EURUSD with important Key Level at: 1.4176

Discussion in 'Forex Trading' started by forexbullbear, Jun 23, 2009.

  1. Hi,

    How is your trade on EURUSD?
    I think we have the important key level at 1.4176 here, this level should show us what should be the next possible move.

    If we view it as bearish, we should see price move much lower as long as it stay below 1.4176

    Because, we will have a possible move in this count in daily chart.

    If price move over 1.4176, we might have more bullish as the bigger wave C may not yet in place.

    Let's see what EURUSD would do next :D
  2. Classic.

  3. nice call!
  4. Not to take away from the OP, but it was a lucky call. Wave theory cannot get the credit when it was the SNB that decided to shed billions of CHF.
  5. Was it even a call? All he said was if res holds, we go down, if it doesn't, we go up.

    In addition, price fell short by 40 pips of even testing the res area so it's debatable whether we've even tested that level yet.
  6. I was giving the benefit of the doubt considering two previous posters were trumpeting the "good call". Wave theory usually doesn't make "calls". It usually just states we could go up or down :)
  7. da-net


    you make a very interesting point. what is close enough to be acceptable in a pivotal area? does it have more to do with the time frame for the tolerance allowed? so, is 40 pips close enough on daily bars, but too far on 1H bars or is it only in the eyes of the trader that makes that judgement call and what tolerances (s)he allows.

    apologizes to the OP but this looks like a good place to post a philosophical question like this.