Quote of the day: “I find nothing more depressing than optimism.” - Paul Fussell
EURUSD – 1.4250 @08:00 GMT
Good morning. It seems that signs of slowing US growth are reflected more in EURUSD than the Greek debt concerns, as the euro continues to climb towards 1.44 where notable resistance resides. The daily studies are still bearish, as long as 1.44 is intact, but the 4-hrs charts are bullish since yesterday when 1.4130 was breached. Today’s Economic Calendar is lighter and since it is Friday already, I guess it’s best to stand aside and watch, or focus on better setups/other pairs. On near term basis, I remain bearish on EURUSD – expecting the decline to resume after testing 1.44, eventually. Although I was looking to sell on weakness yesterday (and still am), the 4-hrs hammer closing near 1.4130 after the dip to 1.4068 was a clear sign that the decline was corrective, not a reason to sell.
Trading strategy: standing aside
Support: 1.4200, 1.4130/50, 1.4100, 1.4030/50, 1.3970/00, 1.3900 and 1.3850
Resistance: 1.4270, 1.4300 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs chart 5-27-2011
- EURUSD daily chart 5-27-2011
have a great day!
Hi Liviu, it's Charlie again. I would like to know what time zone your platform are set up? What time does your daily candle close? It seems that your candle shape and mine are different. My understanding is that the platform for the USA treaders close the daily candle at 5PM, but Europe 12AM.
Is there any way to copy the trendline which you drewn for the price channel on MT4? Also is there any way to make the trendline not to extend to the end, just make a short line?
Thanks. Charlie
Hi Charlie,
Mine is GMT+2 (metatrader 4). I guess most MT4 brokers are GMT+2
What MT4 broker do you use?
Hmm what 4hrs price channel are you referring to? the green lines?
Most mt4 are GMt+3, liteforex, fxpro, alpari, fxopen, instaforex and many others
Hi Liviu, I am unsing Velocity Broker who are in Canada. Yes, my candle close GMT +0. I have six daily candles per week. The canlde you did yellow highlight. My one was close at 1.4086.
Regarding the tredline, for example, you draw the uptrendline connection LH, LH, can you copy the trendline for HH, HH? Also can you make this line only for some certain distance like 10 cm long rather than extend to the end?
Thanks. Charlie
are you sure you're referring to a chart in the article above? because there is no trendline except for some horizontal bars.
Regarding timezones, GMT should be the most relevant but unfortunately you can't change it in MT4. But the 'good' thing is that most brokers use GMT+2 or GMT+3 and since there' little trading volume during Asian session, the daily candles are almost similar to GMT. Can't say the same about lower time frames, though.
interesting analysis. http://www.tradingfloor.com/posts/john-hardy/fx-u…
i am using fxpros broker. is it a good forex broker?__
Forex brokers are known for creating deviations for platforms. An article here cites the differences.
http://forexpipster.com/musings/four-hour-chart-d…
Of course this completely distorts any candle behavior. And since many traders are buying into price action being a psychological indicator that suggests price, trading with the knowledge that your bars look different from a large percentage of the market is necessary.
Hello everyone, I’ve been following Liviu analysis for quiet sometime now. I want say his technically analysis is not only refreshing, it is 5-star rated.
Here is my question Liviu, I want to get something clear, does it mean that if am using Alpari UK MT4 platform in Nigeria, the 4hr- chart data( even other timeframe feed) I will get mayl be different from users in UK due to time zone?
I like you momentum indicator. it is mq4?