FOREX PRO WEEKLY, March 26-30, 2018

[Venelin]

Hi Venelin, well, I would look at it with caution, because we have weekly AB=CD with ~103.30 target...
View attachment 36918

Hi, it were 4H patterns which both met min. targets already

 

[Lolly Tripathy]

Morning guys,

Well, I mostly agree with Stag, although DiNapoli approach points on a bit higher target, around 1.2530.
EUR finally has followed to major tendency on FX and commodities and shown upside breakout. On daily we have clear AB=CD with 1.2530 destination point. Yes, we could have here butterfly as well with more extended target, but it is not important right now as all other targets stand beyond daily OB area:
View attachment 36916

4-hour chart shows the same target - this is butterfly "Sell" final destination and XOP of minor AB-CD here.
Currently market is taking pause due 1.27 butterfly target.
Taking in consideration the pace of upward action, abscence of overbought and meaningful resistance - retracement here probably will be small. It would be nice if market will reach 1.24 FIb support. This could give us B&B "Buy" or LAL (Look alike) pattern. In this case postiion taking will be even safer. Although K-support area looks attractive, but in current circumstances there are low chances that EUR will get there.
View attachment 36917

Nice call sir
Thanks

 

[Sive Morten]

Morning everybody,

so, on daily chart we do not have something new and today we're mostly interested what will happen on intraday charts. Particular speaking, whether market will hold bullish context and react properly on major support levels.

There are two of them - 1.24 and 1.2350 K-support. On first level our B&B "Buy" has started. Now I see three possible scenarios. First is most welcome for us, if EUR will continue upward action right to our 1.2525 target. For example, it could form smaller upside butterfly here, based on our B&B "Buy" trade:

Second scenario is based on B&B. As you can see, its target has not been met yet, and market could form upside AB-CD right to 5/8 Fib resistance. After it will be done, it could start second leg down.
Finally third scenario is immedate drop to 1.2350 K-support and COP target, which creates Agreement. In this case our B&B will close at b/e and we will keep an eye on possible bullish reversal patterns on 5-min chart around 1.2350.

Breaking of 1.2350 will bring nothing good to bullish context. It will be too strong reaction down and will make bullish scenario weaker.

 

[FreddyFX]

pppffffff, that drop is not what was expected, now to see what the next days bring, holding on to my longs

 

[Stag]

Short update
My forecast has played out perfectly. Though the minimum requirements for a top have been already met and prices are near to the green target zone, it's premature to conclude the Euro has established a top.

An impulsive dip below 1.2437 will signal that the Euro might have peaked but the outlook remains bullish and any drop should prove corrective as long as prices are above 1.2387. An attempt taking out that low may set the stage for further decline towards 1.234x - 1.2300 area.

My forecast was just perfect again: Euro made a final push to a new high registering a top in the green target zone at 1.2476 where it completed five waves, followed by a sharp reversal towards my target zone at 1.234 - 1.230.

Prices have already reached 1.23 where the decline from 1.2476 may be near to its end (can be a temporary bottom at time of writing). Poking above 1.2360 will signal that pink fifth wave low has been registered and the larger three wave sequence from 1.2476 high also may be complete.

Keep an eye on 1.2285 for a reversal / further weakness.

 

[Stag]

Hi,USD/JPY bytterfly combined with DRPO buy:View attachment 36907

Congrats, Venelin!

 

[Venelin]

My forecast was just perfect again: Euro made a final push to a new high registering a top in the green target zone at 1.2476 where it completed five waves, followed by a sharp reversal towards my target zone at 1.234 - 1.230.

Prices have already reached 1.23 where the decline from 1.2476 may be near to its end (can be a temporary bottom at time of writing). Poking above 1.2360 will signal that pink fifth wave low has been registered and the larger three wave sequence from 1.2476 high also may be complete.

Keep an eye on 1.2285 for a reversal / further weakness.

View attachment 36944

So wave 3 is shorter than 1, which means 5 should be shorter than 3 if that is the correct count. I am suspicious that 1.2285 will fail! Or not It remains to be seen

 

[Venelin]

If it holds, will give a Daily Stop Grabber opportunity:

So wave 3 is shorter than 1, which means 5 should be shorter than 3 if that is the correct count. I am suspicious that 1.2285 will fail! Or not It remains to be seen

 

[OutsidetheBoxHK]

USD went majorly bullish today. Some are saying in the financial circles that it has to do with LIBOR tightness in credit and USD shortages that are starting to make some brokers and finance professionals squeamish.

 

[Stag]

So wave 3 is shorter than 1, which means 5 should be shorter than 3 if that is the correct count. I am suspicious that 1.2285 will fail! Or not It remains to be seen

As you can see, wave (3) traveled 1.682 times wave (1), wave (5) usually travels 1.0 times wave (1). Wave (3) can not be the shortest. So it's OK at time of writing.