FOREX PRO Weekly May 06-10, 2013

[haytch]

I want to say a big thankyou to Sive for his non stop analysis. For me I have learned and benefitted more from the daily analysis provided here than anywhere else on the internet ! Thankyou for a difficult job well done.

 

[Marketjoy Trader]

2. Trading butterfly is not bad idea at all, but better to take long position as closer to its invalidation point (at 1.3030) as possible. Trend line support looks nice for that purpose.

Hello Mr Morten. Thanks for the analysis. But do you mean that the invalidation point of butterfly is 1.3030? Hope its not a typo error?

 

[Lolly Tripathy]

I am totally blind without ur analysis sive sir...

 

[FreddyFX]

Master Sive does not make typos !!

As for trading: manually this is not an easy task.
Luckily I also run a bot and that seems to love this choppy stuff.

To be VERY clear: if you want to trade this manually, better scalp on the M1 and be out of the sharks infested water ASAP each time.

 

[Sipi]

Our trendline has been broken, so let's see the retest it from the other side. Then may short 1,3075-80 area.

 

[cosmos]

Hi Sive,

Please correct me if I am wrong, and maybe you have already covered this, but it looks to me as though we could get target of bullish engulfiing on the monthly time frame (approximately 1.34) and also the target of the bearish engulfing without one cancelling out the other. Is this correct?

 

[Lolly Tripathy]

A beautiful butterfly bt as per sive sir its not valid..

"Buy butterfly on top is is injurious to the wealth..

 

[Sive Morten]

Hi Sive,

Please correct me if I am wrong, and maybe you have already covered this, but it looks to me as though we could get target of bullish engulfiing on the monthly time frame (approximately 1.34) and also the target of the bearish engulfing without one cancelling out the other. Is this correct?

Yes, cosmos
We've talked the same in weekly research (but I do not remember exactly on current or previous one).

 

[Sive Morten]

A beautiful butterfly bt as per sive sir its not valid..

"Buy butterfly on top is is injurious to the wealth..

View attachment 9220

That's not by me, actually. It's just a butterfly is reversal pattern, but here it is nothing reverse. I'm absolutely have no objection against such butterflies and they work very often...BTW, it could be "222" Buy instead of butterfly

 

[LeoDvinchi]

I update the Dollar Index graph I uploaded a couple of weeks back

As a reminder, this is the huge candle made on the night of the Cyprus bailout. I don't know if it's relevant and It might be just, but I think it's interesting nevertheless

In the graph I also mark the swing of the NFP