EU - Friday 18th Jan 2013 - Intraday moves and updates
Chart shown is a 10 minutes on a 4 hr white candle background as at half an hour prior to US close on the 17th with price at 3375.
I can only update it after Europe opens on Friday morning and then will give half hr and hourly updates with suggestions etc on short term directions and possible trades.
If anyone wants to add additional charts during the Asian session and comments etc please feel free to do so.
I have marked key S & R areas for scalping but have not shown Fibs etc.
We have topped so far at 3387 - and by the time I get up in the morning we might have gone over 3390 and even 3405 - or we might not ?
Remember we are still in an uptrend - but OB - especially on the monthly now - but that still does not mean we cannot go up another 50 or 100+ pips before another pullback.
If we do have a pullback before the present Jan high - expect supports up from 3335 to hold - ie 52 - 60 and 70 areas as possibles
If all those are broken and we go down under 3335 - we then have 3320 and 3310 before the main psychological barriers at the big number 3300
Fridays are always fun - for many different reasons - and I am hoping tomorrow will not disappoint - even though there is no loads of key news there are still a couple of reds.
As normal all contributions are welcome and any forecast on EU or other pairs please try and keep them as intraday - ie expected to reach before the end of the day's and week's play finishes
Good Luck and have a great day
Regards
Peter
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Comment by Peter jcp on January 17, 2013 at 10:24pm -
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Comment by Jim Mathis on January 17, 2013 at 10:37pm -
Thanks Peter for these charts.
After watching EJ trying to bust through 120 for quite a few mins,(eye a 1 minute chart), I went long again you can guess the stop, lets see. Similar with GJ slow now going for a shower and a bite. Hope to see you later.
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Comment by Peter jcp on January 17, 2013 at 10:50pm
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Hi Jim - yes just noticed the EJ as posted another high again - and is in a similar mode to the EU - although moving a lot more freely ;-)
The fact that it moved up over 300 pips today - possible suggests it needs a rest - so whether at 120 60 is that point - it could well be - but - as not got it set up on my scalping tick charts - cannot be too certain
Support at 120 10 - so under that then 120 and 119-85 - seems well supported - but if those did go then 119 50 /55 area
Above 120 45 would looks at possible more scalp buys - but still think it needs a rest etc and even a 150 pip retrace - keeps it above a 50% fib for higher.
Have a good Asian session - off to bed in 20 mins or so - but might see you around first thing
Regards
Peter
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Comment by Jim Mathis on January 17, 2013 at 10:59pm
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Thanks for your views Peter. I agree could use a breather, I would love to see some symmetry in the chart(blue area) clear the deck so to speak. Not sure if Tokyo/Asia will want to sell before china news 1030 pm est and 11 pm est. Might just be a regular slow Asia session. We have been spoiled lately. I will see you well into London not sure I will make NY though.
Regards
Jim
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Comment by Peter jcp on January 18, 2013 at 6:58am
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Good Morning Traders - Just coming up to the European Open at 7am UK time and 2am NY. In the last 2 hrs the EU as posted an high of 33918 - and now it is presently having another go.
3390 is a resistance area and several attempts last time failed to overcome - but now you do feel it might go this morning
We have supports at 3375/6 and then below at 3360/2.- with a dynamic supports of up trendlines in between.
Activities will pick up between now and London Open in another hour - but it is also the times for whipsaws and general volatility - so be careful.
I would be looking at scalp buying over 90 again and 95 - but being aware it could be a false fade out followed by a pullback.
With 3 mins to hr 86 became a scalp sell with 88 a LH - but really need under 75/6 to hold for over 10 pips and therefore dont follow me on this one unless you are an experienced scalper.
Will update in between and have a good day
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Comment by Peter jcp on January 18, 2013 at 7:07am
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Scalp sell still on under 3386 with price trying to break 75 atm with a spike to 73. Normally within 9 mins of hour change scalps might finish - but if we are still going after 10mins further down look for 65 -60 for profit.
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Comment by Peter jcp on January 18, 2013 at 7:10am
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Total turn at 80 and now scalp buying as volatility increases and we might try over 90 now and higher
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Comment by Peter jcp on January 18, 2013 at 7:18am
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3390 seems tough to crack atm - out of scalp buy at 88 and now should be back in scalp sell - but reluctant to take another scalp so quickly whilst things are not settled.
Will instead either wait for half hr change or scalp buy when 92 and 95 are beaten,
Under 73 would be scalp sells for 60 area - but lets wait for any whipsawing to finish first
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Comment by kamdi eloji on January 18, 2013 at 7:32am -
morning peter , am totally at the sideline right out of scalp buy but will return to buy at 3370
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Comment by Peter jcp on January 18, 2013 at 7:36am
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Morning Kamdi - just gone the half hr and not got over 3390 yet and momentum is being lost atm.
Under 3380 is scalp sell again but would need under 73 to hold on. I think as you say Kamdi - it might be worth looking at a scalp buy in the 62 to 70 area - depending if we carry on falling another 5 mins but remain above 3360.
I am going to miss the 8am London Open - but will be back before next hr
Have a good day Kamdi
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