Daily areas for euro.

awesome marcin......and before the open gives it away, here's how it looked at the top into the close....price pushed to the limit ahead of the 'news' of the monkey business in congress....once again the 'news' is not driving, the computers and the tools are...it takes some guts to go short so you have to really trust your tools!

Thanks rat. You loaded a lot of great stuff.
What you described is similar to the games they played with euro today.
Two times the price broke Fibo areas and support lines, moving to the level of X point, just to reverse immediately and produce tradable reactions indicated by the patterns.

you have to love the computers.....8 cents away from the big .886 while traders ponder why iwm is strong in comparison to the other indexes....did it just have a place it had to go?

crazy stuff, right? and if you predicted this a couple of days ago many traders would say you're nuts....like my call for aapl around 450-460, gdx around 38-39, and so on....trading against a line is not a very popular thing to do, and because of the social pressure for continuation you'd better be right because of all the bets against you...until suddenly they reverse.

is the euro what you mostly trade?

Originally posted by MarcinO

Thanks rat. You loaded a lot of great stuff.
What you described is similar to the games they played with euro today.
Two times the price broke Fibo areas and support lines, moving to the level of X point, just to reverse immediately and produce tradable reactions indicated by the patterns.

Exactly. Looking for social proof instead of trusting the tools can be very costly in the markets
I take intraday trades almost exclusively in the euro. But I follow S&P500 to learn from Jim's and your posts on ES and SPY. I try to concentrate on one instrument as I still need a lot of time to recreate 1H and m15 areas along with lines to know the context well.
For longer term set-ups I choose the most liquid currency pairs with tight spreads (USDCAD at the moment), sometimes silver or gold.

Originally posted by rat89

crazy stuff, right? and if you predicted this a couple of days ago many traders would say you're nuts....like my call for aapl around 450-460, gdx around 38-39, and so on....trading against a line is not a very popular thing to do, and because of the social pressure for continuation you'd better be right because of all the bets against you...until suddenly they reverse.

is the euro what you mostly trade?

Originally posted by MarcinO

Thanks rat. You loaded a lot of great stuff.
What you described is similar to the games they played with euro today.
Two times the price broke Fibo areas and support lines, moving to the level of X point, just to reverse immediately and produce tradable reactions indicated by the patterns.

usdcad. I showed it about four weeks ago, but only the lowest area gave reaction recently that can be closed with a profit regardless of the future price action.

H1 ABCD didn't finish last night.

A butterfly with a completion point right in 1.3158-63 H1 area.

I'll be off the forum till January, so I wish you all Merry Christmas and Happy New Year.
Jim, Rat, Roofer and others - thanks a lot for another year of great posts. I believe I've learnt a lot from you but there is definitely much more to learn.

Great charts, crew.

Just look at the chart here and the level of complacency and 'confidence'. This 'bull' market is so overdue to be over it's just crazy.

http://www.zerohedge.com/news/2012-12-21/guest-post-repressed-fear

Globex Kane 4PCP ABCD.

Al Kamego