EUR/USD Daily Video, July 06, 2011

[Sive Morten]

Good morning,
Market has reached our predetrmined area and now shows it's respect.
Hourly trend has turned bullish, so it's time to apply our conservative tactic to enter long. Still, we have bearish engulfing on daily, and can't exclude that market could reach 1.4250 area. But we will start to speak about it only if it will break pivot to the downside:




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.

 

[Richard Johnson]

Is pivot broken already ?

Hi Sive,
Appreciate your hard work, is the pivot you spoke about broken already, I know wait for 3 closes below it but 3 closes on what time frame ? I usually place orders on a 15 minute time frame is that sufficient to consider the pivot broken ?

Thank You,
Richard

 

[Sive Morten]

Hi Sive,
Appreciate your hard work, is the pivot you spoke about broken already, I know wait for 3 closes below it but 3 closes on what time frame ? I usually place orders on a 15 minute time frame is that sufficient to consider the pivot broken ?

Thank You,
Richard

Hi Richard,
You should you the same period that you are trade at. But weekly pivot usually applies on daily time frame.
Such solid move due fundamental news tells that it's not a time to enter Long.
Our bullish context has been cancelled by price action

 

[tun13]

Hello Sive,thanks for you analysis.Looking at the 1hr and 4hrs chart isn't a 3-drive buy forming now.price at 1.4350