FOREX PRO Weekly October 10-14, 2011

[Triantus Shango]

damn i wish i ccould post some screenshots... but since most of us here i think are watching SPOT, you should probably see the same i see... namely, a potential bearish divergence building on the MACD (std parameters of course) in H1.

 

[BackSpace]

DRPO

15 minute chart about to close with a drpo! @9:30 AM EST

Let's see if it works.

Maybe a Gartley Buy will develop at Fib 38.2

 

[Triantus Shango]

forexlive reports bids building under 3760, and large bids around 3690/3700, which is where the 1 STD dev BB is on H4.
so i'll wait for a breach of 3750, then full tilt, the whole farm short!

 

[BackSpace]

DRPO invalidated

15 minute chart about to close with a drpo! @9:30 AM EST

Hi Joshnix,

Is the DRPO invalidated now that we had a close above 3X3 ?

 

[Joshnix]

I was horrendously wrong!

 

[ALF]

Ttargeting 1.30 ................ ?????

Conclusion:
Until market stands in downward channel we can’t be focus on some extended moves. Although, there are still chances exist of upward retracement on weekly chart, since market stands at support, on daily chart we have no confirmation and clear signs of that yet.
That’s why, in the beginning of the week our level to watch is pivot at 1.3350. I suspect that market could show retracement to 1.3280-1.33 area, since it has hit some intraday targets and shows “222” Sell pattern. After that the moment of truth will come – if market will return right above 1.3350, we may count on move to 1.3650. If not – then, I suppose, market will move to 1.30.
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Sive, it was written by you just several days ago. Do you believe the market can reach 1.30 area?

Thanks.

 

[Icarus]

Hi Sive,

I wonder if you could go over the most logical targets to the upside (or to the downside) in your daily video updates, in the event the market goes in the opposite direction than anticipated. In other words, potential scenarios in case of either increase or decline. In that way, we can learn to think on our feet with any scenario.

 

[Triantus Shango]

I was horrendously wrong!

Well, not necessarily. I believe til end of week EUR will range between 3900 and 3500. As long as you didnt over leverage, that is, your position sizing is small, no need to cover yet.

 

[Triantus Shango]

ALF

Thats why they call it an art rather than science. However, by the look of the daily, i'd say 3500/3520 is the level to break decisively to revisit 3300. But what do i know? I mostly work on instinct.

Curious to read sive's take on all this madness. mr market always surprises, that's why it's so interesting. One day it's xmas, the next it's the apocalypse. My daily adrenaline rush.

 

[Damian1987]

patiente

May I reccomend waiting for sell signals before entering short?????? I dont know about u guys, but I dont see anything wrong with current move. I identify it as a nice resistance zone and that's it. If market shows it's gonna drop I'll follow. 4-hour chart and 1-hour chart attached. Even though we can see that we are right in the resistance zone, I will wait for clearer signs to go short...maybe even wait for a little downtrend and then selling off the first rally.