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EURUSD 6E Euro
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EURUSD 6E Euro

  #451 (permalink)
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pengi View Post
I guess people are buying on the news about Germany and France having a plan to save the euro... I wonder how the US market will react once it opens.

What a trending day it was...like you said...a full days range before NY even opened...was a good day for making money..best I've seen in a few days.

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  #452 (permalink)
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If it's going to go up to the 3750 area this would be a good spot to take off from... alternatively somewhere in the 3510 to 50 area....we'll see

Edit: feel free to tell me I'm way off on this..

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Next major resistance at 3750.
Textbook would be a PB to 3550 first.
Other possibility is up at 36 level (we will see soon)
Uncertainty from the Slovak voting which could lead to a range play.
Slovak PM to put govt on line ahead of EFSF vote | Reuters

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I think we'll see 3500 today, and if we do I think we set this week up for another bear week, possibly seeing 3200.

If we don't, then 3700 is likely but there is a great deal of resistance up there in my opinion. I think if this is the start of a new bull period it will take a day or two of settling before really moving higher (ie 3800).

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Last edited by Big Mike; October 11th, 2011 at 09:00 AM. Reason: corrected bear to bull in 2nd paragraph
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Yeah , should settle down today imho . 1st day back to work for the exchanges and no red flag news today - Forex Calendar @ Forex Factory .

Heres my daily and 1H marked up some . 3500 today makes sense but I would expect sideways and untradeable since we had a big runup yesterday .

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Eric j View Post
but I would expect sideways and untradeable since we had a big runup yesterday .

Entirely possible, I agree. We will have to see

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@terratec Curious as to why a pb to 3550 is text book? So far we did that and bounced.


terratec View Post
Next major resistance at 3750.
Textbook would be a PB to 3550 first.
Other possibility is up at 36 level (we will see soon)
Uncertainty from the Slovak voting which could lead to a range play.
Slovak PM to put govt on line ahead of EFSF vote | Reuters

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dakine View Post
@terratec Curious as to why a pb to 3550 is text book? So far we did that and bounced.

Many things are possible. This was one scenario.

Yesterday we had a big move up.
So a PB is what is expected.
3550 was a S/R zone in history, so the market could remember this. (look at the left side on the chart)
And when the market has more a short term memory, then this would be 3510.

This is simplified and the levels are not lines but zones.

Hope this helps.

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Trading the spot currency market and taking cues from EUR/USD » FOREXMILLION - forex forecast, trading signals, which on a slow news day (which today is not, it appears) seems to get the tipping points right more often than not, I've been long EUR/USD since the pivot (printed at 1.35673 on an NT 1800 tick chart) with 1/4 position targets at 1.36715 (MM 4/8), 1.37000 (obvious reasons), 1.37940 (MM 5/8 33 pips above R1) and 1.3889 (R2). Manual trailing stop fluctuates but mainly placed 2 pips below last retrace, presently 10 pips below price (currently~1.3656 @12:28 EST and contracting)

Edited to add: that said, am watching CNBC for news about the vote in Slovakia :-/

Edited to add: after slippage stopped out at 1.36445

Finally: due to volatility got in at the pivot in the right direction mostly by luck. Looking for a short now, in partially at 1.3641 after 2 consecutive divergences in the double stochastics but again, given the volatility, that can change in a heartbeat--may decide to sit on my hands if it starts to consolidate. Not expecting any mega trends today unfortunately, unless spot price breaks below 1.3525 per the source referred to above. Eventually all in (short) at 1.3668 with a break-even + 2 pip initial stop, waiting to decide on a target profile.

ETA: in the money when the Slovak vote went south around 4pm NY time so took 1/8th profits after 30 pips (1.3638). If price does break below 1.3525 it may turn into an interesting trade.


Last edited by bnichols; October 11th, 2011 at 05:52 PM.
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Seems like 3740 area is a good magnet for price in the short term provided no shocking news comes out. Beyond that, 39's or even 40's could be hit.

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