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EURUSD 6E Euro
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EURUSD 6E Euro

  #471 (permalink)
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Breakout zone overhead.
Bullish daily and 60m

I don't like to trade BO, so waiting for BPC could be the play today.

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EURUSD 6E Euro-11-10-12-0000.png   EURUSD 6E Euro-11-10-12-0001.png  

Last edited by terratec; October 12th, 2011 at 03:50 AM. Reason: typo BPC
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  #472 (permalink)
Big game hunter
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Euro has a wedgy . Closing above 3700 will bring in all the bulls it seems .

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EURUSD 6E Euro-snapshot-464.png  
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  #473 (permalink)
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If this is a rally, then it makes no sense. Of course that doesn't mean anything in the world of technical trading. Or who knows, maybe it makes sense to Goldman who is gobbling up short inventory on the euro all the way up, then they take their foot off the gas and watch us hit 1.20's. LOL. Who knows. But it is fun to speculate.

The recent "good news" out of the EU isn't good news at all, it's a band aid for a patient bleeding out on the floor in front of you.

But as always - trade what you see. It helps to not watch any news sites or CNBC or etc, because you really don't want to over complicate trading decisions with things like "facts" about the currencies, lol...



Mike

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  #474 (permalink)
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Big Mike View Post
If this is a rally, then it makes no sense. Of course that doesn't mean anything in the world of technical trading. Or who knows, maybe it makes sense to Goldman who is gobbling up short inventory on the euro all the way up, then they take their foot off the gas and watch us hit 1.20's. LOL. Who knows. But it is fun to speculate.

The recent "good news" out of the EU isn't good news at all, it's a band aid for a patient bleeding out on the floor in front of you.

But as always - trade what you see. It helps to not watch any news sites or CNBC or etc, because you really don't want to over complicate trading decisions with things like "facts" about the currencies, lol...



Mike

Mike, I go even further, the 6E has gone erratic reflecting (at the moment) the schizophrenia of the players and the precarious place that the EuroZone finds itself in (for the first time in its flawed existence). It's probably momentary but I find waves, targets, supports, resistances broken so frequently on so many time frames that I have exercised the biggest weapon in any traders toolbox (and one that the market cannot beat) - and that is to reduce size and pull-back till it makes sense to me.

While some traders can effectively pull it together in this caffeinated, mentos-in-a-coke-bottle action of the 6E in the past few days (and I applaud your abilities). It would probably make more sense to simply go to a bigger time frame and then play (if at all).

Look the 1000T chart below - total garbage, but the 4000T doesn't look that bad - it rebounded very sharply off that bottom trendline and I suspect it will hit exhaustion in the wave zone above 3707 - 3727 (shown) and then reverse. But that's just me!

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EURUSD 6E Euro-1-4.png  
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  #475 (permalink)
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Big Mike View Post
It helps to not watch any news sites or CNBC or etc, because you really don't want to over complicate trading decisions with things like "facts" about the currencies, lol...



Mike

And also not be influenced by comments on trading Forums, just follow your plan even if you think the advice is coming from a valuable source.

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  #476 (permalink)
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Deucalion View Post
Look the 1000T chart below - total garbage, but the 4000T doesn't look that bad - it rebounded very sharply off that bottom trendline and I suspect it will hit exhaustion in the wave zone above 3707 - 3727 (shown) and then reverse. But that's just me!

Yes, I am trading much bigger charts as well. 1D, 4H and the 16384 volume is roughly equal to 30M-60M.

Mike

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  #477 (permalink)
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redratsal View Post
And also not be influenced by comments on trading Forums, just follow your plan even if you think the advice is coming from a valuable source.

Absolutely. You can't be successful trying to copy someone else.

Mike

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  #478 (permalink)
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Updated chart.

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Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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  #479 (permalink)
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Chart 1 show that zhe bottom of the range established on Monday was tested yesterday, and now it is going up.

Chart 2 shows the trendline break which occured on Monday morning. I would expect a restest at some stage.

Chart 3 shows the daily trend. When price is on the orange side of the value zone the trend is confirmed. When price is on
the purple side of the value zone, the trend may change.

Chart 4 shows that 6E has now reached its daily volatility target and formed a reversal bar, time to exit part of the position.Note that there were only three reversal bars detected on the whoe chart. All have promiment positions.

Attached Thumbnails
EURUSD 6E Euro-6e-chart-1.jpg   EURUSD 6E Euro-6e-chart-2.jpg   EURUSD 6E Euro-6e-chart-3.jpg   EURUSD 6E Euro-6e-chart-4.jpg  
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  #480 (permalink)
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Perception is reality, everything is reflected in price, what it does, what it doesn't do. Forget all the news pshycobabble bs. Don't marry an opinion, if you are trading a mechanical system stick to it. If you are trading the flow of the Market through price then every day is the same.

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