good idea! this will help newbies like me.
BigP probably wont answer you on that,these great charts are to let us know what moves the market ,for future likely moves look at BigP’s “pippin aint easy” blog,which is another great daily blog.
What a week we had last friday with Bernanke’s speech at Jackson hole eh? The volatility was extreme, up and down 60pips within minutes.
For this coming week, it is a tough call. I do not know whether to be a bull or bear. The price action is calling for both directions!! Why? Lets begin with the daily chart. The daily charts shows a bearish price action.
On the daily chart, we see:
- Price action is bearish with a clearly defined falling channel with 3 confirmed points
- Price is touching potential point 4 for this week
- Pivot zone resistance from 15th Jan 2012 at 1.2650
On the 4hr chart, we see:
- Price action is bullish with a rising channel with also 3 confirmed points
- 1.2420-40 could be a new support zone
So what is the key to this dilemma? I think the key battle may be 1.2650.
Bull traders:
- Price must break above and stay above 1.2650
- Price to stay within 4hr rising channel
- Price to touch rising channel to form point 4 to create a 4th higher low in order to break above 1.2650
Bear traders:
- Price fails to break above 1.2650
- Reversal patterns such as double top or head and shoulders to form on 1hr or 4hr chart
- Price must not form a point 4 on 4hr rising channel
- Price must break out from the 4hr rising channel
Nice work forexmindgames,food for thought indee.d
This is a good idea and something I will read every day.
Considerable move up on EUR/USD last Friday due to Ben Bernanke’s “confirmation” of further easing in the Jackson Hole Symposium. There was a decent breakout play when the pair burst out of the Asian box during the European open. Did anyone catch that?
What did I miss BigP ?,I thought he dident comit himself either way,I did notice the jump but wasent sure why really after his comments.
You missed a lot! Bernanke made some comments about further stimulus measures during his Jackson Hole speech… Check it out here: The Case for More QE As Told by Ben Bernanke | Forex Blog: Piponomics
Quiet trading yesterday except for that minor rally we saw in the NY session. Pip Diddy has the details on the rumors that sparked the euro’s upward move.
Not much in terms of data yesterday save for the ISM Manufacturing PMI. It was at 49.6, below the dividing line (50.0) between expansion and contraction. There wasn’t any obvious setups, but a short at the first test of the Asian high was possible. A shooting star appeared - a decent confirmation to sell.
hi bigpippin…have u enter the trade with that shooting star?..
if so can u provide me how to enter and where to enter?
coz…after closing the bar…it again gone up…and some uncertainty…for me…so can u provide the …???
thank U
Any thoughts on what we can expect tomorrow and Friday surrounding the news events? Particularly the ECB rate decision?
Nice analysis folk, seems market going to be floated on sell more next steps before 1 correction.
hang on here folk, all r here very helpful with analysis indicating trend sentiments as well.
have a nice day :8: :8: :8:
My homeboy Forex Gump has got that covered. Check out his article: ECB: To Buy (Bonds) or Not to Buy (Bonds)? | Forex Blog: Piponomics.
Here ya go! Lone Rangers - Single Candlestick Patterns | Japanese Candlesticks | Learn Forex Trading
This is getting more and more interesting. It is almost like the final episode of a long running soap opera. This week (6th Sept ECB bond buying program unveiled) and maybe next week (12th Sept German court ruling) are the crucial junctures. What prevails over these 2 weeks will determine the ultimate winner.
What am i talking about? I am referring to the king of forex, Mr EURUSD. The daily chart is now at the critical crossroad. For we are at point 4 of a prolonged down trend line. More than 365 days worth of down trend line, to be exact.
All right, ladies and gentlemen. Lay your bets. If you want to go big, this is it. This is the once-in-a-year event. This is what you have been waiting for. If you catch the correct direction, you are rewarded handsomely on your golden path to riches. But when you don’t, then …
This is really nice work Forexmindgames so thanks for that,I wonder how the the ECB press conference at 1.30pm GMT will affect things, I’ll be watching anyway.
Market participants didn’t receive the ECB’s decision to keep rates at 0.75% well at first. They quickly had a change of heart though when the ECB announced the Outright Money Transactions (OMT) in the succeeding press conference. Hope you caught the buy signal at the WO, as the Stochastic gave confirmation that conditions were oversold.
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