EUR/USD Daily Video, January 03, 2012

[Sive Morten]

Good morning,
market is now approaching to our first destination - 1.30-1.3012 resistance level. Keep an eye on potential reversal patterns...




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.

 

[samfx]

Entry short

Hi Sive,

Happy New Year 2012.

Since market hit the resistance level that we are waiting for, should we wait for the market to form a pattern before entering short or wait for the MACD to be bearish. Is it a good idea to enter short without forming any pattern... with a stop loss above all levels (FE 100, 161.8 and pivot resistance 1).

I can see on the 5 min chart that market formed a butterfly sell (161.8), also closed below the 3*3 MA few times. Bearish Divergence on the MACD and 5 min trend is bearish!

Thank you for your analysis....

 

[ao_ccp1912]

Thank you for keeping the good work. Have a great year!

 

[ertore]

Hi Sive: I got a question. in daily TF isn't there a double repo formation?

 

[Sive Morten]

Hi Ertore,
No, there is no sufficient thrust for DRPO.