FOREX PRO Weekly June 06 -10, 2011

[nicolebobbin]

I'm not sure what you mean.

If 14450 holds we can enter short.
EURUSD is currently at 14620.
Can you explain what you mean ?

Regards,
BackSpace

sorry, typo mistake, what I mean is 1.4650 level

 

[dharma1]

spot on again Sive !

a note of thanks for your work for FPA . Your analysis was excellent once again , I have managed to sell above !.46 and buy back below 1.45 today with the aid of your great chart reading and forecast while the news commentators scratch their heads and try to come up for reasons for these moves !!
The intraday move feels a liitle overdone so maybe we can look for a rally to short again in the 1.4540/70 area before continuing to 1.4425 tomorrow ??
thanks again .

 

[georgeta]

Pivots

Hello Mr. Morten!
Thank you for sharing...
I noticed that you didn't mentioned pivots this week, except for the Monthly Pivot. Aren't they important? Right bellow the 31.8 support there is weekly pivot support 1. Isn't that the target of the current move down? I'm looking forward for the pivots lesson because I don't understand when do they come in play... :unhappy:

 

[Sive Morten]

Hello Mr. Morten!
Thank you for sharing...
I noticed that you didn't mentioned pivots this week, except for the Monthly Pivot. Aren't they important? Right bellow the 31.8 support there is weekly pivot support 1. Isn't that the target of the current move down? I'm looking forward for the pivots lesson because I don't understand when do they come in play... :unhappy:

Hi Georgeta,
Well, I didn't mention them, because market was really far from them. But tomorrow may be we will need them, although it's Friday already.

 

[hollywood1111]

Hi Sive, could you make an example of what was, in your opinion, a nice entry point today, and where you have/would have put SL and TP? Eventually posting graph? It would be really useful.

Thank you!

Andrea

 

[nicolebobbin]

Hi Sive, could you make an example of what was, in your opinion, a nice entry point today, and where you have/would have put SL and TP? Eventually posting graph? It would be really useful.

Thank you!

Andrea

I believe he will post a LONG BUY SIGNAL around 1.4450

 

[Sive Morten]

Hi Sive, could you make an example of what was, in your opinion, a nice entry point today, and where you have/would have put SL and TP? Eventually posting graph? It would be really useful.

Thank you!

Andrea

Hi Andrea,
This is a 5 min chart. I wanted to attach it yesterday, but there were some problems with that.
Here you can see, excellent Butterfly Buy, that has ultimate target of 1.618 presicely at the same level - 1.4650. Market has hit it and then down move has started.
I place stop loss 40-50 pips, because if market triggers it - it negates H&S and Butterfly target:

 

[Sive Morten]

EUR/USD Daily Update, Fri 10, June, 2011

Good morning,
Well on daily chart we see, what we want - market retraced down from 0.786 resistance. In medium term we will keep an eye how potential Butterfly "Sell" will develop.
In short term - we've got our 3x3 first penetration. As we've discussed there could be DRPO "Sell" in that case we should expect deeper retracement to 1.4250 area or B&B "Buy" pattern - then we could see buy oportunity at 1.4410-1.4430 area.
For DRPO market should not reach 1.4415 Fib support - this is not good for this pattern. But current price action makes me think that B&B is more probable.

On 4-hour chart we see that 1.618 H&S target and 4-hour oversold stands right around 3/8 Daily Fib support and monthly pivot. That is potential target for today's trading day.
On hourly chart I just draw the scenario that will be perfect for us. If, say, market will form Butterfly "Buy". It will confirm 1.4410-1.4420 area by it's 1.618 target and give us confidence for enter long. But probably this will be the question of next week.
Today, market can reach 1.4410-1.4430 area, because, as you can see it accelerates from 0.618 target to 1.0 target just for 1 bar. SO, CD leg is much steeper then AB. This points on possibility to achieve 1.618 extension. That's why, DRPO has not much chances to appear.

 

[jimmy.wibisono]

Hi Sive,

so is there any possibility for us to do a long position today?

 

[hollywood1111]

Hi Andrea,
This is a 5 min chart. I wanted to attach it yesterday, but there were some problems with that.
Here you can see, excellent Butterfly Buy, that has ultimate target of 1.618 presicely at the same level - 1.4650. Market has hit it and then down move has started.
I place stop loss 40-50 pips, because if market triggers it - it negates H&S and Butterfly target:

Thank you very much!

I can see the butterfly buy, but what was your sell signal? I can see market began to do down, but I don't see any particular sell pattern/candlestick. Can you clarify this?