To use chat, please login.
Back to contacts
takechance (takechance)
Sep 18 2014 at 09:41
271 posts
Cholipop posted:
takechance posted:
takechance posted:
Today I took a short entry at 1.2920. My target is 1.2775. Maybe in a week or so.


My short trade from the 1.2920 level will most probably see the target of 1.2775 very soon. Next immediate low levels I am forecasting are 1.2832 and then 1.2775.

Cheers and happy trading.


 Nice prediction. You simply went back as far as you could with the h4 chart and looked for the last time eu accumulated near its current price and that is how you got 1.2832... Under that we have 1.2807 1.27655 and 1.27549

 You must admire how EU was able to stay sideways for the time it did Showing higher highs and higher lows and then all of a sudden have the rug pulled out from under her. I would take a stab in the dark and say that if eu doesnt go back to 1.2920 before 1.28078 then EU will for sure have a big time correction in the making.
 Right now on all smaller tf eu is clearly showing accumulation, I would say one more long red candle down before any reversal back to 1.2950 If it makes a clean bounce from here I would be shocked.


Appreciate your analysis though I never got the idea of accumulation and distribution clearly but heard its powerful in the stock markets.

Maybe we can discuss sometime in private about your understanding on this. Cheers

honeill (honeill)
Sep 18 2014 at 09:48
1141 posts
EURUSD fell after initially trying to rally during yesterday session, sending this market just below the 1.29 level. After the Fed monetary policy statement the Euro lost value against the Dollar, but could not break down below the 1.28 key level. A move above the 1.30 level is extraordinarily bullish, just as a move below the 1.28 level would be extraordinarily bearish.

"I trade to make money not to be right."
takechance (takechance)
Sep 18 2014 at 10:14
271 posts
I believe technical analysis can never forecast the market direction with utmost confidence because directional forecast is the job of fundamental analysts. Major market moves are always because of fundamental change in the underlyings. But fundamental analysts lack the proper valuations of the assets hence they can never tell you how far the market will go. That is the job of the technical analysts to identify these crucial support and resistance levels by analyzing people psychology.

Abdul2012
Sep 18 2014 at 13:27
413 posts
Your point of view Arup Nag is quite good , i agree with it. thank you.

avmakey700
Sep 18 2014 at 13:40
1 posts
honeill posted:
EURUSD fell after initially trying to rally during yesterday session, sending this market just below the 1.29 level. After the Fed monetary policy statement the Euro lost value against the Dollar, but could not break down below the 1.28 key level. A move above the 1.30 level is extraordinarily bullish, just as a move below the 1.28 level would be extraordinarily bearish.


yes, i agree with your view. what the bears need is the break below 1.28. the bulls will be happy when 1.3 is broken.

victoriajensen
Sep 18 2014 at 13:43
1117 posts
EUR/USD reacted quite strongly to Yellen's speech yesterday- it fell over 100 pips. It's in pullback now but I think it will keep falling at least until it reaches 1.2750 - 1.2700. I wonder whether it can go even lower though.

pramodwick
Sep 18 2014 at 14:52
41 posts
what happen scotland england problem

bewayopa
Sep 18 2014 at 15:15
372 posts
Dollar traded at lower against almost all G10 peers.
The market is looking forward to the referendum in Scotland.
The market positioning is also very much in favor of a 'no'. This means that the market reaction to a 'no' would be much smaller than the reaction to 'yes', that would probably be dramatic.

sherifFares
Sep 18 2014 at 19:10
454 posts
let's see we are still waiting for the referendum decision the trend still undecided it's like the calm before the storm

Cholipop
Sep 18 2014 at 20:15
406 posts
takechance posted:
I believe technical analysis can never forecast the market direction with utmost confidence because directional forecast is the job of fundamental analysts. Major market moves are always because of fundamental change in the underlyings. But fundamental analysts lack the proper valuations of the assets hence they can never tell you how far the market will go. That is the job of the technical analysts to identify these crucial support and resistance levels by analyzing people psychology.


 Well said. Forcasting is pretty much useless, as it isn't reliable. GBP has had bad news today, and it keeps going up! If we simply focused on supply and demand it would be much profitable in the short-term. As much as people all agree that the trend is down on eu. Look at how many times it has spiked up the last 16 hours. People keep shorting, and they will keep longing it.

Please login to comment .