Eurusd 1.50000

[AbeSmith]

Here are the pics:

[torero]

Great narrantion, Abe! Here's rooting for you! You caught on right. Stay with the trade, just move up the stop loss as it marks new higher lows (on whatever timeframe you're trading at). That way, you'll make your way to breakeven and then with luck, locking in some unrealized profits little by little and also giving it room to move up more. Good luck!

[AbeSmith]

	Quote:	torero
	Great narrantion, Abe! Here's rooting for you! You caught on right. Stay with the trade, just move up the stop loss as it marks new higher lows (on whatever timeframe you're trading at). That way, you'll make your way your breakeven and then to your profits and also giving it room to move up. Good luck!

Thanks Torero. I'm watching this one closely. It was very exciting.

[AbeSmith]

Hello again. Here is an article related to EURUSD. It says that fears of a European rate cut have reduced following some comments by their Fed. So market seems to be bullish on EURUSD. Also, the US Fed meeting is coming up before the Euro fed meeting. The US is Fed rate announcement is scheduled for Jan 30, while the ECB announcement is scheduled for Feb. 7th. I got stopped out on my swing trade, but might be looking to find and entry again for the swing trade. Then if price continues to rise I might sell some ahead of the EUR fed meeting.

FOREX-Euro bounces back as rate cut hopes ease
By Ian Chua

LONDON, Jan 24 (Reuters) - The euro strengthened against the dollar and yen on Thursday after tough talk on inflation from European Central Bank policymaker Axel Weber dampened expectations of a possible near-term interest rate cut.

The yen retreated on the back of the bounce in the euro and as European stocks extended their rally, after earlier gaining on lingering concerns over the health of the global economy.

"For the time being, the ECB are maintaining a very hawkish line so no signs of any rate cut any time soon," said Chris Turner, head of FX strategy at ING.

"You're then left with sharply lower U.S. rates, stable European rates and with equities doing quite well at the moment ... the market is just going to focus on the dollar bearish story."

Weber said the U.S. Federal Reserve's surprise decision to cut interest rates by 75 basis points this week hasn't shifted the ECB focus on euro zone inflation, dampening mounting expectations that it too will have to cut rates soon.

The euro climbed 0.3 percent to $1.4683 by 1206 GMT and was also up 0.3 percent

versus the Japanese currency at 156.60 yen , well above an early low of 154.86 yen.

The dollar was steady against the Japanese currency at 106.65 yen , off early lows.

Higher-yielding currencies such as the New Zealand also benefited, gaining 0.6 percent to $0.7715 .

The euro had come under selling pressure in recent weeks as signs emerge that weakness in the U.S. economy is having a knock-on effect on the euro zone, fuelling the argument for a rate cut by the European Central Bank.

Some of those concerns also eased slightly after German corporate sentiment unexpectedly rose in January, bolstering policymakers' assertion that the euro zone economy can withstand turmoil in financial markets. [ID:nL24345341].

CHANGING LANDSCAPE

The turnaround in the euro helped reverse earlier demand for the low-yielding yen when investors remained worried about the U.S. economy despite Wall Street's positive performance overnight.

Optimism about a U.S. government plan to rescue ailing bond insurers, which could prevent investors from being forced to sell billions of dollars of bonds the insurers had covered, sparked a comeback in stocks, but was greeted initially with scepticism in the currency markets.

The FTSEurofirst 300 <.FTEU3> index of top European shares jumped 5 percent. (Editing by Ron Askew) ((ian.chua@reuters.com; +44 207 542 1028; Reuters Messaging: ian.chua.reuters.com@reut ers.net))

[AbeSmith]

Hello. Today EURUSD came down. I bought some at 1.46732 (represented by arrow in chart) and place the stop at 1.45560 (blue horizontal line). Might add some more if it gets close to support around 1.45800. Basically we had a breakout of that pivot and now it is coming down and might be retesting it. There seems to be a guantlet of support here, visible both on the daily and 60 minutes. Technically I'm comfortable with the play. Fundamentally I haven't seen anything to make me want to change my stance.

[torero]

It's a good entry and with higher lows showing forming an ascending triangle. This pattern show up very often, especially on intraday timeframes. Good luck. Keep the stop tight.

[AbeSmith]

	Quote:	torero
	It's a good entry and with higher lows showing forming an ascending triangle. This pattern show up very often, especially on intraday timeframes. Good luck. Keep the stop tight.

Great. Thanks.

[torero]

From time to time make sure you check the weekly and monthly charts to find S/R areas. This may help where you're at in relation to the bigger picture. This may help you find profit target and possible support areas to get in.

[AbeSmith]

	Quote:	torero
	From time to time make sure you check the weekly and monthly charts to find S/R areas. This may help where you're at in relation to the bigger picture. This may help you find profit target and possible support areas to get in.

Sounds good. Thanks.

[AbeSmith]

I got stopped out EURUSD at 1.47770. My entry was 1.46732. Might not have been a good place to exit, since there is more support for price to have tested. But on the daily it didn't look very attractive. On the 60 minute though it looks good. Didn't want to risk any more of my gains. On the last swing trade I had decent gains, but I didn't trail my stop enough and got stopped out overnight, gaining only a fraction of what I could have made. So that was fresh on my mind as well. Anyways, on the 60 minute it looks very attractive to be long. Flag pattern forming, and price still above support.