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EUR / USD - US Feb Home Sales 10:00 est
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Location: Blogs Zen Forexification |
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| Posted by: GoldIvX |
Monday, March 26, 2007 4:32:59 AM |
EUR/USD
+ 41 pips
[The text contained in this post is meant only as a record and should never be taken as trading advice. This material is not financial advice.]
Went long in EUR/USD at 09:46 for 1.3286 with a 3 pip spread putting me at 1.3289 for profit.
Taking a risk on the US Feb Home Sales forcing a run on the dollar, I was ready with my C.A.R. finger just in case. But I seen a pre-news uptick from the 1.3259 mark. Immediate resistance around 1.3280. Got in shortly there after.
News hit and the market gapped the 1.3300 level.
Reached a high of 1.3345 before settling back around the 1.3330 level.
Fundamentals show a weakening of the dollar in the near future. Talk of problems with the US subprime will certainly push the euro higher. Euro fundamentals seem firm.
The weekly chart shows a beautiful Elliot Wave Formation. Depending on interpretation it looks like we are on a #5 which could take us above all-time highs. It should be noted however, the wave doesn't appear to have quite the steam it needs.
Looking at the 5 minute chart we can see the market reversed to hit the 23.6% Fibonacci line.
Sydney has been open for an hour and Tokyo will open in less than 2 hours. Both markets were closed for the 10:00 EST US Home Sales news. There is a chance of another decent move up as these markets digest the news. |
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Comments (6)
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By BrianTran on
Monday, March 26, 2007 10:31:40 PM |
| Very nice analysis, goldivx! Although I don't know Elliot Wave very well and would like to learn it someday. Great trade! You trade during news reports? |
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By goldivx on
Wednesday, March 28, 2007 12:49:25 AM |
I've done enough study on Elliot waves to know the basics. Not much beyond that.
I do trade news reports. Nice pippage if you can get in on the right side of the market. |
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By goldivx on
Tuesday, March 27, 2007 2:06:53 AM |
I've studied enough Elliot to know the basics. Not much beyond that.
I do trade news. Nice pippage if you can get in on the right side of the market. |
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By skylimit777 on
Tuesday, March 27, 2007 10:50:54 AM |
| Good to have an Elliot-Wave-Analyst on the blog. Beyond that, does anybody know a good forex signal provider? |
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By goldivx on
Tuesday, March 27, 2007 12:32:13 PM |
I might do a blog entry on Elliot Waves.
As far as signal providers, I don't really use any. I use a combination of technicals, fundamentals, and intuition. |
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Re: EUR / USD - US Feb Home Sales 10:00 est |
By Pat_Mar on
Tuesday, March 27, 2007 1:18:14 PM |
| This is interesting, I will try and gather more info and add under my blog |
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