Thanks for checking…
I SMELL A TRAP IN THE PRICE ACTION…of course I may be wrong and we are changing trends…but I don’t think so due to economic data…
What does anyone else think?
Hi Shakes,
On 03-17-08 there was Bullish Divergence on the GBP/JPY. It went to a high of the the 61% retracement of that divergence on 04-04-08. From there it retraced and touched the 23% retracement on 04-10-08, 04-11-08. and 04-14-08 and bounced off of it each of these days. Earlier today it took out the 61% retracement of the Bullish Divergence and seems to be heading higher.
At least this is what I am seeing on the Daily charts.
Have a good day and enjoy your trading.
Hello PC (K),
I finally got my computer back in working order. Hopefully before too long I’ll also get my brain back in working order. It looks a little strange to see you designated as a newbie in this thread; (if people only knew how brilliant you really are!). Anyway, now that I have found you here, and designated this thread in my favorites, I shall contribute as I am able. See you when you get back from out of town.
M2B
hi pc, m2b
just checking in learning how to navigate. hopefully i can contribute a little later
Hi M2B and MM. Great to see you guys!
We have an abc pattern on the 1 hr and I think the price should get to about 207.30 to complete it. I bought just a bit ago at 205.21 and as long as price stays above the 1 hr 5 ema we sould be in good shape. Below the 5 ema on the 1 hr and we may get a bigger pullback.
When I wrote that last post, I was down 7 pips and before I hit the send button it shot up 50 pips. Wild PA.
THe u/j is hitting some big resistance so it may be a good time to scale out and move stop up.
If this falls below the 5 ema on the 5 min, I will take all profits and look for another entry.
I wouldnt doubt it if the price makes it to the 100 ema on the daily today. Once above the 207.30 target (if it gets there) then 100 ema daily should come into play. I will continue to use the 5 e on the 5 min as a stop.
Exited all positions at 206.06 and will look for another entry.
I think as soon as the u/j breaks 103.50 the g/j will fly and I may enter long.It will be a fast move prolly.
went long g/j when u/j broke. Looking for the 100 e on the daily. If I see it stalling or backing up around this 207.30 area I will exit and protect the previous trades profits and call it a day.
I will book a little profit now and move stop to break even at 207.02 since this is a pretty risky trade. I am shooting for the 100 ema on the daily tho.Time will tell.
closed trade at 208.03. Can we be done for the day?
I would consider buying at 206.48 but I will not buy it there because there is neg div forming on the 1 hr.
lovely cci 0 line cross coupled with adx for potentially large up moves to come, after the last two days of large candles. everyone keeps saying this is retracement up, still in downtrend. but a little voice in my head says, 199.60 was 50% retracement of the up move on the monthly chart. what if price is ready to start continuing the overall up move? i know, i know, FUNDAMENTALS say DOWN.
so here i have fibbed the low to the 205 peak to see 161% extension to 213 area… lets see if that is next.
Since all of the financial institutions reported earnings and analysis were expecting losses, this has given support to the theory that a short term bottom is in place for the stocks. SO we should see the dow pass the 13000 area which should coinside with the g/j testing the 212.80 to the 213.50 area with in the next two weeks.If the dow holds above the 12500 area and the g/j holds above the 199.50 area, that will just offer better dips. SO…I am with you on your thoughts of large upmoves to come. Lets pip it up!!!
207.95 failed several times in the beginning of march before going into a downtrend for the rest of the month. A daily close above that should set longs again.
