A cluster of stops all the way to 1.6218 on GBPUSD

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Paul
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EURUSD nears loads of sell stops

Postby Paul » Mon Jul 06, 2009 11:30 pm

EURUSD nears lots of stops and it is clear that hitting them would open
the door to 1.4037.
At around 1.3930 some big action took place (stops and fresh aggressive buying). Longs need to be tested and we need to see their strength at 1.3930
to trust this direction.
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eurusd6.gif
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first stops hit on EURUSD

Postby Paul » Mon Jul 06, 2009 11:52 pm

first stops hit on EURUSD
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Paul
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SHORT GBPJPY @ 154.57 closed on TP 154.12 (+45pips)

Postby Paul » Tue Jul 07, 2009 6:38 am

SHORT GBPJPY @ 154.57 closed on TP 154.12 (+45pips)
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Paul
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A test of 1.3930 on EURUSD is underway

Postby Paul » Tue Jul 07, 2009 6:43 am

At around 1.3930 some big action took place (stops and fresh aggressive buying). Longs needed to be tested and we need to see their strength at 1.3930 to trust this direction. We are just seeing a test of this line level.
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Paul
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Limit Entry Buy Orders hit on EURUSD @ 1.3930 and below

Postby Paul » Tue Jul 07, 2009 6:55 am

Limit Entry Buy Orders hit on EURUSD @ 1.3930 and below. Their stops below 1.3017. USDCHF suggests a bounce on EURUSD is possible.
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Last buys stops have been hit on EURUSD

Postby Paul » Tue Jul 07, 2009 7:15 am

Last buys stops have been hit on EURUSD.

Paul
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dax30 slump helped eurusd dip below 1.3930

Postby Paul » Tue Jul 07, 2009 7:24 am

dax30 slump helped eurusd dip below 1.3930
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Typical EURUSD price action

Postby Paul » Tue Jul 07, 2009 9:10 am

Typical EURUSD price action:

Tested traders guts below 1.3930, hit stops of fresh buys, and then professional money came in. USDCHF supported this bounce off the lows. Perfect alignment with dax30. That's the beauty of FX.

Is it possible to know this sort of action before it really takes place?
Definitely yes.


As you can see some price levels are more important than the others. Some price levels are crucial. They are like marks of urine left by predators.

Chasing the market is the worst thing one can do.
Attachments
dax302.gif
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eurusd10.gif
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Last edited by Paul on Tue Jul 07, 2009 9:26 am, edited 1 time in total.

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noone22
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Re: dax30 slump helped eurusd dip below 1.3930

Postby noone22 » Tue Jul 07, 2009 9:25 am

Paul wrote:dax30 slump helped eurusd dip below 1.3930


To tell the truth, I don't understand, why and how
DAX is correlated with Forex prices,
whoever from the prophets will predict this.

Paul
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to noone22

Postby Paul » Tue Jul 07, 2009 9:44 am

Study the dax30 H1 chart attached to see the correlation of price action with FX. A correlation is not a permanent phenomenon, however. Detailed studies are shown in Russian forex journals (free access).
,
Study dax30, cac40 and other European bourses(I do not recommend sp500) to observe similarities. The whole thing goes without saying. Study the price actions, not levels. Feel it.

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