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EURUSD 6E Euro
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EURUSD 6E Euro

  #881 (permalink)
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PA looks just about as bullish as I can see, particularly telling is that consolidation and breakout on the 240 & D. The entry on 60M was yesterday and a possible re-entry little while ago. On the 240M, this lloks like a W5 - Impulsive, the nature of which points to a runaway possibility today to 1.33 looming above, amybe more

Unless the 240M reversed with an engulfing within the next few hours...to me that seems unlikely.
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  #882 (permalink)
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Deucalion View Post
PA looks just about as bullish as I can see
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Interesting, I am still bearish the Euro. I looked at your charts, the top right and bottom right chart in particular --- try as I might, I don't see much to be bullish about with these charts.

My trading style prevents me from taking a long here. I would have to see a retracement with a higher low.

However, my trading style does permit me to short here, but I am waiting for a low daily close, preferably after an engulfing candle from the prior day.

That said, like I posted earlier --- if everyone and their dog is short, and the Euro continues to move higher, then it means bulls are in control. So we could see some major capitulation should we breakout higher above the 3300-3500 level.

I guess I just look at the last 2 weeks as more of a retracement than a reversal. Which is why I am bearish.

Thanks for sharing.

Mike

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  #883 (permalink)
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Big Mike View Post
Interesting, I am still bearish the Euro. I looked at your charts, the top right and bottom right chart in particular --- try as I might, I don't see much to be bullish about with these charts.

My trading style prevents me from taking a long here. I would have to see a retracement with a higher low.

However, my trading style does permit me to short here, but I am waiting for a low daily close, preferably after an engulfing candle from the prior day.

That said, like I posted earlier --- if everyone and their dog is short, and the Euro continues to move higher, then it means bulls are in control. So we could see some major capitulation should we breakout higher above the 3300-3500 level.

I guess I just look at the last 2 weeks as more of a retracement than a reversal. Which is why I am bearish.

Thanks for sharing.

Mike


The long term dailies are certainly bearish, but this PB is certainly deep and interesting.

I'm just scalping long for now.


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  #884 (permalink)
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I guess its the timeframes we are talking about, the daily is bullish until I see breaks to the downside, right now the retraces are shallow and price marches higher hitting that inflection at 1.322 again, there was violent rejection there before and it not anymore, the mood has changed, and there is air above if only to 1.3350, today close might be telling
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PS - what is clear is that there are a bunch of inside bars, market deciding what to do, and what are we going to get after a break, is it a fakey back to the downside or a blow off move up....its time to get faked out

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Slightly off topic but -
I was creating my multicharts stops (refer another post) and had to go down to the shops for half an hour, I thought i was on my ib sim account but in actual fact i was on the live account, so whilst i was away I did two trades on the 6E. No particular entry but the exits made me money. Feww that was close.

My first two trades on the 6E made me money.

Neil.

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Last edited by NW27; February 3rd, 2012 at 07:57 AM.
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  #886 (permalink)
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Deucalion View Post
PA looks just about as bullish as I can see, particularly telling is that consolidation and breakout on the 240 & D. The entry on 60M was yesterday and a possible re-entry little while ago. On the 240M, this lloks like a W5 - Impulsive, the nature of which points to a runaway possibility today to 1.33 looming above, amybe more

Unless the 240M reversed with an engulfing within the next few hours...to me that seems unlikely.

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It's both bullish and bearish

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monpere View Post
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It's both bullish and bearish


...better for making money with small targets!!


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monpere View Post
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It's both bullish and bearish


Monpere.... man, I love those session reminders. I wish NT had something like that!!


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It's both bullish and bearish

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I see rejection at the 3200-3250 level and a failure to move higher.

I'm going to start building a short position. I am short already, and will add more depending on whether we breakdown below 3000, or if we retest and fail to take out 3200-3250. Either way I will add. I will be flat (wrong) should we move above 3300.

We were in a down channel from November to January, and have been in a up channel since January. I see that channel as broken now.

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Mike

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