FOREX PRO Weekly, 04-08 June, 2018

[Joshnix]

On the monthly, what I have found on the previous month stop grabbers. It will challenge the MACDP, Maybe 1.20 area or 1.2150 area. Perfect place to sell is near those areas and stop above MACDP. You accept the loss if it is wrong but live to fight another day.

 

[Sive Morten]

Mr sive i must say thanks to your wonderful analysis that has been making the market interesting to some of us who are slow learner. I have been folling your text dail for a very long time once i am trading it guides me a lot but i discover that the text does not come in all the time daily. PLEASE ,( i use it for the whole day) let the text accompany the daily video with dates . Thanks.

Hi Anthony,
well I always place text while video is uploading - so it's just imposssible to miss the text. Probably you just miss it among other posts in the thread.
I will put exact link on the post in mails.
Thanks for your call.

 

[Sive Morten]

Good morning,

So EUR has completed our target for this week at 1.1850 and now we could say that daily englufing is completed as well. What's next?
Despite upside action was pretty nice, daily chart shows very strong bearish momentum. It means that upside action hardly will be continued without meaningful retracement. Second - this retracement probably should be deep. Actually I will not surprise if we will get double bottom here.
Finally - EUR has to keep recent lows to hold chances on action to 1.20-1.21 area and, correspondingly, keep valid our H&S weekly scenario:

4H chart shows few levels that market could reach on retracement. First one is re-testing of neckline of our H&S pattern. Although chances are small, but not zero that EUR re-test neckline and proceed higher, to XOP and ultimate H&S target at 1.1906. How to take position on this scenario without any big risk?
I think we could use second setup here - B&B "Buy". Take a look that final part of upside action is nice DiNapoli thrust and price already below 3x3 DMA. This is setup for B&B "Buy":

B&B is more than welcome right now, because it lets take position on scenario with low probability without great risk. B&B probably will start from 1.17 - Agreement and K-support area on hourly chart. When 5/8 action will be over and B&B will hit its usual target - you could close1/2 of your position and keep the rest with hope that upside action somehow will continue:

 

[Stag]

Greetings guys, our minimum expectation has been already met and prices are apporaching 1.185x, an important level where the advance starting from 1.1510 may build a top. In case of a temporary top any pullback should find a bottom in the 1.178-1.176 region and prices may turn North again towards a new / double top.

I would just add to Sive's excellent analysis that in case of a new bull trend currently any corrective setback should find support above 1.1744 or nearby levels.

Greetings guys, please find below a bullish count (along with an alternate circle abc count) showing the reasons why the 1.1744 - 1.1723 area is important for an immediate bullish continuation. If it breaks now, we can expect further drop even back to the May lows as Sive indicated. If it holds, 1.185 is still available during this session or on Monday.

 

[anthony egbiwe]

On the monthly, what I have found on the previous month stop grabbers. It will challenge the MACDP, Maybe 1.20 area or 1.2150 area. Perfect place to sell is near those areas and stop above MACDP. You accept the loss if it is wrong but live to fight another day.

View attachment 37881

Thanks sive for listening to my plea. i have see the text today. PLEASE live long you are a true FPA pro we still need you.

 

[anthony egbiwe]

Greetings guys, please find below a bullish count (along with an alternate circle abc count) showing the reasons why the 1.1744 - 1.1723 area is important for an immediate bullish continuation. If it breaks now, we can expect further drop even back to the May lows as Sive indicated. If it holds, 1.185 is still available during this session or on Monday.

View attachment 37917

Stag you are doing great i wish i could fast like you did. All the same i say well done all . Thanks

 

[Sive Morten]

It seems that B&B has started guys, but 25 pips lower, from XOP hourly target and Agreement:

 

[Stag]

Stag you are doing great i wish i could fast like you did. All the same i say well done all . Thanks

Thank you, you are welcome, Anthony.

 

[Stag]

Greetings guys, please find below a bullish count (along with an alternate circle abc count) showing the reasons why the 1.1744 - 1.1723 area is important for an immediate bullish continuation. If it breaks now, we can expect further drop even back to the May lows as Sive indicated. If it holds, 1.185 is still available during this session or on Monday.

View attachment 37917

Today's bottom at 1.1727 is just 3 pips from our critical key support and not far of the 1.618 Fib projection for wave C (1.1732), a common target for the c-wave of an ABC zigzag correction.

At this stage, however, there's no evidence the decline is complete. Any new low would turn the count into an impulsive pattern in favor of further weakness. On the other hand, impulsively through 1.1810 will suggest the Euro has bottomed at 1.1727 and a new advance is underway offering more potential upside.

Keep an eye on whether prices approach 1.1810.