The bounce of a huge support means something to you? Totally meaningless after a huge selloff like that probably 80%+ chance of a bounce at such a big daily level. If you are bullish fine but last 24hrs action means nothing..
My Algo says that a huge sell off will start around 3:12 AM EST It is going to be an ugly day for Euro.
System has been out of whack since 8:30 am this morning. It did predict major reversal point at 910-915am.
I was short euro because of the huge Gartley (and MACD BB divergence) on the H4 and higher basis but NFP kicked me out. These crazy moves are really tearing my algorithms (read Expert Advisors) into pieces, they are just above water over the past 2 weeks. Dollar bears are going to get destroyed, deflation must occur, the debt must be washed out of the system. As debt is defaulted/printed/repayed there will be another scramble for dollars. If we test the lows in equities Euro will break down into the teens.
OK, here's the post where you mention the reversal gain. 9:10 to 10:00 am produced exactly 3 pips. You need to mention price/target/stop if you want to be taken seriously. Stating "100 pips" and then pointing out that "20 pips was there" is nuts.
I suggest you get a subscription to The Economist re: debt/GDP, per capita and trade and GDP-weighted statistics. So you're stating that as we deflate it becomes easier to pay back the debt?
You're right. The algo was knocked off around those eco numbers at 8:30. It did predict that those eco numbers would be a sell. It predicted a big move up starting at 10-1015am, but that move was of course down. The timing was pretty good still though. All in all you are correct, it wasn't very good today. No worries, there will be a big, big move tomorrow (algo says long dollar) and I will capitalize. I'll post entries. The toughest time to trade is from 8:45-9:30-- that's where I've blown out MANY accounts (If anyone knows you know how many times I've blown out). This algo should be used at more opportune times. Thanks for the replies.
Nowhere in there did I say debt would be easier to pay back. Dollars will gain in value as these black holes of debt destroy dollars.