EUR/USD Daily Video, September 16, 2011

[Sive Morten]

Good morning,
market is showing deep retracement, so there will not be any DRPO pattern, only B&B. But now we have to estimate could market continue to 0.5 resistance, and if so, how we should trade this pattern:




The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[erich]

short

thanks for your video, Sive!

B&B is confirmed on the hourly chart, but I passed the move downwards;
where would you think for entering short?
it's not the best idea to enter short now at 1,3780 or 1,3770 because the monthly confluence zone is still intact and near. would you wait for a ABC retracement to 1,3850 with a stop upon the fib nodes?
also good luck to you and all here in the forum,
Erich

 

[Sive Morten]

thanks for your video, Sive!

B&B is confirmed on the hourly chart, but I passed the move downwards;
where would you think for entering short?
it's not the best idea to enter short now at 1,3780 or 1,3770 because the monthly confluence zone is still intact and near. would you wait for a ABC retracement to 1,3850 with a stop upon the fib nodes?
also good luck to you and all here in the forum,
Erich

Hi Erich,
Well, I've entered yesterday with small lot and far stop, but today I've moved it on b/e. Now is trying to add some more - you're right about retracement, but I prefer 1.3820 - 50% of recent swing down on 5-min chart.
Target 1.3660

 

[forexboom]

Chart setting

Hi Sive,

thank you for your analysis, very detailed.

I'm trying to follow you on futures euro contract but my charts on Tradestation using the Euro FX december contract seems different. May you tell me what contract are you using when you show your charts? The 1 day charts are pretty the same, intraday charts are very different, even 1 hour. Maybe my broker (Tradestation securies) is missing same data on intraday?

Thank you for your support.

Damiano

 

[Sive Morten]

Hi Sive,

thank you for your analysis, very detailed.

I'm trying to follow you on futures euro contract but my charts on Tradestation using the Euro FX december contract seems different. May you tell me what contract are you using when you show your charts? The 1 day charts are pretty the same, intraday charts are very different, even 1 hour. Maybe my broker (Tradestation securies) is missing same data on intraday?

Thank you for your support.

Damiano

Hi Damiano,
there could be two reasons. First, I still use September contract, because it very close to spot prices.
Second - may be you trade CFD, not the pure futures, because there is margin for standard EUR/USD futures around 7000 USD. If so, then you quotes are not come from exchange but shows by your broker. That's why they could be different also.