The EURUSD has respected the 100 bar MA on the 5 minute chart on the first test of the MA since 3:00 AM NYT. The 100 bar MA came in at the 1.4866 level. The high reached 1.4867. Look for support where there once was resistance at the 1.4545 to 1.4553 level.
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time to ride this baby out. Still have my shorts since 1.5040 with stop 1.5060, went short again on Sunday at 1.4985 with TP 1.4902.. hit quickly retreated back.. went short again 1.4985.
1 Standard since 1.5040, and 0.5 since 1.4985. Now I am eyeing the 1.4719-1.46 level for profit.
Only time will tell..
Hi shawn,
Today’s webinar was great and useful.
I have a doubt in 5 min SMA.
You told that if 100 and 200 SMA converge, the price will move away from that place.
If 100 and 200 SMA cross over, and 100 SMA goes above 200 SMA, what does it mean? and what will be the price action?
Thanks,
Not to get people confused, but there are two Shawn’s on the commentary pages.
I am Shawn P. and work for FXDD
Look at moving averages in this way. The 100MA is calculating over a shorter amount of time and is therefore moving faster. The 200MA is calculating over a longer period of time and as such is moving slower.
The 100 MA is moving faster and so it is the line we follow as it crosses over and under the 200MA.
If we think the pair is going to move higher, we would want to see the 100 MA cross above the 200MA to signal the possibility of a move higher.
Hope that helps.
Shawn and Greg, great training sessions. Next time, perhaps you can elaborate on when to re-draw the Fibonacci. I’ve been trading for three years now, and it still confuses me. Thanks!
Ok will do..Greg
Thanks for the clarification.
I shall appreciate if your next webminar on thursday covers trend lines and how to intrepret.
Thanks.
Hello Mani,
Hopefully we covered trend lines enough that you will become excellent using them over time. Thanks for attending.
Shawn P.
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