Usd Bull Over !!!

Discussion in 'Trading' started by alex.samant, Jun 25, 2005.

  1. Hello people, i am new to elite trader, but have had quite an experience about trading currencies and that is why i would like to share an opinion with you and maybe get some answer.

    For that i thank you in advance and would like to wish everyone here good luck with your trading.

    Now, the thing that i and a lot of my fellow traders here have seen on the daily chart of the EUR/USD pair was that the spike on thursday to friday night under 1.2000 has brought a serious divergence situation on macd and also on RSI indicating a possible reversal and maybe calling a bottom for this pair.

    I also attached an image to illustrate what i am talking about.

    Does anyone else see this as a good indicator?

    From what i see here there are two options now. Breach the second supply line in the image and head for the first and also the 30day EMA, or failure in breaching the second supply line and heading down again to retest the crucial 1.2020 level.

    What is your opinion on this?

    Thanks guys!
  2. As an addition, i have opened a long position with TP at 1.2200 and a stop loss at 1.1950.

    How would you see this?
  3. Oh. I just saw this.

    A similar situation can be found just below where it says Plot Area on the image. Just about the same, and it kinda did what it was supposed to do. Retest the EMA.

    Now, I am not saying this is a MAJOR reversal, but as stated, a test of that trendline set and a closing in on the EMA b4 the FOMC meeting.

    Again, thanks, and waiting for opinions.