I have not been on the chat for a while , concentrating more on absorbing data from DailyFx, CNBC and writing my first EA. Ment to ask you - Don't you feel as a long time pro in this market , that the USD is ready for a reversal ? I mean - I am studying the charts and taking in mind the fundamentals I think the USD weakness is very artificial. I don't have anything open right now , even though my hands itch and I am ready for a USD bullish rally like within 48 hrs. What do you think ? Thank you for your opinion . It has always been valuable for me.
I will try and give you a proper full answer to your question during the next hour or two - in between some scalps etc. Need to just check some other charts etc I have that I don't use on a daily basis etc - and then will reply
Ok , thank you
Morning Sun - good question - I cussed myself because I did not scalp sell at 2307 and was late at 2292 ;-) I have minor supports at 60-65 then main supports 2245-50.
I dont plan to scalp buy until over 2275 atm and if 60 goes for 45-50 then would probably not want to look at scalp buys until support was established and price went back over 60-65
Have a good day Sun - now to answer Roger
Hi Roger - re your question - longer term view on EU - and will we see a strengthening in the US dollar for it to have a bullish rally?.
First impressions - we all know the Eurozone is in trouble and it would not surprise anyone that if the fundamentals are very weak - then the EU should fall further - under 1.2000 and even below 1.1500.
However - remember we are in an "ugly contest" and although the Eu is ugly - is it really uglier than the dollar ?
Over this side of the pond - many do not think the dollar is in "good shape" and expect some real "truths" to hit the fan soon. The US are noted for being at times very economical with the truth regarding there any real financial position ?
So the EU is in bad ways - might the dollar be also ??
If that is the case - there is nothing to say that the EU does not go below 1.2000 or say 1.1800 and then stays in a 500-800 pip range for the next six months ? - ie between 1.1800 - 2600 or similar ??
We have a world wide recession - another banking crisis and elections again later on - so loads of uncertain factors to influence the future.
You mentioned as a season pro what do I really think?
To answer that part - I don't even try to predict more than a "session" a time atm - in fact my best probabilities are under 30 mins :-)
To try and therefore predict the next few months with so many factors that are really "unknowns" - you are really guessing - and as I trade purely for profits - I need all the probabilities on my side - so that is why I am really short term intraday.
That's how I really see it. I don't see the EU going up above 1.3300+ etc - but in 2 months time or so it might?. Do I see the EU under 1.1500 - no not really - but as we know - anything might happen ;-)
Have a good July Roger
Price action on EURUSD, to my analysis, didn't show a bullish impulse. The confirmation was received, when the price went below 1.2280. The latest rise back above 1.2300 makes things mixed for me again. I'm expecting more decline, but there are 2 variants: either EURUSD stays below 1.2325, or it makes anotehr peak. testing 1.2335.
If EURUSD stays below 1.2305/07 at the moment, we'll see further decline on the pair.
Hi Rao - latest update from the live trades in the "gate" section - 3 lovely scalp buys from 2265 onwards - profits taken at 2307
Price made 2319 - a lower high and I scalp sold at 2303 but have taken profits at 95.
I need under 90 and 83 for lower
Over 2304 and 10 - higher again
Join us again when you can
Hi Peter, is it not the gate discussion? I must have mistaken somewhere... :(
i dont know which is more difficult...tracking a wild animal..or tracking the markets
both are very similar Colin when the sign is clear you move in its direction when it is not you cast your gaze wider until clear sign is again obtained
and for real I think wild animals to be easier deer rabbits at least its harder to get tunnel vision in the great outdoors healthier a walk in the woods and fresh air definitely the opposite of stress
hope you are doin well