Eurusd At Critical Mass

Discussion in 'Forex' started by VisionTrader, Aug 26, 2005.

  1. I am in no way a fibo, elliott or gann person or anything. I really know nothing about this stuff. I am a price trader who does not predict......however:D ....... I like to play around with some of the tools on my platform and I have always tracked closing prices in various markets.

    This is really interesting. I know there are 10,000 diffrent predictions on the EURO with about as many lines on the charts going every which way. Predictions are very cheap.

    Take a look at this chart and tell me what it means so I know where to place my bet please.

    There is a pitchfork stretched from the high (close) to the first pullback. As you can see the channel is very well defined. Interestingly price is closing right against the upper channel. Now the interesting part is the vertical line. I took one of those fibo cycle thingys and placed it on the low (close mind you) of October 24, 2000. Check out how the line intersects the reversal from last week and is moving up. I had to program some extra fibo's into the time cycle, but it is 1597 I believe.

    What say ye? I am trying to get at my retirement funds to bet it all:D
  2. JR97


  3. Holmes


    Alan H Andrews
    The Foundation for Economic Stabilixation

    The original course found on the internet

    Quote from lesson 4:

    Fees Case study Rules

    4. when prices reverse before reaching the ML, leaving a space, they will move more in the opposite direction than when prices were rising towards the ML


    So there is your Andrews Pitchfork answer.

    But to throw some oil on the fire: My system tells me that we are in no-no land, the recent big rally (end of July - middle of August) was not convincing (!) and the subsequent retrace was too far (and went too fast) for the start of an uptrend. And the upwards move of the last few days I am finding again to be sluggish (ie lacking much enthousiasm / participation).

    All I am doing at this moment is some swings and am not into the long term trading.

    I know this may not be the answer you are looking for but that is how I read the market at this moment technically.

    Fundamentally (funny mentals) the market would suggest a particular direction but the market can stay irrational longer than you can stay afloat.


  4. Holmes


    Interesting picture, what software are you using & can you make your own indicators?

  5. mhashe


    Looks like it's forming the right shoulder. Looks bearish. What's there to be bullish about the EUR anway?
  6. JR97


    It's all in Excel. And yes, I've made my own in Excel. Not exactly the easiest to do.
  7. I never trust line charts in any time frame.

    I think direction of eur will be down vs dollar in coming weeks, although it should go higher vs aud, cad and lower vs jpy. JMO's.