Learning to read Price Action with P&F Charting

here is the chart.looks like the end of the gas guzzlers

 

can anyone tell me why the big difference between MO on Bulls-eye Broker and Stockcharts? Stock split?? Using MLdownloader for data, and checked yahoo which shows the same big drop

 

stockcharts

 

Bullseye Broker

 

Dentist: You said "eurodollar deposit rates are showing that interest rates in euroland are going up a tad.hence the chart is looking very bullsih.any comments".??

I'm kind of confused by that statement could you clarify if you have the time. Are you talking about the Eurodollar instrument that trades on the cme. When you say interest rates in the E.U. are you refering to the bund,bobl, or schatz. The instrument that is designed to track the movements in policy by the E.C.B. Or finally are just commenting on the Eur/Usd currency cross.

My take on Eur/Usd if that is what your are talking about is that its right at a pivotal point in both the short term and long term.

I see short term resistance at 1.5825 If that is breached it may continue the uptrend and breakout of the 1.6000 level. I personally would like to get long on a long term basis at 1.4900 so I'm hoping for a down leg here before it breaks the 1.6000 level.

 

My eur/usd chart that shows resis

 

Its my opinion its necessary to watch usd/chf to trade the euro in the longer term

 

my chart that shows usd strength on the usd/chf cross

 

Are you more careful if a chart has buy signal after buy signal after buy signal like 4 in a row or similar?

hope everyone is enjoying their long weekends.

Patrick

 

I personally think one should not trade from a framework of fear. Such as there have been three previous up legs prior to this up leg and therefore I will decide not to participate in this leg. One should just follow the signals and use intelligent stops, end of story. I think I see where you could be going with your question. It may be related to Elliot Wave or some thing like that. My opinion on Elliot wave is that its not an inherent characteristic of the markets. Most of the time it doesn't work and some times it does work. Its similar to Fibonacci projections. The only reason it works is because someone really big operating in that security has decided to use that projection as a profit target. Thats why it works sometimes and not others. Its not an inherent characteristic of the market. However, many vendors will try to proclaim that it is.