Actually wave 4 often touches wave 1. Prechter said wave 4 should not go into wave 1. He didn't say wave 4 must not go into wave 1. There is quite a bit difference between the two.

This rule is not absolute.

EURUSD Buy 1.55985 stop1.54455 1.limit60955 2 008-07-29 11:00:03.0

this is the trading signal of daily fx.bt the reports are saying that the euro will be touching 5300 atleat.then wat to do long or buy??????

Not bad at all for 1 yr.. i like what you said, the bounce so far not impressive, but at the same time we bounced off from testing 5558 and surpassing the 5598..... but again true it don’t matter, would be more attempts on both sides to come........
i loaded up yesterday from 5571 and lower again from 5563 after missing 5553 longs by few pips..... i have shed most at 5597 avg and would hold the remaining two with stops below 5546....... this cannot hurt me from here on and with nfp to come i'm not going to be surprised for any price action to come........
the trick from here on, if you want to hold on to a trade, choose one direction, mark your entry point and exit as well........... Just make sure u don’t change, as i expect toe whipsaw to continue for a while.
5618-30 sellable but then again better one around 5666-85.... which one to choose and if waiting for the later what if 5630 contains and eur dips lower...
too many clauses here......
so clearing my thoughts, i have limit on one long at 5622 and 5682 on the last one.
i have hedge short order in at 5622 and final 2 shorts await at 5682. all stops at 5696....... if this goes to 5682, it wont be able to hurt me at all.....
im still jumping in with scalp mentality as i stay focus to what i said that i will pick trades only after the NFP is out of the way....
after that we would either be gunning for 5350 or 5750+.

when in doubt play light and try to wait the best possible place to enter where ur eyes are not where the mkt wants you to jump in.....

GL ALL.........

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

What facts do you have to prove that the US economy is stabilising? I certainly don't believe so. Look at all the foreclosures in the pipeline until 2012. Job cuts will become more severe as US companies continue to struggle. Inflation is still on the rise and will not pause until rates are raised (which is practically impossible to do). Europe is still looking much stronger, though a recession seems inevitable here as well. The main thing that leads the eur/usd rate to go up however, is M3 growth. The US will need to print more and more money to save corporations, so things will only get worse. What we are whitnessing now is a technical correction, nothing more, nothing less.

Yes this makes sense. But why do you think it will be 50% ? What other possibilities on fibo % are for ABC corrections, can make it to just to 23,6% (1,5666) or 38,2% (1,5737) as well ?

thanks cmellon

b3

This is due to bad EUR data to be realesed and $ trend from tomorow add to this more drop in oil and we are at 1.5444

Just a typical retracement. May retrace to only the level above that you said if the market is very bearish. SL needs to be moved accordingly when price is moving towards that area to protect position.

Thanks sounds good.

So right now we are still in A of ABC correction of 1,6038-1,5552

Target of A ? --> 1,5670 area( ?) then back to 1,5610 for B(?) then C = A up to 1,5720/ 1,5730 ... there would be 38% fibo of 1,6038-1,5252

Whats the minimum target (Bearish szenario) for ABC?

That's quite difficult to answer with precision. In a very bearish scenario, a retracement can be flat. In other words, A will probably go to 1.567, B goes back to start of wave A at 1.5552, then wave C goes up to 1.567, then the pair continues heading south in 5 wave impulse down.

OK so in a very bearish szenario you have B retracing completely to the start of A - ... at the moment it looks like € having problems going back over 1,5610/15 area

30 Jul 2008 11:12 GMT


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Interesting video on Youtube:

YouTube - Fibonacci Curves

Fibonacci does not only influence price. It also influences time and date. If your software can project fib time, you can not only project price, but also exact date.

When fib price and date matches in a grid (such as 0.618 or 1.618), that's called squaring point, and it has probability that price and date indeed turns at this point

Are we really pitching for a big retracement? a and b are nearly done and there is lots of downward pressure on the pair, that could not hold over 23.6% larger retracement. We may get 38.2% at 1.5635 or 50% where there is also Gann resistance at 1.5661. Any comments on that?

I m placing order to go short @1.5545
placed s/l on entry