EUR.USD

[arco]

Morning All

As mentioned yesterday...................

"there may be a move down to circa 5760/5780 creating a Gartley?"

Overnight spike took the price down to 5752 with the current action
testing the 'B' pivot of the potential Gartley.

No position on Euro at the moment - still waiting.
(I had more confidence in Cable last night with a short from 9718)

rgds - arco

[arco]

Boy.....that was a super Gartley (circa 170 pips so far).......
.......the amazing flying Euro.

If you missed the wagon and dont mind going against the flow,
there night be a few pips south on a retrace from the PTZ
...........(an exercise in nerve control for late night scalpers)

GTA - arco

[peat]

whereas I'm now thinking this means 1.63 tho for that target really should wait for the daily close. and may also be expected to test (below 1,59) again.

[arco]

In the face of danger the intrepid butterfly scalper stalked his prey......

[dumbass]

hmmm sceptical of this breakout

nice to blowout stops and then move lower

short from 159 50

i still think this is pretty close to b wave top

[GeorgeW]

Soros Says Euro Cannot Replace Dollar
The euro cannot replace the U.S. dollar as the world's anchor currency, billionaire financier George Soros said Thursday, warning investors are instead fleeing currencies to put their money into real assets.

"I don't think that the euro can replace the dollar and a system with two major reserve currencies? Not a stable system," he told a Brussels event organized by the Centre for European Policy Studies think tank.

The U.S. dollar's reign as the "unquestionable reserve currency of globalization" allowed the U.S. to run up a "chronic" current account deficit that could have continued indefinitely if rising household debt and a slipping housing market hadn't triggered the current financial crisis, he said.

"What we have now is a period of instability and heightened uncertainty," he said, refusing to "predict the unpredictable" and say when the economy might hit calmer waters again.

[Steve]

Arco, Peat & DA, how does the weekly close tie in with your respective theories?

[dumbass]

hi steve

i reckon its still an even contest at the moment

bears got a failed rally from 159+

bulls got a strong bounce of lower triangle border 157

i think 159 test which should happen early this week is key , break through and will set a new high 16050 looks interesting

failure may indicate tops in

my feeling is still bearish but could set a new high and if it did i would take opportunity to take a big short

the rally feels like its fading the news out of US is very ugly yet not firing euro higher

i feel some average euro data may be the catalyst

im short from 15950 stops to breakeven but really just feeling out for confirmation

[dumbass]

chart of recent action

[Bilo]

In the face of danger the intrepid butterfly scalper stalked his prey......

ARCO, Please explain why you wouldn't have taken your butterfly profit at 1.5950?

Please just say that you were a bit slow/had it on remote control, and before you knew what was happening it had raced up to 1.5970.

This knowing when to take profits is still an area where I could do better. I frequently end up giving plenty back to the market.