{quote} not sure just walking in the park and found it, will have to take a closer look, if you traded the pair one would think to short it ??? i think if it breaks 8664 could be ,, lets say for fun that number , bottle of red down now so ???? lol
- #6,381
- Apr 8, 2014 4:01pm Apr 8, 2014 4:01pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #6,384
- Apr 8, 2014 4:16pm Apr 8, 2014 4:16pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
{quote} Could also be an ascending triangle
- #6,391
- Apr 8, 2014 6:43pm Apr 8, 2014 6:43pm
- | Joined Jul 2013 | Status: Trader | 1,494 Posts
A trade should be based on an assumption based on facts
- #6,393
- Apr 8, 2014 6:55pm Apr 8, 2014 6:55pm
- Joined Mar 2012 | Status: Gold anyone | 6,524 Posts
Wooooohooooo or Boooooohooooo
- #6,395
- Edited 9:49pm Apr 8, 2014 9:33pm | Edited 9:49pm
- | Joined Feb 2013 | Status: Trader | 306 Posts
Hi All,
I believe that USD is going to gain strength again and I therefore believe gold will have another strong push down. This is based more on a call on EURUSD than on gold analysis, but still relevant as the price of gold would be directly affected... (Thanks to KiwiTrader from EURUSD thread for helping me to gain more conviction in the move).
So: EURUSD sell based on reverse wedge, 2 month resistance, & falling upper trendline.
Sell: now 1.379
SL: 1.382
TP: 1.37 (This could be much more on a longer trade but I don't like longer trades too much
)
I believe that USD is going to gain strength again and I therefore believe gold will have another strong push down. This is based more on a call on EURUSD than on gold analysis, but still relevant as the price of gold would be directly affected... (Thanks to KiwiTrader from EURUSD thread for helping me to gain more conviction in the move).
So: EURUSD sell based on reverse wedge, 2 month resistance, & falling upper trendline.
Sell: now 1.379
SL: 1.382
TP: 1.37 (This could be much more on a longer trade but I don't like longer trades too much
) 
great observation.... I've been thinking about this today too... But areyou building your sell based on eurusd under the 20ma? I'm thinking the ukraine issue..? as long as thats on the front burner I dunno? gold also held 1306 support real well. Lastly Eurusd should fall in crisis situation in europe whilst gold should rise (time when correlation is cancelled){image}
I just like to post in this thread because there seem to be several people here who appreciate the exchange of ideas I actually didn't know that EURUSD would fall while gold would rise in a crisis situation, so thanks for the info.As for my analysis, nothing to do with MA's as I'm actually on the wrong side of them at the moment, purely based on reverse wedge formation coinciding with an area of resistance evident over the last two months, and the upper TL of the downwards channel....
Also, I feel that USD should gain some strength as it's taken a bit of a battering recently!
- #6,399
- Apr 8, 2014 10:14pm Apr 8, 2014 10:14pm
- Joined Mar 2014 | Status: Trader | 1,062 Posts
{quote} Hey mate, yeah, I didn't consider the situation in Ukraine - purely technical on EURUSD, just mentioned gold because this is the Only Gold! thread so wanted to make it seem relevant
I'm going to wait a while...hopefully if gold takes out yesterdays high then maybe we could see a bit more upside...if not then perhaps my view might change too...
{quote} This is a tricky one...If you see the chart I provided it shows that sometimes the correlation between eurusd breaks...plus the same goes for usd index and gold corelation - when there is fear usd index and gold move together. I'm going to wait a while...hopefully if gold takes out yesterdays high then maybe we could see a bit more upside...if not then perhaps my view might change too...
