EUR/USD Daily Video, May 28, 2012

[Sive Morten]

Good morning,
market has reached some significant targets around minor monthly Fib support. So, theoretically we can count on some pullback, but the problem is that there are no signs of it yet:





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.

 

[Sazu]

Wow Market just opened 57 points above Fridays close. Someone is trying to do a retracement!

 

[JimmyNg]

A very good analysis.

By the way, does it mean the market open price is already a slightly pullback sign? Will it continue further bullish?

 

[Sazu]

I have always taken the gap in the opening of the market at the beginning of a new week to indicate a change in direction or a confirmation of a continuance. Since last weeks close on the hourly TF was a ranging one and was only slightly lower then the previous low of two days prior. This to me indicating the market was getting ready to change directions. I also used the Stochastic and MACD to help in this decision, in the end I closed my trade out from Friday at a 70 point gain. Best advice I can suggest is to review all the historical charts for the 1440, 240, 60 and 15 minute time frames. After awhile you will begin to notice patterns and most importantly watch the MACD and My favorite the Stochastic for the same time frames.

But most of all detach all feelings when you trade, make this as mechanical as possible and keep the emotion out of it or you will always second guess yourself.

Thats my two cents.

A very good analysis.

By the way, does it mean the market open price is already a slightly pullback sign? Will it continue further bullish?

 

[JimmyNg]

Thanks Mr.Sazu, nice one.