I think we have completed an upward ABC over the last 4 hours. May now move down to complete a broader downward ABC. May target 4160, with extension around 4120.
infinitus wrote:Hello PipChick,
since you said that you do not trade without a look at a currency meter, may I ask a few questions?
a) in what way do you use it when trading EURUSD?
b) do you know of any tool, that does not only give the value of the recent moment but kind of a chart
c) the sugestion is to sell the weakest currency against the strongest - but when we wait (e.g.EURUSD) to be USD the weakest and EUR the very strongest, a lot of distance in the way up should have already been traveled. A currency meter is supposed to be a real time and no lagging indicator. But when one uses it in that way one should not await much of an advantage. Do I see that right?
Thanks in advance,
Markus
Kinda of a hit and run kinda day today. Grab your pips and run.AlexC wrote:Just a 60 pip range in the last 12 hours or so.
For range traders on smaller time frames with tight s/l, it's great.
That's what we're here for. Adapt and improvise.PipChick wrote:Kinda of a hit and run kinda day today. Grab your pips and run.AlexC wrote:Just a 60 pip range in the last 12 hours or so.
For range traders on smaller time frames with tight s/l, it's great.
Last edited by AlexC on Mon Apr 04, 2011 1:30 pm; edited 2 times in total
Hi PC,I have several versions as MT4 indicator, even the one you posted a few days ago. I have it on my charts for a while but am not sure if it is really a big help.PipChick wrote:infinitus wrote:Hello PipChick,
since you said that you do not trade without a look at a currency meter, may I ask a few questions?
a) in what way do you use it when trading EURUSD?
b) do you know of any tool, that does not only give the value of the recent moment but kind of a chart
c) the sugestion is to sell the weakest currency against the strongest - but when we wait (e.g.EURUSD) to be USD the weakest and EUR the very strongest, a lot of distance in the way up should have already been traveled. A currency meter is supposed to be a real time and no lagging indicator. But when one uses it in that way one should not await much of an advantage. Do I see that right?
Thanks in advance,
Markus
Hey Marcus,
Do you have the currency strength meter?
AlexC wrote:That's what we're here for. Adapt and improvise.PipChick wrote:Kinda of a hit and run kinda day today. Grab your pips and run.AlexC wrote:Just a 60 pip range in the last 12 hours or so.
For range traders on smaller time frames with tight s/l, it's great.
PipChick, The currency strength meter indi you're looking for is called: 1000pips mini. Haven't figured out how to upload an indi here yet but you can find it in kill56's thread , "the graveyard".
Last edited by PipChick on Mon Apr 04, 2011 3:07 pm; edited 1 time in total
Mikey wrote:Here's what i'm looking at now....
1hr ABC inside a bull flag. Retracement fibo levels to watch for are 4187, (but we already went as low as 4191), so I don't think it'll stop there if it does drop.
The next level is still 4162, but we may not see that if the ABC plays out from here. A bull flag test of the UTL @ approx 45 will be my key. I took a long from 43, but will hedge in a sub account if we fall below 4104.
Also looking to see if the CCI bounces or breaks the zero line.
AND, if we do get to 4245, we'll break the Demark TLs too.
PipChick wrote:Mikey wrote:Here's what i'm looking at now....
1hr ABC inside a bull flag. Retracement fibo levels to watch for are 4187, (but we already went as low as 4191), so I don't think it'll stop there if it does drop.
The next level is still 4162, but we may not see that if the ABC plays out from here. A bull flag test of the UTL @ approx 45 will be my key. I took a long from 43, but will hedge in a sub account if we fall below 4104.
Also looking to see if the CCI bounces or breaks the zero line.
AND, if we do get to 4245, we'll break the Demark TLs too.
Mikey,
Great analysis
4187 may be the buy area since that is also where the daily 5 ema sits.Right now, the h1 cci is resting on the 0 line and there is 6 minutes left until a 1 hr close. If the cci rejects the 0 line when the bar closes and then we have a 15 min pin, then that should be a long entry. If the CCI goes thru the 0 line, then we will probably test the 4160 area like you mentioned.
PipChick wrote:Kinda of a hit and run kinda day today. Grab your pips and run.AlexC wrote:Just a 60 pip range in the last 12 hours or so.
For range traders on smaller time frames with tight s/l, it's great.
Last edited by PayTheLimit on Mon Apr 04, 2011 3:45 pm; edited 1 time in total
Mr Hatch wrote:PipChick wrote:Kinda of a hit and run kinda day today. Grab your pips and run.AlexC wrote:Just a 60 pip range in the last 12 hours or so.
For range traders on smaller time frames with tight s/l, it's great.
what a lackluster day...
pc, here's the channel that deviated from your's earlier - tested this time. now I'm confused about today's pa... but I'm not alone with that, I think.
Infinitus mentioned a broader ABC-down-correction earlier, though I didn't see any levels, or overlooked them.
PipChick wrote:Hatch,
I may be wrong but I think infinitus is talking more about the ABC in Elliott waves. The ABC I trade is different than that of Elliott Wave.
Knuckledragger wrote:Ah $hit what is going on??????
its to soon to read what the market thinks of Bernacke"s speech.
For now a rate hike is not out of the question, and some would say likely. Right now we are still waiting on the hike for the EUR, so expect a stop hunt north at that time. Feel free until then to play short term short. Best of luck, I've got to go back to my eye bleeding studies
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