Sive Morten
Special Consultant to the FPA
- Messages
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Hi Sive,
I have been treating the 4-hr pattern on EURUSD as a diamond with a target of 1.3458. Do you have any comment on this?
Hi Cosmos,
well, I wouldn't call it as diamond, because Diamond should be extended in time pattern with clearly readable shape and lines - something that we've traded on hourly 2 weeks ago. But, still you probably have a good trade anyway
Might we look for a double rep buy on the GBPUSD, Daily, if we get a close above the 3x3 (in red)? With a target of around 1.59?
Theoretically no, because market should not reach any significant resistance level - that is what makes DRPO to work. Here we've traded B&B right at major 3/8 resistance. If market will form some sort of W&R of previous low and then will confirm DRPO - then it could work as LAL pattern.
Hey Sive,
I have a couple of questions regarding entry tactics.
I was just wondering if it is suitable to apply Minesweeper A entry tactic for current price action? We can use 4H K-Support as the support for current retracement and wait until hourly trend turns bullish and look to see if support actually exists and only after that, apply nearest Fib support to enter long. I understand market now is about ~ 20 pips below 4H K-Support but if I remember correctly, you have told us K-areas are usually more of a "zone" than actual pips-to-pips support or resistance so would it be okay to say that 4H K-Support still somewhat in play currently?
Does this make sense? Am I using this tactic correctly? And would it work for current price action?
Lastly, I just want to make sure I understand this correctly. Minesweeper B is a more conservative tactic than Minesweeper A. Is this correct? For both Minesweepers, you have to wait and see that there is actually support (or resistance) but for Minesweeper B, is it safe to say that it is more conservative because you wait for a longer period of time for market to confirm price action and then to find K-areas according to such price action?
Whereas for Minesweeper A, all you have to do is look for some sort of support (or resistance) in a larger TF and then lower your TF to actually see if support actually exists and then after that, just wait for lower TF to confirm bullish trend and then enter at 3/8 support (or retracement)?
Thanks, Sive!
Best,
Brandon
View attachment 8256
Hi Brandon,
in general your thoughts are corrent in terms of undertsanding Minsweeper tactic and difference between A and B. To get "B" tactic you need longer move out from support, because you need K-support to enter. Yes, this is more conservative tactics.
Speaking about current situation - first you need to get targets from higher time frames and these targets point now on lower move down - bearish engulfing, oversold level and harmonic swing. That's why applying Minesweeper A around 4-hour K level is not ,say, reasonable now. Because now we definitely will get deeper retracement.
So, the general rule could be applied here - longer time frames overrule lower time frames. It means that if daily pattern suggests deeper move - you should not try to enter before it. Minesweeper is just a technic, it should be applied at apropriate levels. Also important issue is that daily trend should hold bullish at support where you intend to enter Long.
POSSIBLE Daily SG?
I hope so.