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EURUSD 6E Euro
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EURUSD 6E Euro

  #581 (permalink)
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terratec View Post
Possible 123 in short and midterm.

The setup was quite good:
-trendline break
-retest of high (and YH)
-78/61 fib zone

-but no real reversal bar (more like fBO of the little range)
-lack of momentum to the downside.

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  #582 (permalink)
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OK, there is some weakness in the upmove.

But in the bigger picture we have a BO zone overhead.
We had a TL break and a two legged retracement.
We may retest the high and have a perfect 123 setup
Or it does the BO.

And in the even bigger picture (daily), a deeper retracement would open the door for a nice 123 long setup. If not and the upmove goes on, then this would be the third wave of EW.

All this does not matter for me, as I dont trade for the big moves.
But there are many different stories depending on TF you watch.

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  #583 (permalink)
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At the bottom of the range with good sup at 3680 and 3650.
I am watching that levels for the morning setups.

Quick longs if TL is broken.
BPC if below 3650 >> 3560

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  #584 (permalink)
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My charts:

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Meh, chart #2 is mostly wrong -- wrong session times (loaded wrong chart), and am too tired to fix right now. Bed.

Mike

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  #586 (permalink)
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The situation on the 5m with the TL.

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  #587 (permalink)
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terratec View Post
The situation on the 5m with the TL.

Boom!, hope you got on the bus mate

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rassi View Post
Boom!, hope you got on the bus mate

Yes I was on that bus. But not for a very long time as I had an (IMO) optimistic target placed for my runner at 3380 where they kicked me out.

But to be honest, I did three of my little trades today (with that runner from the first one). And it was really hard to trade in a market that is waiting for any little smoke signal.

In hindsight it does look different.

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  #589 (permalink)
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terratec View Post
Yes I was on that bus. But not for a very long time as I had an (IMO) optimistic target placed for my runner at 3380 where they kicked me out.

But to be honest, I did three of my little trades today (with that runner from the first one). And it was really hard to trade in a market that is waiting for any little smoke signal.

In hindsight it does look different.

Very much so, glad you did well, hopefully the US will push us in one direction or the other.

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  #590 (permalink)
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Context


I would suggest these minute charts are misleading on these singlular time frames, the 240M shows the contracting range over the past few days. Drilling down to the 5M then allows for a context of PA keeping the 240M as a guide. In today's case the bottom of the range was a likely area of retracement to the middle, as it did indeed play out.

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But even if the 5M were to considered just by itself, one can see the trendline break and then flush out at the bottom which was a EW extension and then the corrective move up bang into the the EW target looming above which was bounded by the 240M. As always, waiting for the panic would have kept one on the right side of the trade.

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Last edited by Deucalion; October 20th, 2011 at 09:01 AM. Reason: grammar
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