale -- whichever outcome makes the prettiest picture, that's the call I suppose.
First,i am sorry for my word because the english isn't my native language.
I would try to explain my basic technique for forecast : Fibonacci in prices and times. There are many Fibonacci
in prices and times of forex chart , i think it's so frequent and cann't be explained by probability or random.
pls see the attach pic first (eur/usd weekly chart from MT).
A: 02/20/04 , 1.2932
B: 04/30/04 , 1.1759
C: 12/31/04, 1.3669
D: 07/08/05, 1.1867
E: 08/19/05, 1.2467
F: 11/04/05, 1.1309
U may see some great Fibonacci.
price : AB*1.618=BC , time:AC*0.236=AB
price: CF*0.5=CE, CF*0.618=CD, CB*1.236=CF
time: CF*0.618=CD, CF*0.764=CE
The Fibonacci is only one reason. Other, Auto Trend Channels also support my forecast, the FED will release interest rate in Nov. 1.etc...
Very interesting to see further down the road. The only thing in technical analysis that has my trust is Fibonacci numbers.
As for the Fed releasing interest rates, they've been doing that all along.
I think that the FED release interest rate in Nov. 1 may be a trigger. If they want to tell market that they will stop increase rate, the Nov. 1 may be a good day.
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