Jyotiprakash Pal
Sergeant
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Thanks sir ...sspot on
FOREX PRO Weekly December 12-16, 2011
- Thread starter Sive Morten
- Start date
Triantus Shango
Sergeant Major
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interesting... i had no idea. EUR dropping not like a stone, but like a freaking 200 tonnes lead weight!
Damian1987
Corporal
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- 149
Hi Triantus, look this chart of DRPO failure wich is a directional signal as powerfull as DRPO, when this happens forget about trend indicators. Cheers.
Triantus Shango
Sergeant Major
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thanks damian. i see what you mean now.
rashidin5178
Sergeant
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Guys,
For those who are interested in money management studies, I recommend you read money mgt strategies produced by John Wiley & Son. Very technical and comprehensive.
Thanks and Best Regards.
For those who are interested in money management studies, I recommend you read money mgt strategies produced by John Wiley & Son. Very technical and comprehensive.
Thanks and Best Regards.
Triantus Shango
Sergeant Major
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- 1,371
Rashidin, what's the book title?
Sive Morten
Special Consultant to the FPA
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EUR/USD Daily Update, Wed 11, December 2011
Good morning everybody,
Well, our analysis for yesterday has worked nice - market really has finished retracement at nearest hourly K-resistance, reaching of AB-CD DRPO target and then plunged down strongly. Also market has not stopped at 1.27 extension of daily Butterfly - we also have discussed that.
So, what we're going to do now?
First, market has reached solid support on daily chart - 1.3039 is a weekly 0.618* Fib support and 1.3003 - 1.618 target of Butterfly pattern. Although it is not at oversold - some retracement is possible. Most welcome for the bears if this retracement will stop at 1.3142-1.3212 range.
On 4 hour chart trend is strongly bearish. We see that market has not quite reached 1.618 target of AB=CD pattern at 1.2999. BTW, market also has not quite reached butterfly target either - it is at 1.3003, while low is 1.3009. I will not even speak about 1.30 level importance.
So, during today's trading session, I suppose that market should show the new low first - hitting of 1.2999 target, then pierce it a bit just to let breakout traders to jump in. Then market probably will close the trap and start retracement to the upside.
Anyway, if you want to trade on the long side intraday - wait first for new low, second for clear pattern. This could be, for istance W*R of current low or Butterfly on 15-min chart, or something else.
Good morning everybody,
Well, our analysis for yesterday has worked nice - market really has finished retracement at nearest hourly K-resistance, reaching of AB-CD DRPO target and then plunged down strongly. Also market has not stopped at 1.27 extension of daily Butterfly - we also have discussed that.
So, what we're going to do now?
First, market has reached solid support on daily chart - 1.3039 is a weekly 0.618* Fib support and 1.3003 - 1.618 target of Butterfly pattern. Although it is not at oversold - some retracement is possible. Most welcome for the bears if this retracement will stop at 1.3142-1.3212 range.
On 4 hour chart trend is strongly bearish. We see that market has not quite reached 1.618 target of AB=CD pattern at 1.2999. BTW, market also has not quite reached butterfly target either - it is at 1.3003, while low is 1.3009. I will not even speak about 1.30 level importance.
So, during today's trading session, I suppose that market should show the new low first - hitting of 1.2999 target, then pierce it a bit just to let breakout traders to jump in. Then market probably will close the trap and start retracement to the upside.
Anyway, if you want to trade on the long side intraday - wait first for new low, second for clear pattern. This could be, for istance W*R of current low or Butterfly on 15-min chart, or something else.
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