EURUSD 200-pip rally possible! :)

[Soul-Trader2004]

Originally Posted by Trader02

I know you addressed this to Soul, but here's my 2 cents:

I am a technical trader. Unfortunately my state of mind and well-being has almost everything to do with my success or lack of it. Not just with trading -- with everything.

When I'm not feeling good, the technical picture I get from viewing the chart just does not compute well for me and flashes of "aha" are just not there.

Nobody else's mind bothers me, but my own is very trying sometimes.

ok, read that last statement you wrote again - particularly the bit that starts 'when im not feeling good'

your first priority should be "how do i replicate success no matter how i feel"

that's enough for today - your head will explode if i carry on.

[Trader02]

Originally Posted by Soul-Trader2004

to point one - i'm here (think about it)

to point 2 - you said something about 212% levels or some weird number?? - thats what i meant - i never took any notice of anything further than the 161

I got you now. Its 261.8%. Markets most often correct at 161.8% and never look back. The move basically ends there.

But in many, many cases, after a correction, the 161.8% is retested, attacked and exceeded. When this happens and especially when, after retesting, this level then becomes support, it is almost certain the market will head to 261.8%.

It gets worse. I even use the 423.6% extension level.

All timeframes.

[Trader02]

Originally Posted by Soul-Trader2004

oh, and make sure you read those pages 14-19 of the current currency trader - should be the first thing you do after reading this - you won't like it's conclusions but it's there all the same.

It might have to wait a day or two -- I just fired off an email to them informing them I didn't receive the last 3 issues.

[Soul-Trader2004]

gosh, do you actually read what i put?

i gave you the link
www.currencytradermag.com/ewse51.htm

[MickMason]

Originally Posted by Trader02

I even use the 423.6% extension level.

All timeframes.

lol, so do I!

It starts to get a bit expensive in the 4hr though

[Trader02]

Originally Posted by Soul-Trader2004

gosh, do you actually read what i put?

i gave you the link
www.currencytradermag.com/ewse51.htm

QED! You see what I mean? That's why I'm only trading one pair this week.

Its midnight here and I should have packed it in 2 hours ago.

[Trader02]

Originally Posted by Trader02

Call: EURUSD to 1.3140 -- 60

current price 1.2933

Springboard: 1.2930 approx.

Odds? Better than average

Newbies playing this, enjoy the ride but don't get careless. Plug in your stop. Why?

Because the entire up move from Jan 12 on 4H, once complete, will be retraced in less than 1 hour on the way down to the first true resting stop @ 1.2550 approx.

And that move will be with the current, the stream and have the motive power of the trend with it.

This current move is countertrend and is profitable, but a slog.

Adios amigos.

[Briancio]

The euro is dropping hate to say. It will meet resistance around 1.26. It's a long way down.

Brian
Down 8% in Jan