How about this one:
If it’s any consolation I’m actually in that trade. Long from 1.2225. Still think we could well see 1.23 but might have to wait it out a bit.
LOL !! Thank God you kept the Avatar clean PB. As soon as I asked the question I feared the worse
Ok here is a chart of EU
D TF
The bottom green line is my reference that I got off Weekly TF.
This is where and why I have put the lines here.
EU W TF
The yellow arrow marks previous price reversal.
Also note that the previous weeks candle was indecisive to say the best.
There are nothing else to indicate a reversal or even a pullback on H1 H4 or anything lower either.
Since each of us have our own way of justifying an entry, be it fibo, or pivots, or candle patterns or just pure price levels etc etc, what should we monitor if we are looking for a bounce.
Chart example might not be very suitable in this case, but I hope its enough as a general description.
I need to learn something else in the next two months, so that I can safely tell myself that there has been progress up the learning curve this year.
So please do share your thoughts. The other important question would be the SL. Just placing it at the bottom of a weekly or even Daily wave does look expensive.
Now looking for EU to pop up a little so NY can drive it back down ???
It wouldn’t surprise me to see EU take out Friday’s low… Im looking more at GU though, in an ideal world, i’m hoping to see a movement to under the 1.5470 and ill look for an entry long…
Well there’s a nice drop on EU but not as much on GU
Ah and a nice NYC reversal
Agreed Mike… but still enough to take a 50 pip correction off London if you managed to get up early? 
I’d guesstimate the top trendline on GU daily was around 5653? Will be interesting to see what happens next. Particularly as I have a short 10 pips below that. A ‘small shed’ SL a liitle way above the high.
I’m thinking long on both. I’ll bet we’ve already seen today’s low. Let’s see how that prognostication works out. Well nothing for me this morning. I’ll be looking around NY open.
Market seems to have gotten itself all up in a lather about the possibility of Bernanke making kissy QE3 noises in it’s direction later today. Personally I think things have got to get a good deal worse before he starts jabbing CTRL-P repeatedly so I’m looking for a short entry and the market to put on a puffy face like some jilted teenager after crying into their pillow for a few hours. I’m probably wrong though. The Bernanke typically kills my trades.
so much for thinking it would go up. Big Ben !
I find that the 50EMA often acts as reliable S&R on the EUR/USD Daily chart, and is looking pretty neat (as in tidy rather than, er, ‘great’) at the moment. I have been shorting out of it on and off this month.
Works pretty well on the 4h too ST. 80’ish on the way down and curretly 20’ish on the bounce on GU.
Lower blue slow line is 50 ema.
Nice work, as ever. Yes, I could not resist shorting the high test out of the 50 on the 240 at noon today, although I didn’t then take it long back up. I have a slight psychological hurdle to overcome there. It’s a simple concept that often works, though, particularly on the higher timeframes.
Looks like the Bernanke did alright by me for once. Market threw it’s little tantrum before concluding that QE3 is actually coming in September after all once certain conditions are met - which they will be. E/U short closed. I’m long gold now from 1574.
Bernanke did we for me as well, I never thought I would see 2 people say that back to back lol!
I took GBP/CAD short during the Trading session yesterday, and rode it through the news this morning.
FSK
Well I didnt give benstankie a chance I closed out last night. Took my 150 pips and went home. I will be looking to short soon. I just need price to rise a little or give me a sign to get short.
Nice Bob! If I had 150 pips last night, I would have done the same.
FSK
Just thought id drop in, thought if anybody is interested here, as i know higher time frame trading is quite popular with the majority here, take a quick gander at a noobies attempt to start trading the higher time frames:
Took a long GU today at 1.5594, took half my position off at +30 pips and holding the rest at break even… Hoping to see some higher prices tomorrow…
Hadn’t noticed you were running your own thread SanJ… good hunting. I’m thinking GU looks about ready to head south? I have one green light, just waiting for the second (probably London). Anyway’s best of luck with your new thread!
that was a nice trade sanj. Not sure how it worked for you but it was spot on in my book