WTFIHTTETM (Which stands for 'What The F**k Is Happening To The Euro This Morning)?
Now before anybody gets a smile on their face I AM NOT IN ANY OPEN EURO POSITIONS!!!
For the learning process I want to know if this is the correction that everyone is talking about - or is this happening because of some or the other outside influence that is not appearing on the calendars? I mean to say that there are no news biggies today for the Euro so what’s the reason for the fall?
As a matter of fact - according to the VanessaFX SMA theory it has gone through the 120SMA and 300SMA on the 30 Minute Chart which apparantely does not happen often.
And I would also like to support another members idea THAT WE NEED A CHAT ROOM so that I don’t have to post messages like this in here.
Has anything happened with this idea yet?
Regards,
Dale.
An update: On the 1 Hour Chart it is also through the 120SMA and is about a third of the way down heading for the 300SMA. MACD is pointing down ‘at a good angle of attack’ and my beloved Parabolic SAR (modified) is telling me we have a ways down to go before going short and then booking our next overseas holiday fling!!!
May ask what modifications you ended up making to the P. SAR?
Sure.
I changed Initial / Step to 0.005 and left Maximum at 0.2 (and I also changed the color to Blue) 
!
These settings are only applicable to my 30 Minute Chart.
Try it out and tell me what you think.
I have been watching it all day and just love those L-O-N-G sweeps.
From what I gather - it will signal a good entry point (when the first dot appears) but you have to have an exit rule because you will find that even with those L-O-N-G sweeps - the indicator is true to start with but there can be MAJOR moves before it turns and gives another signal. Me personally (for this exercise today I exited when I had made 20% of the cost of the lot - that’s enough for me with a lot of lots)!
By the way - I’ll tell you something else that I combined with this - from the VanessaFX Advanced System - I put up 120SMA and 300SMA on the same chart. I was fascinated to see how the EUR first found resistance at the 120SMA line, then broke through and rallied to the 300SMA, found resistance there for a while, then broke through that and rallied some more and - hey presto - as soon as my first dot appeared at the end of that rally - I went Long and made some $$$ - but like I said - my strategy for today with this excercise was to take 20% of the cost of the lot i.e. $50 lots - TP when Net P/L was $10. It did go slightly further up but not by much (funny enough - it found resistance around the 300SMA line again). And that was going AGAINST the trend on the 30 minute. Had I not missed my first dot this morning I would have gone Short and with the trend and I’m sure you’ll see what the $$$ implications of that would have been.
Please let me know what you think.
Regards,
Dale.