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Posts by "daveo"
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Posts by Anonymous "daveo":
For your 63/6400 target area are you looking at pivots and the 78.6% level or are you a market profile volume geek. I see very high horizontal vol at that level with the HVN bang in the middle.
Just interested in what tech associates are using :-)
I'm a liitle surprised Ashraf not mentioned his daily chart trend support lines for EU and GU today. Both have kissed nicely today although GU looking like it may want more than a mere kiss. Penetration may result if she willing.
I make a point of always identifying 3 alternate counts on my charts for all timeframes I monitor. I have my preferred count in play for trading and I trade that until such time as the count is proven wrong.
On present position of GU my work tells me that the 5296 low reversed at the 38.2% level. The pattern down to that level does not give me a clear corrective so until the 5997 high is taken out it could prove to be only the first leg down of a corrective with the wave B up in progress and wave C down to follow which would end slighly below the 5296 level. I prefer your bias with the 38.2% level being a bullish ending to the corrective and new highs immediately ahead.
Best to you and lets compare notes at key levels.
Interesting post you make. I been musing over my DX chart and reckon if it breaks 77.40 we will see 74.73 below the trend support line.
As for Germany, if I were advising them I would advocate they exit the EUR currency at the earliest possible convenience.
Ashraf,
In that case please feel free to delete my post re Go Markets brokerage.
If its a classic account you seek for MT4 platform take a look at GoMarkets in Aus. They are STP and with keen spreads generally. I have found they are better than Alpari and Forex.com not to mention the range of spreadbet brokers we have in uk. I use GM for intra day plays and spreadbetters for longer term positions. Alpari can offer classic and pro accounts with or without MT4. Forex.com are encumbered by the new US regs. Alpari have added a range of commodities and indices but I would place them alongside the spreadbetters for typical execution unless you take their pro account.
I realise the subject of brokers is a mine field all of its own. Personally I like to spread margin across about 8 outfits as my trust going forward is around about zilch.
If you haven't managed to find value here why don't you F/O from this forum which is obviously wasting your valuable time !
Your name suggests you realise that markets zig zag. Why don't you spend time with serious study to find out how the "zig zags" typically work.
Expecting to follow any analyst like a dumb sheep follows his flock is never going to make money for you.
You have to do some work to succeed in this endeavour or any other worthwhile endeavour. If I find Ashraf very helpful, how come you don't ? Think about that my friend.
Forex is different to other markets ? Bollocks, its exactly the same as any market for tech analysis. All analysts get things wrong but if they can identify at what point their preferred bias is invalidated you cannot expect any more than that.
NO, I am not an employee of CMC or Ashraf or anyone else. I am a professional full time trader these last 16 years since retiring from mainline biz at age 50.
I started looking at forex in Jan this year and soon realised how very news sensitive the currency markets tend to be for their intra day moves. Ashraf is one of a tiny minority of worthwhile educators I have spotted for this specific market speciality.
Getting back to the immediate position of EU we have pattern symmetry at 1.4044 which is slightly above "our leader's" latest call for the 61.8% ret at 1.3895, basis daily timeframe. However, the move up from the 10th Sept pivot low lacks structure so I expect to see some retracement soon before hiking back up to projected target levels.
If the market invalidates my analysis I will reposition my stance accordingly. Meanwhile I trade my analysis in line with my "preferred" bias.