2-1-10
5:34a GMT – Strong bearish trend continued, in line with last week’s analysis. Last week I looked for and opened shorts every day of the week and almost all of them were profitable given the strong bearish movements. The US dollar reached 6-month highs on Friday alongside fundamental news that the US economy had grown much faster than expected (via the GDP numbers) and consumer confidence had been corrected higher. The key will be if this economic growth can continue as government spending programs wind down.
Daily Outlook: The pair is currently capped by three trend resistance lines, two obvious on the 60m chart and all evident on the 4-hour. As long as these first two resistance zone that you can see on the 60m charts (blue trend lines on chart below) hold I am bearish on the day. Trend is extremely bearish and the only major threat is that we are overdue for a correction on these timeframes.
Trading Idea: Right around the first trend resistance at 1.3930 we have the 23.6% retracement of the recent drop and I will look to sell in this area. Short targets at 1.3900, 1.3870 and 1.3840. I will also consider shorts in other areas as long as upper trend resistance is not broken as trend is strong.
(click to enlarge)
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PATIENCE IS A TRUE VIRTUE!!!!
I agree, I assume your still in? I certainly am.
Bob,
No, I am not in yet. I am just being patient.
I think I may find that I had as much patience as you on this trade LOL.
I agree :) , just that if time holding positions open longer its more likely to be costly
Entered a new small long @ 1.3930 , sl 1.3945 and good night to all! Target at fibo 1.272 @ 1.3775
Right are you Lisa. I hope you have a great week of trading.:)
Lisa,
You have taught me a lesson.
I didn’t see which point it will go down..it seems like it will continually go up to 1.4000…what do you guys think? I closed my positions with losses..but if i find selling point later i might go short again..
1H doji at 22gmt, bearish
yah…yah…yah…i can see it…hope this will work
might work, might not. Risk reward is pretty decent.
I was hoping today stronger usd, but every is bailing out..
Good night , God bless everyone!
@Sallie:
Dear Clients,
On February 1, 2010 16:19:12 there has been a non-market price inside the quote feed for EUR.
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Forex Club
Hmmmmmmmm
I have never seen such a spike on my platform.
So Sallie I guess you hit the jackpot, if you do not complain about your gains. LOL.
Doji + shooting star 1H, fingers crossed
it looks going down but i can see that it has difficulty to cross the zero line momentum..
Does some one know of free chart where the indicators do not change after the bar is closed.
Regards