08H00? I think - check when the LSE gets going.
Thanks for your reply Chill,when I look at Bpips chart his midnight coresponds to the UK 5pm so I sure dont know where he is,perhaps you could enlighten us BigP,thanks.still a bit confused about this one.:34:
Just another quick thought when people refer to days open,perhaps they just mean D/O in their location as each one has a different time ,or do we standardise and just use london time or eastern US time does the markets in gereral use one regions D/O.So while BigP,s open may be different to mine do we use the same standard,if not how he sees opening price will be different from mine in the UK,so my support/resistense wont be the same as BigP,s or someone in OZ say,if anyone can enlighten me on this ,I would be eternaly grateful lI feel I should know this but its something Ive allways been unsure of.
The trading day of my chart starts during the Asian session. My charts are +8 GMT, which means 0400 is the start of the Asian session and the end of the U.S. trading session. Hope that clears things up!
Here’s the review for yesterday. Hopefully, you guys were able to take advantage of the three bounces at the PDH. You’d have sufficient confirmation too, as the euro zone PMIs came in mostly better than expected!
Thanks BigP Im still confused on the issue of different perspective on days opens but I.ll try to google it.still love your charts though.
I believe the current uptrend for this week is just a retracement. In the larger view of time, the overall trend for EURUSD is still bearish. The debt crisis is still unsolved. Greece, Spain and Italy are in a mess. The yields for their 10 year bonds are extremely high, which reflect the market’s non-confidence in their economy. All in all the euro-zone is fundamentally weak.
Look at my chart. We are about to hit a long term resistance at the downtrend channel line for the 4th time. What are the chances of EURUSD breaking out of this down trend? I do not know. But i believe plenty of long term traders are placing their sell orders right around point 4. Watch the price action at this critical junction.
I am still holding onto a small percentage of my long position from 1.2270. However, i have tighten up my trailing stop. As i believe the upside is limited for EURUSD.
Hey, my brother from another mother…like the system.good range trading, whats your forecast for the comming day. Try ading fibinachi suport and resitance.
nice work Forex.Great chart.Thanks
thanks thanks!
The market was pretty much dead yesterday due to the absence of economic catalysts. EUR/USD simply bounced around a tight 40-pip range. Nevertheless, there were a couple of viable day trades if you paid attention to the divergences that formed.
Also up yesterday on hopes of super mario pulling something out of the bag (not having time for the later us meeting).
Market seems to be consolidation mode ahead of the Jackson Hole Summit this Friday. EUR/USD simply traded sideways with a bit of downside bias. Only valid trade was shorting at the DO.
Some interesting news. ECB president Mario Draghi decided not to attend the annual Jackson Hole event. This is a premiere event for the central bankers. It is the who’s who list of the monetary policy makers around the globe. Draghi cites “heavy workload” for not going. What work is he working on? What is so important he had to skip this event? Especially when he is originally scheduled for a speech this Saturday.
I think the answer is coming next week on 6th Sept Thursday. Every month ECB will have a press conference. It is broadcast live if you are interested to know. The ECB press conference for September is on the 6th. Most of the time when he speaks, there is usually high volatility on the EURUSD. I think we may see some ultra high volatility for 6th Sept thursday 830pm. Draghi’s track record during the press conference for the past 2 months has been awful for EURUSD. In July, it tanked 170pips!! In August, it cratered 250pips!!
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I believe he will finally share more details on ECB’s bond buying program. Which he had subtly alluded to for the past few months. Whether the market accepts and believes in the validity of the bond buying program to solve the Euro Crisis, i am not sure.
Here is my market sentiment analysis. If market is caught by surprise, expect a bullish upmove. However, market may had already anticipated this news and is buying ahead of time. In this case, we may see the classic “buy the rumor and sell the facts” move. This should result in an initial false bullish breakout followed by a sharp downward move.
I have not decided on my game plan for 6th Sept. I shall see the price action for this week and next week to determine my course of action.
![http://i47.tinypic.com/25p06xk.png[/IMG]](http://i47.tinypic.com/25p06xk.png%5B/IMG%5D){kind=link}
hi bigpippin…this is great…thank u…and please continue…it…can u do an another favor?
can u post this kind of things…before happen…!!!..i mean ur predictions… :(…???
good idea! this will help newbees like me.