Hey Al, I thought that I would give you a break this week. Your diligence is certainly an asset that we all benefit from!

It's Friday night, and I have entered this EURUSD position against my trading plan, ( no trigger ) . And I know that I am going to take some heat because of it. After all the Market is the best teacher. I thought that 146.0 ext plus the lines would be a great place to enter, but alas, the price action is still bearish. This is a classic Double top ABCD, so if not 146.0 the next stop is 161.0 So where are the lines?

Lets start from the beginning. Down trend with break and retest of down trend line.



Add fibs and look for confluence and my wannabee wave count



Adding lines, it fits if it stops here, but what if it goes to 161.8 ?




Maybe this blue line ?



Just thinking out loud while baby sitting my granddaughter.

Have a great weekend guys!!!

Duane,

Thanks for the compliment! Cool Euro analysis on your part. I have nothing to add, and I think that a price reversal in the euro is likely. My granddaughters are also over to the house today. My, they certainly have a lot of energy.
Best wishes for a graet weekend to you and all.
Al :--)

Originally posted by Duane

Hey Al, I thought that I would give you a break this week. Your diligence is certainly an asset that we all benefit from!

It's Friday night, and I have entered this EURUSD position against my trading plan, ( no trigger ) . And I know that I am going to take some heat because of it. After all the Market is the best teacher. I thought that 146.0 ext plus the lines would be a great place to enter, but alas, the price action is still bearish. This is a classic Double top ABCD, so if not 146.0 the next stop is 161.0 So where are the lines?

Lets start from the beginning. Down trend with break and retest of down trend line.

Click image for original size

Add fibs and look for confluence and my wannabee wave count

Click image for original size

Adding lines, it fits if it stops here, but what if it goes to 161.8 ?

Click image for original size

Click image for original size

Maybe this blue line ?

Click image for original size

Just thinking out loud while baby sitting my granddaughter.

Have a great weekend guys!!!

gld 60 - at the .382 rt and the 1.27 external rt of the A-B move up....

Good shot Duane. So far the Euro has responded a little bit right off the top of your area, but on Mondays it is hard to expect a nice volatility.
My experience is that Mondays are usuall dull, with slow, corrective move the whole day. The only exception is when the markets open up with a substantial gap after the weekend. This is when I prefer to trade on Sunday night or in the early morning. But for H4/D1 time frame it doesn't really matter.

Originally posted by Duane

Hey Al, I thought that I would give you a break this week. Your diligence is certainly an asset that we all benefit from!

It's Friday night, and I have entered this EURUSD position against my trading plan, ( no trigger ) . And I know that I am going to take some heat because of it. After all the Market is the best teacher. I thought that 146.0 ext plus the lines would be a great place to enter, but alas, the price action is still bearish. This is a classic Double top ABCD, so if not 146.0 the next stop is 161.0 So where are the lines?

Lets start from the beginning. Down trend with break and retest of down trend line.

Click image for original size

Add fibs and look for confluence and my wannabee wave count

Click image for original size

Adding lines, it fits if it stops here, but what if it goes to 161.8 ?



Maybe this blue line ?



Just thinking out loud while baby sitting my granddaughter.

Have a great weekend guys!!!

Paper trading. Made a bit on a long NFLX call. Lost some on a yelp long call. I made more than I lost.

Al :--)

If this 1.0 ABCD above .886 provides a reaction it will define a bearish bias for at least a couple of days on Nasdaq. We will see.

Of course one more push up within CD leg should be expected here.

gs - I may be premature in drawing this red median line set, but gs now has price making three pushes over the blue median line along a trend line, with negative divergence, at the DFF from September 2018. Zooming in to the 60 minute, there is a potential double 1.128 external retrace, and a little higher, a potential double 1.27 retrace. When this is good an ready, it could move down sharply.

Bull$#!^ market continues...

Originally posted by MarcinO

If this 1.0 ABCD above .886 provides a reaction it will define a bearish bias for at least a couple of days on Nasdaq. We will see.

8300 can be tested today I guess.

rat,

Would you please explain to me what DFF is?

Thanks,

Al :--)

Originally posted by rat89

gs - I may be premature in drawing this red median line set, but gs now has price making three pushes over the blue median line along a trend line, with negative divergence, at the DFF from September 2018. Zooming in to the 60 minute, there is a potential double 1.128 external retrace, and a little higher, a potential double 1.27 retrace. When this is good an ready, it could move down sharply.

Click image for original size

Click image for original size

Click image for original size

Super high-quality analyses, guys.

Al :--)