FOREX PRO Weekly August 01-05, 2011

ashish_211, to find out more info about the patterns and harmonic numbers sive is referring to, start with this book: Trade What You See: How To Profit from Pattern Recognition (Wiley Trading), by Larry Pesavento and Leslie Jouflas.

godspeed.
 
Hi Sive,

Thank You so much for your detailed analysis of the EUR/USD

I am only dealing in EUR/USD and have just signed up for your newsletter and
are very impressed with your analysis.

Thanks again.

Hugo
 
More Education

Sive,

Thank you very much for such in depth knowledgeable analysis. I have read the books you recommended, "Trade What You See, Joe Dinapoli Book". I have also read Japanese Candlestick Charting Techniques, Complete Guide to Technical Trading Tactics (John Person). Please recommend me something else that I can utilize to educate myself further. I will also go back and review your videos since 2010 in conjunction with the Weekly Analysis you give to train more. I will be getting CQG to use the Dinapoli indicators and apply them. Again, thank you and what else do you recommend I can read to learn more.

Regards,
FXMig
 
Hye sive..

How do you track the buy signal from the 5mins candle?i mean from the 1.4330 area you mention..

TQ

Hi TQ,
Usually I wait for some patterns around support/resistance levels of higher time frames. THis could be candlestick patterns, classical as H&S, wedges, harmonic patterns etc.

Hi Sive,
thanks for your great analisys.

:confused:
the only thing I couldn't understand is what is the effect of :
-The US sell assets
-The US will rise debt ceil


thanks
:)

Hi Fanioz ,
I think this is not so important now, since yesterday debt ceil has been increased for 2.7 Trln USD.

Hi Sive,

First of all, thank you and Felix for the good work that you are doing- especially in this economy. Greatly appreciated.

I have a question about the Displaced moving average indicator. On weekly and daily do you use 7X7? And what config do you use for the MACD? Please share if you don't mind.
Also, the references to Butterfly, 222, and H&S patterns that you mention quite frequently- how do I find details about those patterns? Have you posted them at FPA somewhere? If yes, please let me know where.

Once again, thank you(and Felix) for your time and efforts.

AKS

Hi Aks,
no, I do not use 7x7, but sometimes I use 7x5.
MACD parameters are: 8.3897; 17.5185; 9.0503

About harmonic patterns - wait lessons in FPA Military School. There will be large chapter dedicated to this question. Very advanced material.

ashish_211, to find out more info about the patterns and harmonic numbers sive is referring to, start with this book: Trade What You See: How To Profit from Pattern Recognition (Wiley Trading), by Larry Pesavento and Leslie Jouflas.

godspeed.

Right, Triantus. Excellent book, I also usually recommend it.
 
EUR/USD Daily Update, Tue 02, August 2011

Good morning,

So, while we still have got some move up on Monday - releasing on major news about US debt ceil has turned everything from top to bottom, as we've warned and H&S was formed.

Now, on daily time frame there are some significant moments that worthy of our attention:
1. As we've said - 1.41-1.4150 is a minimum target area of bearish engulfing pattern.
2. Market stands at strong support area that includes 2 pivots and Confluence support
3. MACDP comes in play today.

4-hour chart shows that AB-CD target from the head stands at 1.4136 - just below previous lows and slightly below daily support area.
Hence, be aware of possible W&R, when market will hit that target and turn to retracement, as it was previously when right shoulder started to form.

Second, that target is also important because it coinsides with target of daily engulfing pattern and theoretically it could lead to reversal. The major problem with that scenario still, is that CD leg is much steeper and usually market shows some continuation to downside. So, the probability of reversal is not so great, while some retracement is possible.

on hourly chart you see that 1.27 extension of shallow retracement up stands right at the area of AB-CD completion. So, primary task in the beginning of current trading session for today is watch for 1.41-1.4150 - will market turn to retracement or not.
IF not, then, probably next target is 1.3950-1.40.
 

Attachments

  • EUR_D_02_08_11.png
    EUR_D_02_08_11.png
    62.3 KB · Views: 189
  • EUR_4H_02_08_11.png
    EUR_4H_02_08_11.png
    51.3 KB · Views: 189
  • EUR_1H_02_08_11.png
    EUR_1H_02_08_11.png
    48.9 KB · Views: 189
Reversal

Hi Sive,

On the 5 min Eur/USD is it Wash & Rinse and Butterfly BUY pattern completed?

Regards,

Muzammil
 

Attachments

  • EU.JPG
    EU.JPG
    154.5 KB · Views: 128
Hi Sive,

On the 5 min Eur/USD is it Wash & Rinse and Butterfly BUY pattern completed?

Regards,

Muzammil

Nice work, Muzammil. Butterfly looks nice. May be this is W&R, but probably it will look better on higher time frame - 15 or 30 min.

where the target will be?

Usually the target of Butterfly 1.27 or 1.618 in opposite direction from the whole butterfly move.
 
Back
Top