FOREX PRO Weekly March 14-18, 2011

[Sive Morten]

:unhappylease say Yes i draw correctly . please ....... finger crossed

Yes, looks correct, good work.

Hi Sive,
Pls do have a look @ this chart and tell me your view.
For few days I have been washing USD/JPY & AUD/CAD
On USD the bullish butterly as reached my entering point 4 buy but am afraid becos of the sudden free fall Over 250 pips fall. likewise Aud/Usd pls do I ignore this 2 butterfly on th 2 currency. though for now I have pending order on AUD/CAD bcos of RRT i saw on daily chart though price is now below initial double bottom on 4hours.
thanks in anticipation for ur ans.
thanks

Hi Ochills,
On JPY your butterfly is OK, but due turmoil with the Yen - there is no surpise, that buttefly does not show support, where it has to...
Keep in mind very simple rule. If you see, that market just fall like a stone to the area where you intend to buy - it's better to wait when it will stop falling first and not enter just from level. Butterflies could have even 2.618 expansions. Sometimes... Be carefull with Yen. And remember our previous researches - there is AB-CD pattern on monthly chart with the target around 78... (If i do not mess something - check it).

Concerning AUD/CAD pair - butterfly that you've drawn there is Butterfly "Sell" - it was canceled when market move below initial swing. But currently Butterfly "Buy is developing - the high of right wing is around 1.0015. Currently it's difficult to say - will market turn when it will reach the target or not - it has not happened yet. But be careful with pacific currencies now - AUD, NZD, JPY...

 

[Jyotiprakash Pal]

Pls can you let me know how many lot per $1000 you trade for your money mgt with this system? I will appreciate your response.

Hi mate i am not a big trader like others here.. i am a college student.just 23 year old oh: about money management its totally depand on you... I use resistance/support agreement trend and Ema's .. lucky me ..maximum time get money Today i am getting big money enter again on Euro .. u can see a pinpoint entry living my templete for you ...

Yes, looks correct, good work.

Thanks sir i was hit lots of time for pip hunting its ur greatness make a scalper an analyst I am getting mad about harmonics.. i can see them everywhere .. trade 3 Drive Sell on Euro/GBP .sir can u suggest me any book.. where i can go deep too harmonics ?. great updates on millitery school wish they come more frequent .. but sir we know .. its nearly impossible too get much time from ur schedule .

 

[AMDAM]

TQ for butterfly drawing

:unhappylease say Yes i draw correctly . please ....... finger crossed

Thank You For drawing...it help a lot

 

[Jyotiprakash Pal]

Thank You For drawing...it help a lot

thanks too sive sir .. who is continuously teaching this volatile market .. :nerd: cheers

 

[Sive Morten]

EUR/USD Daily Update, Fri 18, March 2011

Hello Ladies and Gentlemen,

Looks like our yesterday's trading plan has done well, and market is underway to 1.41 area.

Daily
I will be watching for Sell signals in 1.41 area because it includes - possible start for 3-drive Sell pattern, 0.618 target from ABC, target of Butterfly "Sell" and, as you can see on 4-hour chart 1.4090 is a target of AB-CD pattern. So, If you have Long positions - reduce volume, close them or at least tight stops.

4-hour chart
Trend is bullish, you can see all stuff by yourself -Butterfly Sell and AB-CD - all in 1.41 area

1-hour chart
trend is bullish. If you like scalp trades, possibly, you can make one even today. Look how current up move is developing - thrust - 0.382 retracement - thrust.
So, market neither oversold nor overbought, so you may try to enter Long from 1.4020- 1.4030 area with stop below 1.3990, that is hourly Confluence support. 1.4014 - previous daily highs and I think that market should not return below it, if bulls are still in charge. Target the same - 1.4090-1.4110.

P.S.
By the way - the new part in FPA Forex Military School has been released:
https://www.forexpeacearmy.com/forex-forum/forex-military-school/

 

[ike7771]

Hi Rick,
As I remember, we've discussed this on Tuesday - that market didn't totally respect it - it forced market deeper, but then has shown pullback.
In general Stretch is a bit rubber pattern - overbought or oversold is putting market in opposite direction, but when market is really strong - it could force against it.



Hi, Ike,
well, try to find book on your own language, I suppose that it has been released not only in English. You can do that - all that you need to start, is just undertand some elementary things - what Moving average is, Stochastic, MACD, RSI. What is support and resistance. IF you understand it - you can start with DiNapoli book. But usually, it needs to pass trhough it not just once. (I've re-read it at least 3 or even 4 times). Because there is a very high densitiy of information there.

Hi Steve,
I never thought it would exist in Greek.
I look on it .
Thank's again

 

[m0z1]

EUR/USD buy on dips

Dear Sive

Thanks for your insight into the market.

The market has hit 1.4090 area and is retracing. In this case should we buy again on dips or wait and see what happens?

Thanks
Mili

 

[ochills]

Thanks for Your GREAT ANALYSIS

Thanks Sive
for your reply as usual.

 

[Sive Morten]

Dear Sive

Thanks for your insight into the market.

The market has hit 1.4090 area and is retracing. In this case should we buy again on dips or wait and see what happens?

Thanks
Mili

Hi Mili.
Looks like market has hit area for entering long at 1.4030 just before you was abled to buy...
Well, currently I think is not very suitable moment - where do you place your stop? Any logical area to do that will give us unwelcome risk/reward, I suppose...

 

[m0z1]

Hi Mili.
Looks like market has hit area for entering long at 1.4030 just before you was abled to buy...
Well, currently I think is not very suitable moment - where do you place your stop? Any logical area to do that will give us unwelcome risk/reward, I suppose...

Thanks Sive...