EUR/USD Daily Video, February 01, 2011

[Sive Morten]

Good morning,
market turns to the DRPO formation. At the same time, I expect that we will see new highs around 1.3760-1.3780 area before DRPO confirmation on Daily time frame:




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.

 

[rasto007]

Sive, thank you very much for daily analysis.It is very helpful.

At the end of the video you mentioned the butterfly sell on gbp/usd. Thank you for pointing that out. That helps. I also noticed that on daily it took out the previous highs by only 20 pips and with macdp being close under, it could easily turn into macdp failure. Would this be a good example of stop grabber then?

What is the target of butterfly sell in general?

Great idea with doing an analysis of S&P index. I will check it out.

Rasto

 

[Sive Morten]

Sive, thank you very much for daily analysis.It is very helpful.

At the end of the video you mentioned the butterfly sell on gbp/usd. Thank you for pointing that out. That helps. I also noticed that on daily it took out the previous highs by only 20 pips and with macdp being close under, it could easily turn into macdp failure. Would this be a good example of stop grabber then?

What is the target of butterfly sell in general?

Great idea with doing an analysis of S&P index. I will check it out.

Rasto

Hi Rasto,
The target of completed Butterfly is 1.272 or 1.618 in opposite direction. May be you remember 4-hour CHF/USD trade (in october-november 2010) that has started from Butterfly and we've tracked it 2 or 3 days. It was precisely 1.618 from the whole butterfly in opposite direction. In this way, it was a perfect example.
Concerning Cable's Stop grabber - this is what I awaiting for. In fact, there you can see the bearish divergence also on daily time frame in this area. Besides, the targets of butterfly coincide with 0.786 and 0.88 Fib resistances on daily time frame... We'll see what happen