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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
The job losses are going to stay with us for a very long period of time Unemployment is going to remain high. U.S. economic growth will slow to a 2 percent rate or less in the second half of the year. That implies continued slack in the goods market and in the labor market.
Where as people who are looking to run along the Euro retracement the only strategy that comes to mind is positions placement, only if your broker lets you divide your standard margin lots in mini's, I Doubt it will break 127 by friday and then buying 0.2 on every 60-70 point dip and hold till 13230. The way Euro will develop in coming days is where every rally will be met by a 60/70 downward move to the previous sup/res level and thats where you can place buy lots.
But i will only recommend this strategy to people still hold a sell on euro from above 13300 / 13400.
I follow this strategy base on commodities such as Gold copper oil payoff in just few months its just phenomenon. But always go by fundamental and futures statistics.
FWIW, I'd expect some sort of bounce, but I personally will not be putting any money on it. I do counter-trend sometimes, but not here. That's just me though.
@Radu: To offer an answer to what I think your question was: I do know some people who trade these sort of patterns on the 60 minute chart, and regard them as significant. However, with the proviso that they are supported by other indications, e.g. the pattern is occurring at a significant level, e.g. pivot or turning point, confluence of a significant Fid level, and probably other things I can't think of at the moment.
They do seem more reliable on daily and weekly charts, but in practice, in my experience, are not as easy to trade on those time-frames as one might think. When I started taking more notice of fundamentals, I stopped taking so much notice of them, but I do watch them for pullback indications....just a sort of indication of the natural "pulse" of the market, as it were, without necessarily taking them all that seriously.
but i did managed to find two good read
America's Failed Dollar Strategy, Greek Debt Crisis Will Slow the Yuan's Advance http://www.marketoracle.co.uk/Article19200.html
and
Euro in Decline, Possible Headwind for Gold GLD ETF http://www.marketoracle.co.uk/Article19189.html which also coincides with what Ashraf has mention earlier.
Here we go again!!!
Thanks Coach , Montmorency
I know what is mean a hammer , i just ask myself how important is it on 60 min chart (from a AT approach , excluding the fundamentals ) .
GL