----EURUSD----

-Dedicated EU Thread here-

Due to the recent USD drop, no TA will be posted. This is due to the fact that USD drops are based on extreme human nature, the result of panic, the result of greed. TA can't predict such nature. Best to let it run for this week first. Don't trade against the trade.

-Suggested Short-
EU
Short: 1.4563
TP: 20-40 pips
SL: 25-35 pips

EU appears to progress downtrend continuously, people: try to catch the trend!

EU MIGHT head down OR up.

check the longer term downward channel, vs the triangle starting to appear.



macd, trix, fractals identifying uptrend ahead in H4.

Current EU behavior: I sense the downward trend is slowing down, might head sideways soon. Advice to myself: avoid trades on EU for this week now, only trade on news if necessary.

Bottom side of channel slowing down.



MACD in H4 reveals a slowdown in terms of downtrend. trix appears to show tiredness in the downtrend. fractals appearing below the candles starting to appear. The 2 SMA lines appears to want to converge together, being precariously close.

EU did manage to break out of the downtrend (my max 4-5 hits rule), and started moving sideways.

>>news related to the above behaviour: USD might be dropping because of Feds don't intend to reduce int. rate..

Current EU status: breakoff from downtrend official.

News on USD drop:

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahRupqjS5eeI

I think not only EU, GU also reach as high as 1.61xx
Dollar is droping...

but I believe Euro still week...

Yep. So i believe EU will progress slowly upwards. Because it's the time for the wavey USD to go back down after progressing upwards for some time.


I could have caught a few chances on trades for EU... but decided against it. Missed 3 good trades that will return me >50 pips each..

Dollar ady weak... if EU moving up it maybe because Euro gain strength

it will be quiet/sideway for today & tmr morning as trader waiting for US NFP figure tmr night...

Not much response from the big news from US huh. hmm..

EU appears to be doing a U-turning shape....

Watch the white circle area as the price might bounce against the line downwards, before whatever direction it will head later. The line seems to be a strong line, based on a top many months ago and the recent high on the end of august.... will it bounce against the ceiling again? I have a feeling it might bounce off, then pierce through.

recently the forex markets became very active, after I complained that forex has been dying down for the past weeks.

EU has been reaching a high that hasn't been broken for months. Coupled with news regarding strengthening of USD(comments by bernanke, etc), together with euro flattening out (trichet's comments saying euro is starting to recover soon).

EU poised to head down (SHORT) first, because I believe USD will go up faster than euro, euro seems to lag behind usd. actually almost every currency lags behind usd, since it's the largest economy in the world





EU high.

EU repeating history.

Let the picture speak for itself.

>>People and central banks shifting their weight to Euro.

Taken frm my email subscription:

Early on October 26, the exchange rate between the U.S. dollar and the euro (and the most widely-traded forex pair) began an out-of-the-blue slide from near $1.50. By midday the EUR/USD fell almost 200 points (or pips, if you trade currencies).

On October 27, after a consolidation, the slide resumed and pushed the rate another 80 pips lower.

If the dollar's dramatic show of strength in the midst of all the doomsday scenarios surprised you, you're not alone. Anyone looking at the Monday morning forex headlines was likely caught off guard. After all, the reversal occurred just as China was reported to be making plans for reducing "the proportion of U.S. dollars" in its foreign-exchange reserves -- hardly a dollar-bullish event.

So, Monday morning's "fundamentals" did not fit the price action. What about the market's technical picture? Well, here's where it gets interesting.

so means..... actually there are people out there playing elliot seriously?

I thought it might be due to the attempt to break a serious resistance level and failing to do so; people setting their TP level there.

BTW, i do feel that for TA, people take S&R levels very seriously. in whatever form, they are actually levels that people can really view from historical charts. Hence if they appear in the daily charts, i am pretty sure it's a really strong S&R level.

of cause there are ppl dedicate to EW
check out Robert Preacher...
but don't believe him 100% la because sometimes he also wrong but it's rarely happen