EU - London Close on Tuesday 12th March 2013
This is a 20 min candle chart on a daily bar. Since Friday we have been in 2 "inside bar or candle" days as price as not broken the high of Friday - at 3134 or the low of Friday at 2954 - a range of 180 pips.
We have 2 present patterns - a HL's and HH's over last 2 days - but within the range - and a reverse Head and Shoulder set up - which in this case is bullish.
Most traders would be aware that if we go under Friday's low - then more likely the EU will fall more down to 2900 and even possibly lower.
Also if price goes up above 3134 - the EU would be turning bullish and might try 3200 and higher.
The fact that both patterns are presently bullish - might encourage more buys - but their in a liquidity pool around the 3080-90 area that would then be bearish and should take price down again.
The question would be - could it push price back under 3000 and 2980 area ?
What is my forecast or conclusion ?
Just watch key price levels above 3070 - ie the resistance areas looking for sells if not broken - and also watch to see if the HL's stay in force later today and tomorrow.
Where are we going tomorrow and the rest of the week?
Well many banks are saying sell the EU for targets under 2900 and low. The trouble is do you believe them - I don't think they lie - they are just clever - and might have sell trades on atm - but at "undisclosed" stakes - such as $10 a pip - just to fool the trade - whilst meanwhile through "backdoor" methods" they are busy buying and laying on $100,000 per pip - which of course they might forget to disclose - as you do not want your competitors to know - do you ?? ( lol)
Mean while - whilst we wait - either scalp within the range - and even that is so slow - or start looking more at the GU AU and of course the yen crosses ;-))
I plan to do nothing until i get proper clues - not false sentiment or rumours.
I welcome all comments and ideas;-))
Good Luck what ever you plan to do - but please - just do not guess - you more than likely will be wrong ;-))
Regards
Peter
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Comment by Dimitar Kinov on March 13, 2013 at 3:46am -
Ended or ending five waves down. The support levels are 1.3080 1.2880 1.2690. Can be expected formation of a reversal pattern up. The same situation for the GU and AU. Good luck.
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Comment by Peter jcp on March 13, 2013 at 7:11am -
Morning Dimitar - good to see you back. Yes price edging up last 6 hrs - prior to London and latest high this morning being 3045.Above 3033 have EU in up bias - but as we know this could easily change at the London Open period'-)) Have a good day Dimitar - regards Peter
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Comment by Peter jcp on March 13, 2013 at 7:47am
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From this half hour change prior to London - EU in an up rally from 3042 - current price 3056 with 13 mins to the hour . Away from desk next 40 mins - GL
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Comment by Jasmine C on March 13, 2013 at 7:59am -
I can see it now... All the CEOs of the major banks sitting around a table plotting how to trick little old Jazzy into selling the euro down to 2900 so they can snap up my 10k and laugh in my face :-)
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Comment by Jasmine C on March 13, 2013 at 8:02am
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I'm on the JPY bus today.... heading south to the 95 stop.... cable will probably insist on testing 4984 before heading lower and euro, well, i dont know and i dont care...
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Comment by Luke Sierpniak on March 13, 2013 at 8:05am -
Stuck with cable @ 4890 short, will hold, profit target under 4800, not scalping much as dont want to overinvest today, GL
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Comment by Jasmine C on March 13, 2013 at 8:29am
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Kinda hoping for something similar on the cable @Luke :-) Been kinda hoping that for a few days now!!
I threw in a cheeky buy late yesterday just cos i was sick of sitting on my short position... and there might be another cheeky 20 pips above 4960.... which, if you're already short, you could probably justify taking as a "hedge" :-)) That's how i like to view this madness...
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Comment by Jasmine C on March 13, 2013 at 8:31am
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4890!? OMG - i read that as 4980... Oh... crikey - you've started to play the big stop game as well then :-)
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Comment by Peter jcp on March 13, 2013 at 8:46am
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Morning Jasmine and Luke - the games have started - EU up 25 pips prior to London - then down 35 pips - 60 pips of movement - and we have gone nowhere - other than probably taken some stops out;-))
Well done Market - as usual- any body would think this was a game (lol)
15 mins to hr and scalp selling down to somewhere between 25 -30 atm - then review
Have a great day and will check out other pairs
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Comment by Peter jcp on March 13, 2013 at 8:48am
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GU still in up bias and would only change if price drops under 4910 area
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