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Man, I've been riding this A/U all day in each direction. It's like a pip machine. Some significant resistance at 6613-6620.
AUS/USD bouncing nicely here as the DOW rebounds. So nice to be on the right side of runs...
Nice...I jumped on the EUR/JPY on a short earlier and practically made 80 pips in 2 minutes...Amazing volatility today.
If it retests it will prolly break. Look at the bounces. They get progressively smaller. I visualize price movement as a person dropping a ball and watching it bounce in smaller intervals. Boing Boing Boing until finally it comes to a rest. At the resting point is where we usually see breaks.
can't clear this 60-70 zone.
Wait until you see a pronounced move. Right now the markets are digesting the latest freefall. I think they're unsure what direction to take. Keep an eye on the Dow as it seems to be driving the EUR/USD-EUR/JPY and its correlated pairs.
If you're looking at the AUS/USD, its hovering at its support zone of 6460-6470. I'd look for a nice long break to the downside and maybe a pullback for an entry. But if you don't feel confident in your trade, don't jump in.
Yeah that's it. Didn't see the dow dip below 8000. That's a major support zone. I'm thinking we are seeing some extreme levels. I'd be looking for some longs (bounces) soon. But until you see a 1,2,3 type move w/ higher highs and higher lows I'd short any rallies.
Nope. Just a very strong bear run fueled by strong risk aversion. People are simply scared about the financial success of banks.
Check out the EUR/JPY...its fracking collapsing. Jut entered a short and it dropped 40pips right after that!!.
I'd wait for it to clear through with a nice big candle. It's bounced more than three times at this exact point for huge pips runs.
Me too. Wished I could have gotten in some earlier morning action, but had work to do. I'm waiting to see if the back breaks here. Lots of potential downside...
.6470 is the major major major support. It's bounced three major times off there. I wouldn't enter a short until it's well cleared that point on 5 min.
I sure hope not. With continued E/U weakness we will see the same with A/U. Now that the E/U is pretty clearly under the 1.30 critical area, it may continue towards long term support in the 26 range. We'll see.
E/U touched the 29s for a sec...
I've had some amazing luck shorting the AUS/USD and EUR/USD. Ever since the S&P news came out, it's dropped like a rock.
EUR pairs tanking while the greenback pairs strengthen. Standard and Poors downgraded Spain's credit rating from AAA to AA. As I've stated before here, I think this is just a tip of the iceberg. The EU is in trouble and the flight to safety should continue. So much for the attempt to rally that began towards the end of last week. Could we see a break below 1.30 for the EUR/USD?
Ah yes. It seems to be acting as nice strong dynamic resistance.
showed some nice strength there...
Yeah, it's kind of the fake out you described yesterday. It's forming a hammer right below the 144. It's looking a little toppy.
And there she goes...lets see how far...
Git how do you interpret the RSI(5) on the small time frames like the 30-sec and 1-min. Do you used those as early indicators to buy/short?
Another shorting opp on the Aus/Usd
Cool beans. I'm gonna try using it with the RSI (5), kinda of a short indicator and a slow stochastic. I'll let you know how I like.
Out on the long and shorting here...on the AUS/JPY
Wow, I'm liking this bottom play. Works like clockwork.
Nice...gonna get bold and take a long here on the AUS/JPY (same movement as AUS/USD). See if we can get some upward movement.
I really like the 5min RSI method that git provided too. It's real good for picking tops and bottoms.
Wow, look at the Euro...breaking below 1.3090...
Yup, almost invalidating the run. . . starting to rethink long strategy. Just can't imaging these prices going lower...Keep an eye on the DOW to see if it breaches 8000
An expected cut. I'm looking for some long positions today on some of the oversold pairs, i.e. Aus/Usd, Aus/Jpy, Nzd/Jpy, and maybe the Eur/Usd.
I hear that. I'm so pissed at myself right now. I was going gangbusters yesterday and made some nice profit. My last trade was to short the EUR/USD at its low point of the day thinking it would break lower. But at the very point I shorted it, the pair hiked up 100+ pips before narrowly kicking me out on a margin call. As soon as the markets opened at 3:00 a.m. it nosedived and now its below where I shorted it yesterday.
It's really my fault for not employing a stop...lessons learned.
Not a correlated drop though with EUR/USD. Still waiting for that to break through.
Aussie wants to run here...broke down through minor support and tunnel.
I don't know how you guys can do it. I can't sleep when I leave trades on overnight. I keep waking up and checking my laptop...What news is coming out? I'm wondering how much of the euro rate cut is priced into these deep moves yesterday and today..
It's also running into some minor support at 6740, which was the major support yesterday until it broke down at about the same time last night.
EUR/USD is crashing too. I didn't realize these two move in about the same direction 92% of the time.
EUR/USD entering 1 min tunnel. Lets see if it can bust through.
Oh, thought you were talking bout EUR/USD. Aussie's looking pretty overbought, but the EMA 62 has leveled out on the 30 min. It might go into a range here.
On what time frame do you see an ascending triangle?
a/u's been all over the place today. It's been highly correlated with the e/u, which has taken off ever since bottoming at 1.3140. I'm hoping they are both simply corrections and am looking to short either soon.
Wow, with the Euro's unraveling yesterday and today you've got to wonder how much of a rate cut the market is pricing in...