Thursday, July 27, 2006
Clusters on the Euro
Wednesday, July 26, 2006
Just a quick note to say it looks like we are getting into an overbought area so keep an eye on the Euro for a possible reversal within the next couple of days. Remember to sell the rallies at appropriate fib/pivot points! Resistance using APP and fib retracement from July 7th high and July 19th low at 12775 - 12810.
No chart attached as I am busy during this week but will provide chart analysis again from Monday.
Tuesday, July 25, 2006
Euro Wave Counts
Currently it seems the Euro has two possible wave counts. Although my previous post stated we may bounce, it seems today has changed that and although no definite wave count can be identified right now, the bias is for shorts rather than long.
Tomorrow may provide us with a clearer picture but for swing and position trades nothing has changed....the trend is still down.
Due to technical difficulties I am unable to post a chart. Currently I am flat and have no trade on the Euro. We may get a bounce up before we continue our downtrend.
Monday, July 24, 2006
Good evening everyone,
I spoke to a couple of happy people today and was not intending to post anything until tomorrow but after having has so many emails from people who did not make money today I felt I should say something.
I purposely updated the site with two posts on Friday night so that you all would get a chance to see it during the weekend and react to it accordingly. It seems most of you who did react got stopped out. The best news I had from you all was from a dentist friend of mine who made £1500 today.
Ok, when I mentioned about the turning points on Monday or Tuesday I was referring to a swing or position trade setup. Not pivot points setup or scalping (quick few pip trade). The setup entailed hitting a reversal fibonacci followed by a move down. We already had a big divergence on MACD so it was only a matter of time before we were due a turn. The fib time I showed on Friday gave a Monday or Tuesday reversal signal. Friday evening we hit 0.618 fib price so Sunday evening was a good time to look at placing your short. The problem a lot of you seemed to have was where to place your stops. The chart above shows where they should go if you were swing or position trading. However, if you went short at exactly the 0.618 fib price and ony put a 30 pip stop loss you would not have been stopped out. I am assuming most of you waited until we started to drop in price before placing your trade. If you are going trade the old, tired and so called traditional way of trading as taught by many so called "experts" then that is most likely why you have been stopped out. Trade setups are on fib numbers and that is the reason I posted them on Friday. Those of you who are unaware of how these trade setups with fib numbers are done need to buy the DTW Training Course. It is about $1000 and is 6 discs home study and is also the best training course you will get.
I will post tomorrow morning by mid day.