FOREX PRO Weekly March 21-25, 2011

[Paul McConnell]

Not yet quite double Repo

Hello Mili.
Please forgive me for butting in but I think that for Double Repenetration it must do just that, a double repenetration..After the upthrust it must close below, above and again below the 3X3 (all within 8-10 bars) and the bar after that is the sell bar.
The H4 chart has not achieved this But H1 has and I have taken the trade
All the best,
Paul

 

[Sive Morten]

Dear Sive

Although on your chart there is a clear close below the 3*3 SMA on the spot market the close is not nearly there. It has also hit (nearly) weekly pivot resistance. On the 4hr chart there is a close below the 3*3 SMA. So can we consider this as DRPO and trade it accordingly?

Your view is highly appreciated.

Thanks in advance.

Mili.

Hi Mili
This is not DRPO on 4-hour chart, this is not even a Look-alike. DRPO suggest almost equal and near standing tops. Here the difference is huge.
But it could be B&B, that possibly will start soon.

 

[Sive Morten]

EUR/USD Daily Update, Wed 23, March 2011

Hello everybody,
looks like retracement has started after hitting of 1.618 4-hour extension target.
On daily chart there is nothing really new - just one thing...
Look at MACD Predictor (red line). Previously I've said that will be watch for Buy signals around 1.4050 and today I find out that MACD will come in play almost precisely in this area. Personally, I do not want to see that daily trend will turn bearish. And if it will happen - it will happen in our focus area - 1.4050. That's why it so important.

On 4-hour chart I do not see any patterns, except the possiblity for 4-hour B&B "Buy" trade, that could start from 1.4125 area. The target of this pattern, as you know already - 0.618 Fib resistance from whole down retracement move. I think it's about 60-70 pips. Nice move for intraday trade. So, if you're intraday trader - you may try to catch it...
But again, major area to watch - 1.4050.

 

[Jyotiprakash Pal]

thank you so much sir

 

[Carlos Negron Montoya]

Hi again Sive,
Thank you for the advice,
I've opened a position at 1.4128 to 1.4050, hope to catch pips.

I have this page of signals
Action Insight Forex Market Analysis, Commentaries - Forex Analysis, Currency Forecast, FX Trading Signal - Action Forex
Have you heard about it? Would you recommend it? I use it for analysis on other currencies.

Thank you so much! =D

 

[Carlos Negron Montoya]

Anyway, if you won't recommend it, where can I find good analysis on other currencies?

 

[Sive Morten]

Hi again Sive,
Thank you for the advice,
I've opened a position at 1.4128 to 1.4050, hope to catch pips.

I have this page of signals
Action Insight Forex Market Analysis, Commentaries - Forex Analysis, Currency Forecast, FX Trading Signal - Action Forex
Have you heard about it? Would you recommend it? I use it for analysis on other currencies.

Thank you so much! =D

Anyway, if you won't recommend it, where can I find good analysis on other currencies?

Hi Carlos,
I do not read any third party analysis and do not use it for trading.
Well, My thought is - may be it will be better if you will do your own analysis?

 

[Sive Morten]

EUR/USD Daily Update, Thu 24, March 2011

Good morning,
So, guys, EUR has reached our crucial level around weekly pivot at 1.4047. I think, that most part of current trading sesion we should sit on our hands and wait for clear signals. Because -it's unwise to sell right at strong support and it's too early to buy, because there is no clear bullish patterns yet.

Daily
Here you can see, that MACDP comes in play today and its today vaue is 1.4023
If market will show us a Stop grabber pattern - it will give us much more confidence that upward move will continue. Anyway I do not want to see market close below 1.40. This is unwelcome for bulls.

4-hour chart.
Here we can see strong area of support - weekly pivot + 4-hour Confluence support. Also here is a nice thrust down, that could lead to DRPO "BUY", I don't know. But what I do know is that we should track for buy signals in this area. What it will be - who knows - may be DRPO, Butterfly Buy, reverse H&S...

hourly chart -
Here is another important detail - 1.618 target from ABC pattern stands at 1.4042 and makes and Agreement with our support area. Don't even think about entering Long until market will hit it.

Shortly speaking - sit on your hands and wait for clear signal. I feel, that we will see something interesting here.

 

[BackSpace]

Thanks !

Dear Sive,

Thanks again for your analysis.

I have one question regarding MACDPredictor.
You mention today's value is 14023.

But I don't see this value indicated on the daily screenshot.
Could you please explain where this value comes from ?

Kind regards, BackSpace

 

[osasyankee]

Thanks Sive for your analysis.
You did a great job this week.