EUR/USD Daily Video, December 20, 2011

Sive Morten

Special Consultant to the FPA
Messages
18,564
Good morning,
there is no much price action, especially on daily time frame, bearish context holds well.
Still, let's discuss, how market action could develop, based on intraday picture:




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.
 
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Sive thank you so much for your great video analysis once again, you're helping so many people! Keep up the good work.

Louis
 
Hi Sive, Sometimes you use the 127.2% Fibb Level, are you using this as an extension number like with the 61.8, 100, 161% (eg, ABCD=127%) or as a retracement number on series AB (0,38,50,61,100,127)?.

Thanks in advance and thanks always for your videos..
 
Hi Don Quixote,
Sorry for delay. Mostly I use it as extensions for harmonic patterns, particularly Butterflies. That is the same what you've called as "retracement".
At the same time, I use them as potential areas if AB=CD does not look absolutely harmonic and some probability of futher move exists.
But, 1.272 is minor number for me. 1.618 is more significant, especially with AB=CD patterns. Still it depends of particular context. For example, if daily trend is bearish, but you want to trade bullish AB=CD retracement on hourly time frame, and CD leg is much faster than AB - then probably is better to use just 1.272 as potential target but not 1.618. If daily trend is bullish - then probably you may apply 1.618.
Always is necessary to watch on overall picture.
 
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