Some of my thoughts + Trading System

[elang]

Ok 61.8% is out but we don't have a confirmed break yet.

If you wan't to play it safe and smart terminate your shorts here considering you entered around the 9680-90 area.

I shorted at .9680 but i woun't square untill i know it woun't go down any further and i will be relying mainly on candle stick patterns and my MAs to determine that.

If the price closed above .9620 it will start consolidating over 61.8 i feel and that is when i will terminate, as during a consolidation the breakout may be Bullish or Bearish.

Either way, having gone down this far, i think we will test the Trendline around 75%, unless we have a lot of bulls live and ready to fight back, but after the BOE rate decision and ECB no-raise sentiment it doesn't seem probable.

Regards,
E. Lang

[elang]

CHART UPDATE

ECB: Previous 3.5 / Current 3.5 (No change Duurh)

Next Downside targets are trendline at ~ .9584

I will be closing my position there for the day.

UPDATE: closed out at 90+ pips.
I am a happy man.

I will only short if i see hood bearish action under the trend line.

SET YOUR STOP LOSSES!

Regards,
E. Lang

[elang]

Hello guys,

We have about 90 minutes left to the close of the current H4 candle the closer we get to the close the more of a fight the bulls will put up to try and keep the candle close above the trend line, the bears will be attempting the opposite.

If the H4 candles closes below the trend line and we see good bearish candles on the lower time frames close aswell it will be a good signal to short.

Logical Targets are:

100% .9535 > .9480 > .9454 > .9312 > .9260

The declining movement strength is slowing down you will notice that by the ever more oftenly occuring corrections on the smaller time frames, on par to what we had before: big moves, small corrections... now its small moves almost equal correction.

If you haven't terminated your short yet you must be one hell of a cowboy/girl, i recommend you do so as soon as you start noticing Higher Lows.

Remember if the movement is dominated by bears, it is not acceptable to have Higher Lows, talk less of Higher Highs.

On the Upside:
Bulls will need to take the price over .9657 (38.2%) to earn any authority, for now any bullish movement we see will be at the mercy of the bears. They are holding the bulls on a leash for now.

Targets: .9691 > .9727 > .9732

Keep it safe guys.

Regards
E. Lang

[elang]

Unbelievable Daily Profit Potential!

Join us Live at the next Free Online Forex Trading Demonstration on Thursday, February 8th at 7:00PM EST and see the Explosive power of the Ultimate Traders Package applied in the Live Forex Market!

Witness the unbelievable features and benefits of Forex trading using the Ultimate Forex Traders Package - Now including all data feeds and more Trading Indicators and Trading Systems than ever before!

Click here to register now!

Call us today at: 1-800-866-7431 or +1-407-740-0900

Now Toll Free From Jamaica: 1-866-745-5038
Visit us on the web at: www.markettraders.com

Regards,
Shawn Beecher
Forex Education Executive
Market Traders Institute, Inc.

[pwegner]

Elang

What is skypecast and how do we hook up?

Thank You,
Paul

[elang]

Basically someone needs to host it, and others join in.

https://skypecasts.skype.com/skypecasts/home

Can't talk much right now, at work.

Regards,
E. Lang

[elang]

Good morning guys,

Sorry for not posting the first attached image which specifies where you should have shorted today, but the boss was hovering like a hawk.

This is where you should have shorted today. (image 1)

Yesterdays L: .9541 H: .9727 M: .9634

As i recommended yesterday, short again only after we see good bear action under the trend line.

Price action after the break yesterday, held beautifully under the trend line and moves lower today.

You should have shorted around .9570

Targets on the downside: .9541 > .9480 > .9454 > .9312 > .9260

When we hit .9480 we may have a bounce, when this happens draw a fib with 100% .9600 and probable 0% .9480

For now, you can pretty much accept that the bulls are kissing ass.
It's downhill from here onwars if we break .9480 decisively.

All you need to do is redraw your fibs on every main correction on M15/M30.

Only price action over .9600 can get bulls back in action, but we'd need Martians to zap the statue of liberty for that to happen right now anyway.

Regards,
E. Lang

[elang]

GBP/USD

Cable's steep fall from 1.9731 resumed in early European session today . Break of rising trend line support (1.8517 to 1.8834, now at 1.9563) suggest that fall from 1.9913 has already resumed for a retest of 1.9480 low first. Break will confirm and bring further weakness towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Touching 1.9603 resistance will turn intraday outlook consolidative first.

In the bigger picture, bearish divergence conditions are being displayed in weekly RSI, daily MACD and RSI. Sustained break of the mentioned trend line support will confirm that whole rise from 1.8517. Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought, before reaching 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067). Much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

However, a strong rebound from or above 1.9237/61 will indicate that cable might made another high before finally topping out on the above mentioned divergence conditions.

[elang]

If you are not short yet, u may do so under .9454

If you have not set your SL to b\e yet you might as well.

I recommend you place your SL around or over .9600 if you are not moving to b/e yet.

Regards,
E. Lang

[elang]

Courtesy of MTI

Forex Videos:

Intro To The Forex
Charting Software
Crown Formation - Yen Charts
Trendlines & Fund. Announ.
GBP/Evening Star/Fib./Trendline
Swiss Consolidation Pennants
EUR 60 minute AB down swing
CHF Trendline Break
GBP 1 hour buying signals
EUR 1hr Buy Zone
JPY candlestick pattern
EUR 60 minute consolidation
JPY Evening Star/Crown
GBP 1 hour trend line /618 bounce
US Dollar VS Swiss
EUR 1 hour consolidation break out
JPY Sell-Off > Indicator Confirm.
GBP 1 hour Up Trend
Pound 60 min chart
Euro Downtrend
Support levels
Euro
Bearish Kings Crown
AB Swings
Analysis Summer 04

Regards,
E. Lang