Hiya Folks...I wrote this blog post in the wee hrs of this...

Hiya Folks...

I wrote this blog post in the wee hrs of this morning...

The mentioned xover on the 4hrly is very close now

Title of post on blog...

Short The EURUSD RAAAAH!

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LOL
well I must confess shorting the EURUSD has been a pass time of mine for a couple of weeks now.

All primarily based on a widening gap that occurred about three weeks ago on a Monday Gap session, and some awesome work by a fellow trader that suggests that these gaps do eventually close.

Now, as anyone who has been looking at the EURUSD for the last wee while, the chances of making money shorting this pair are far less than the chances of making money going long...

hence the movement of the "short the EURUSD" trade into a pass time category rather than a serious trade yet.  This pair currently eats shorts for breakfast :))

Here is the daily chart:

Now a quick glance at this timespan makes me think... orright Winkinatcha, what the heck do you think you are doing shorting this thing???

Bit hard to justify here...

and while I've got the daily chart up...

Note first the ellipsed price and MACD moving averages, and a standard Winkinatcha pre-emptive Buy signal back in May June with as yet no equivalent SELL signal on this timespan. Also not the potential elliot based wavecount on price.

So despite my desires to short this thing on lower timespans, really, the daily does not sugest that we are at a down turn level of consequence yet

However, there is some interesting stuff going on on the4 hourly that suggests SOME reasonable downside is in the offing soonish.

Forget the blue trendline on price that is a hit n hope effort, but observe the POTENTIAL pattern playing out on the MACD Moving averages.

This little gem I have seen before in other places... still seting up here though, and still may fail as a pattern...

However, if we DO get a crossover AGAIN of the MACD MAVs in the next wee while, this to me, will be a darn good signal to go short, with attempt to hold the position down to that 1.33 area marked by the blue thin dashed horizontal line on price.

BUT wait for the crossover... cos if it don't happen.... more shorts for breakfast...


;)