Re - EUR USD 30M chart

[MajorDutch]

Where do we go from here, looking bearish???

 

[MajorDutch]

image didnt show, anyone know how I show the image in the thread body?

 

[HowardCohodas]

image didnt show, anyone know how I show the image in the thread body?

Attach file under additional options below.

or

Host it somewhere and use the insert image icon above.

 

[MajorDutch]

ok here it is attached.

 

[HowardCohodas]

ok here it is attached.

Where do we go from here?

I swing trade this pair and am short at the moment.

 

[Love 2 Trade]

What's your target price on this Howard, if you dont mind me asking?

 

[MajorDutch]

I have put together a trading plan inspired by Dr Alex Elder. I am waiting for a good trend to establish on the M30 looking for re-entries on the M5 t/f. trading with capital spreads 1pip spread execution seems good at present.

key support $1.3100 200 Daily SMA.

 

[ThinkForexJB]

USD historically performs well in January. Resistance is firm at 1.3200. Target support at about 1.3000 for the short term.

These views are purely my own and do not necessarily reflect the views of ThinkForex LTD

 

[MajorDutch]

USD historically performs well in January. Resistance is firm at 1.3200. Target support at about 1.3000 for the short term.

These views are purely my own and do not necessarily reflect the views of ThinkForex LTD

I see no evidence for these 2 levels quoted. please explain your rationale for suggesting these 2 levels.

 

[HowardCohodas]

What's your target price on this Howard, if you dont mind me asking?

Don't have one. I'm short until the market informs me that I should be out or long.

 

[HowardCohodas]

I have put together a trading plan inspired by Dr Alex Elder. I am waiting for a good trend to establish on the M30 looking for re-entries on the M5 t/f. trading with capital spreads 1pip spread execution seems good at present.

key support $1.3100 200 Daily SMA.

I'm a great fan of Dr Elder. What source did you use to inform you on your current strategy?

 

[Love 2 Trade]

Ok thanks.

 

[bbmac]

Hi

Although generally bearish and particularly the rejection of the previous daily swing lo zone (previous support=potential resistance)...30min is a bit mixed re overall price action at present ? 5minis in an opa downtrend although has just printed a H above the last LH following a HL on this t/f.

G/L

 

[MajorDutch]

I'm a great fan of Dr Elder. What source did you use to inform you on your current strategy?

I have read 'come in to my trading room' and 'trading for a living' , have used some of the concepts but have constructed my own trading plan which is a mix of rigid rules and discretionary decisions. I have manually back tested and all looks good however stop placement and management of the trade is critical. I am just trialling this system out now at £1 per pip.

I should credit BBmac who pointed me towards the books of Dr Elder (amongst other books).

 

[ThinkForexJB]

I see no evidence for these 2 levels quoted. please explain your rationale for suggesting these 2 levels.

Apologies, I too (newbie) have difficulty uploading graphics/videos to the forum. I'll get there one day

The pair failed to break through the 1.3200 number during the Asian session last night. You will find some resistance on the M1, M15 and M30 levels. I tend to agree with you that there will be some support at the 1.3100 level but based on how the USD historically performs during the first 8 weeks or so of the calendar year, I am inclined to say that if the pair breaks through that 1.3100 level it will head down towards the 1.3000 level before finding additional support for psychological reasons.

So my plan is to go short if it breaks through your 1.3100 level and pick up a few pips in January.

 

[MajorDutch]

Hi

Although generally bearish and particularly the rejection of the previous daily swing lo zone (previous support=potential resistance)...30min is a bit mixed re overall price action at present ? 5minis in an opa downtrend although has just printed a H above the last LH following a HL on this t/f.

G/L

Hi BBmac/Stewart

I like this chart of the Force Index (2 period) show the bulls are losing power. The EURUSD is in for some bear food. I chose to trade the EURUSD instead of the cable due to the 1 pip spread and I found the cable a touch more volatile.

 

[ThinkForexJB]

The EURUSD is in for some bear food.

Hide your picnic baskets nline2lo

 

[ryantc]

I trade it with daily Pivot Point, and this morning it just breaks down the PP line,
so I guess it will be down for a while

 

[MajorDutch]

there she goes, looking for pullbacks

 

[MajorDutch]

next support at $1.2969 Low of 30 Nov???