FOREX PRO Weekly March 21-25, 2011

[MidnightRun]

:err::err: well ... he is long term trader ........ Veryyyyyyyyyyyyy long term .. thats why u r finding trouble .. true .. sive sir is position traders .. but still he showed us Intraday Moves .. thanks too him ..

but Giant2 also great .. i must admit .. spot on analysis


Thanks for the analysis sive sir

Am I missing something on Giant 2? The most recent post that he posted and that I can see dates back to 02-01-2011. Do you see any more recent updates anywhere?
Thanks

 

[Jyotiprakash Pal]

oppssss ...Sive sir... Million $$ thanks too you for GBP/USD currently 265+Green Points




Midnight Rain True .. no updates .. he is a busy person but the last video was very educational .. actually sive sir and Giant 2 .. trying too teach us the market .. this are not actually signals! signals are like Buy 1.3650 TP 1.3756 Stoploss 1.3600 !!! and we dun know what the hell we r u buying and why buying lol! .. Video's are million $$ worth . nowdays ...even for a small short term trade ..i write down .. 4 hours 1 hours 30 mins before a scalp of 20-30 points .. Its my money .. if i loose .. i try too learn why i loose

 

[Sive Morten]

oppssss ...Sive sir... Million $$ thanks too you for GBP/USD currently 265+Green Points

Yes, Jyotiprakash Pal
There is a W&R on weekly, after AB-CD has been completed. It looks bearish currently.
BTW - as you can see, bearish engulfing has not been canceled, because market has not closed above it. Although it was W&R by new highs...

 

[eric lew]

Hi Sive,

2 questions:

1. you are using futures rates in your analysis? it seems that you are about
18pips different from my spot rate on MT4. eg, the low for euro/usd yesterday for me is 1.4053 while for you it is 1.4035.


2. The whole week we were waiting for price to hit 1.4050, and we are told to be patient and wait for clear buy signs. imagine waiting for 4 days on my hand, and when it hit 1.4050 area, it rebounded to 1.41 within like 30mins.
I am just wondering, what was the buy signal there? I didn't see any clear buy signals (due to my inexperience i guess). maybe, just railroad track on 30mins, but i find railroad not too reliable. Or was there a reverse H&R?
In the end i got in at 1.41, mainly due to the strong up bar.
In the end, due to the fear of not catching the boat, i often just put a buy limit around 1.4050 in such situations..a risky approach?

 

[Jyotiprakash Pal]

Yes, Jyotiprakash Pal
There is a W&R on weekly, after AB-CD has been completed. It looks bearish currently.
BTW - as you can see, bearish engulfing has not been canceled, because market has not closed above it. Although it was W&R by new highs...

True sir i am very happy .. i am learning new things .. while making money.. 3x3 help me alot for for .. and save me from false moves .. ..! amazing risk reward .. and i am falling love with harmonics .. its giving me new edge .. great learning from you .. specially that millitery school thing .. straight too deep thanks for ur time sir ..

 

[Sive Morten]

Hi Sive,

2 questions:

1. you are using futures rates in your analysis? it seems that you are about
18pips different from my spot rate on MT4. eg, the low for euro/usd yesterday for me is 1.4053 while for you it is 1.4035.


2. The whole week we were waiting for price to hit 1.4050, and we are told to be patient and wait for clear buy signs. imagine waiting for 4 days on my hand, and when it hit 1.4050 area, it rebounded to 1.41 within like 30mins.
I am just wondering, what was the buy signal there? I didn't see any clear buy signals (due to my inexperience i guess). maybe, just railroad track on 30mins, but i find railroad not too reliable. Or was there a reverse H&R?
In the end i got in at 1.41, mainly due to the strong up bar.
In the end, due to the fear of not catching the boat, i often just put a buy limit around 1.4050 in such situations..a risky approach?

Hi Eric,
Concerning the quotes - we've talked about it millions of times. I trade futures on EUR/USD, so my quotes a bit different, but as you understand all swings and patterns looks similar to spot. It couldn't be other way. So, to estimate the same level, that I use, but on spot you should make the same work as I do, but on your own chart. This will be prudent.

Second, about the signals. I think you're right - there is no solid reverse patterns, except may be Hammer on hourly chart. But, as you remember - 1.4050 area (in my quotes) was - pivot, 4-hour Confulence and Agreement. This combination itself is a signal.
If this is too dangerous for you - I understand that, this is wise. Then - you may try to enter on retracement. There is no tradegy, that you've missed the low. Wait for pullback - and come aboard. But never jump in running train...
Always think first - where you will place stop. And only after that search for entry level.

And the last one - if sometime, you do not see any signal (as in our current situation) - look at trend. When you've seen that market has hit important level and target, and then all trends have turn in your favor - wait for nearest pullback and enter.

 

[eric lew]

Hi Eric,
Concerning the quotes - we've talked about it millions of times. I trade futures on EUR/USD, so my quotes a bit different, but as you understand all swings and patterns looks similar to spot. It couldn't be other way. So, to estimate the same level, that I use, but on spot you should make the same work as I do, but on your own chart. This will be prudent.

Second, about the signals. I think you're right - there is no solid reverse patterns, except may be Hammer on hourly chart. But, as you remember - 1.4050 area (in my quotes) was - pivot, 4-hour Confulence and Agreement. This combination itself is a signal.
If this is too dangerous for you - I understand that, this is wise. Then - you may try to enter on retracement. There is no tradegy, that you've missed the low. Wait for pullback - and come aboard. But never jump in running train...
Always think first - where you will place stop. And only after that search for entry level.

And the last one - if sometime, you do not see any signal (as in our current situation) - look at trend. When you've seen that market has hit important level and target, and then all trends have turn in your favor - wait for nearest pullback and enter.

Thanks Sive. Again, i learnt something valuable from you today!

 

[Maluco]

I might be the only trader in here who had a pitfull week..!

The only 2 days when the market didn't respond my studies, and acted funny (Tuesday & today) I lost badly.. those were the only days when I could sit in here and try to trade. Freaking unbelievable..!!

I'm a day trader but I am beginning to consider that this is not the way to go. My lifestyle doesn't allow me to sit hours and hours in front of a laptop waiting for a set up, and tried order to open 2 times - never filled.

I need to ask Sive a question: Sive, do you think that I would be too fearfull if I moved my stop loss to break even, when market reaches +10 points only from my entry point?

Have a good one guys.. i know better times will come, but this is it for me for the month, too much bad news on the market for my taste.

 

[elie]

to Maluco
The only trader !!! you might be surprise my friend...

 

[Paul McConnell]

Stops

Hi Maluco.

The only time that I began to consistently make profits was when I learned to place stops generously below the previous swing high/low. Sure its horrid when you are down 100ish pips but so long that the structure of the market remains intact, Your what looks like a losing trade will turn into a +100 pip winner. (just don't be tempted to double up!)
I am long on Euro at 1.4155 and last night it went down to 1.4052 more than 100 pips down:unhappy: and very close to my stop loss which is at 1.4030 which I hope is far enough below the swing low to protect me from stop grabbing. Even this stop is not deep enough to qualify for the current market structure.. I am sure our Mentor would have it at around 1.3700.
I wish I knew how to upload my chart so you could see..
The trick is to be trading the lot size that doesn't threaten you too much psychologically and realizing that the market is one big funfair of swings and roundabouts and our task is to relax and stay the course and even have fun when the market moves against you, knowing that thanks to the painstaking research and detailed analysis so thoroughly and carefully provided to us by our Mentor that the structure of the market remains sound and intact.
Don't ever give up because we are in a unique situation where through study and application (and by having losses)that through the guidance of our awesome Mentor we have the possibility of becoming amongst the very few out there, the consistently profitable Trader.
Chin up Maluco
YOU HAVE GOT WHAT IT TAKES!
All the best,
Paul