Tomorrow's Trading Forecast - EUR/USD

[a_gnome]

Tradestation switched last weekend from RJOFX to Gain Capitol for forex. My trading account is with RJOFX and I like everything about it - well almost everything. So here was my call to TS this evening.
me: hello i understand forex is a 24 hour a day market - could you tell me why there have been no quotes on my chart for the last hour or two? TS: the data from our new supplier is down. me: it's not down at RJOFX.
TS: I'm sorry. - me: ya you should be sorry you should have stayed with someone who knew what they were doing.............dumb asses. Right now I can't say a good word about TS ...........I'm pissed

That explains why all the more exotic currency pairs have suddenly disappeared from TS. Do you know why they switched? Does this mean they are any closer to offering fully automated FX trading?

Adam

 

[gus]

Adam in their release they said it would bring them closer to automatic forex trading. I did get an email from TS which said if you do 25 forex trades a month that the following month there would be no charge - currently I pay 99 a month. So that is attractive in itself. Reading about Gain Capitol you get the impression they are a leader http://www.gaincapital.com/online_fx_trading.html

 

[gus]

Trading for 28.07

EUR.USD - no system signals, but since we closed near the high I would use caution on long postions. I see resistance at 2087, the weekly chart continues to be bullish.

EUR.JPY - system gave an early sell signal (often early signals just get blown out) and we also closed near the high, so perhaps a down day.

GBP.USD - y'day i said in post 40: as I'm not trusting TradeStation data much this evening I'm not sure about this but it looks like 27.07 high must be 7452 or higher to avoid a sell signal. So the high was 7471 thus we know it's not a sell. And so far it's not a buy. I will keep you posted!

USD.JPY - I've fallen behind on these charts - so no opinion, sorry.

My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[gus]

Trading notes for 29.07

EUR.USD - system gave an early warning sell signal (often early signals just get blown out)
while we may continue up the system's last buy indicator was the early warning buy signal on the 25th - post #30 however the system never gave a confirmed buy signal. I posted a chart which i think say's daily, but I believe it's the 15 min chart that you can see......this is the most interesting chart - a 24 hour trading desk would have bought bar 9 -- maybe even bar 7 and added to the position on bar 9. Only two things can happen when you fall outa a channel, you either bounce back into the channel or the channel changes direction.

EUR.JPY - system also gave an early warning sell signal.

GBP.USD - system also gave an early warning sell signal.

USD.JPY - still not caught up on my charts - sorry.


My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[gus]

Trading for 01.08

EUR.USD - no new system signals

EUR.JPY - system early warning sell signal. usually happens when a close is near the daily high, this is the second in the last 3 TD's

GBP.USD - no system signal -- the chart posted below of daily cable is Bullish

USD.JPY - I did get caught up on my charts no system signal, but my guess would be down. weekly chart looks bearish.

If we have any developments at the open I will edit this post to let you know.


My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[gus]

Trading for 02.08

EUR.USD - no system signals

EUR.JPY - no system signals

GBP.USD - no system signals

USD.JPY - no system signals - posted a chart which does a good job of illustrating DeMark bar counting on a 15 minute chart today.

Township meeting tonight - yuck, I'll be there till 10pm or later.

My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[gus]

Back from the meeting and there's a couple things of intest to report
TRADING FOR 02.08

1. EUR.USD must make a low of 2137 or lower to avoid a system buy signal. At this point it looks like we go to a buy but you have to either jump th gun so to speak or wait for the day's trading to finish - take you choice. The 15 minute chart looked interesting - again note this evenings bar count.

2. EUR.JPY must make a low of 3642 or lower to avoid a system buy signal. It's done 3643 which is close enough to make things interesting.
My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[gus]

Trading for 03.08

EUR.USD - As posted last night System is now on a buy signal.

EUR.JPY - I gave you an early warning sell signal in post 45, it kicked in today,lol

GBP.USD - didn't think it would happen, but the system gave a buy signal. Today's low was the highest low since July 1st.!! Tomorrow may show some pullback, but overall cable is looking up.

USD.JPY - continues to look down, but no confirmed sell signal.

don't see any chart worth posting
My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[ukhero]

So, is the EUR going up or down against the USD tomorrow?

My tip, for what its worth, the GPD will gain strength against the EUR. And if not tomorrow, the long term [one week], it will.

Good Luck

UK

 

[ukhero]

Sorry, just noticed your last post. Its a buy!

I'll watch it tomorrow.

UK

 

[gus]

Posting a chart - double view with EUR.USD on the left and USD.JPY on the right.

If you are trading multiple postions, or are associated with a trade desk and do so for clients, then you may want to lighten up at some point. One of my favorites is seen on the euro chart when we made a bar 13 top.

But the point I want to make is this: When we go to a buy/sell signal whichever the case may be we want to only trade in that direction. The computer may give many enticing signals to go the other way - but the market direction has been established. End of story.

 

[Indi]

Heyy Gus,
Thats a grrreat call!. (EUR USD)
What time frame do you derive yr Buy and sell sigs or is it combination of timeframes.

Thanks

 

[gus]

Heyy Gus,
Thats a grrreat call!. (EUR USD)
What time frame do you derive yr Buy and sell sigs or is it combination of timeframes.

Thanks

Thanks for the question.

The system only uses daily data to make calls - two types 1.early 2. confirmed
both of which can be wrong,lol..........in a strong trend the early signals just get blown out
The system sometimes gives me a chance to predict or say something like tomorrow's trading must make a low of xxxx to avoid a buy. These are charts done by hand on paper - isn't that wild? Usually I do them & report here as soon as possible, although it's late in the UK usually.

Why are they done on paper? Well I've not yet been able to make a chart run right to left in excel.

 

[gus]

Trading for 04.08

EUR.USD - system gave an early warning sell signal & as I have been telling you these early signals often get blown out; neverthless we closed near the high, so caution is the order here. Could/should be a pullback giving a chance to get onboard with a long.

EUR.JPY - no system signal, but my guess would a small down quiet day.

GBP/USD - no system signal, but i have a computer waldo signal to the downside, wouldn't expect much of a fall - should be a quiet day here also.

USD.JPY - this pair has looked ugly since july 7th. --- system gave a confirmed sell signal at the close today, but i will be looking for a better place to short or add.

I may come back later and post a 15 min chart on cable.
My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[Indi]

Thanks Gus!,interesting system my friend.
Wow! hand drawn charts,that takes some time bt i hear also gives u better feel of events.

Good luck in Yr trrading and keeeep them posts coming...

Byeee

 

[gus]

Trading for 05.08

EUR.USD - once again the system gave an early warning sell signal which I'm not attaching that much importance to. This new daily bar will be bar 7 (often bar 7,8,or 9 form a top/bottom) Looking ahead what I expect is a short term top on one of those bars and then a retracement over the next 10 TD's to the 2175-2230 zone.

EUR.JPY - system gave two signals 1. confirmed buy signal 2. early warning sell signal
this is daily bar 8 - i must admit this pair did much more today then i expected. I may go short later on a good 15min sell & see how that shakes out.

GBP.USD - no system signal - this is also now on bar 7 and i got some indication of a ST top today so a halt to the advance may be in order.... we c

USD.JPY - no way i go long this pair




My posts are only meant to be instructional and entertaining. You are welcome to ask questions.

 

[ukhero]

Fx

Any feelings towards the GBP/EUR. I dabbled too early before I fully understood the market, lost a little, but had the common sense to back out early.

My studies show the GBP getting stronger towards the EUR but the market displays otherwise.

Any thoughts?

UK

 

[gus]

Any feelings towards the GBP/EUR. I dabbled too early before I fully understood the market, lost a little, but had the common sense to back out early.

My studies show the GBP getting stronger towards the EUR but the market displays otherwise.

Any thoughts?

UK

Sorry but my main sudies are had drawn charts - my computer charts are from TradeStation and they recently switched to Gain Capitol as the data supplier and they don't include the pair you are interested in. ..........congratulations on using common sense and letting the market set the pace.

 

[gus]

Any feelings towards the GBP/EUR. I dabbled too early before I fully understood the market, lost a little, but had the common sense to back out early.

My studies show the GBP getting stronger towards the EUR but the market displays otherwise.

Any thoughts?

UK

Ok I found it on TS after all but it's listed or displayed EURGBP
and first let's look at the weekly. Yo - what a nice DeMark 13 to end last year!
In post #34 on page 4 I went on a rant about Tom DeMark's sequential bar counting system and how.......well go back and read it ----- Alex at http://tradestation2000.com/
say Alex if Sequential doesn't work, then how did that bar 13 appear right at the top on this chart?? Sorry, almost got into another rant,lol

From a weekly perspective it looks up so now lets look at the daily
and from that chart I might agree with you that EUR.GBP looks a bit down, with that red dot being a key reversal thingy - but not much else.

Good trading.

 

[Anonymous]

Tomorrow's trading forecast?

My forecast for Saturday's euro/us$: it will be a Draw for 24 hours, with a possible Home or Away beginning Monday and ending Tuesday.