EUR/USD Daily Video, June 12, 2012

[Sive Morten]

Good morning,
market has accomplished required minimum and looks like should continue move down. But unfortunately we have no clear signs yet - just some hints. While we will wait for that, on hourly TF there is nice pattern could appear:





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.

 

[davedubai]

4 hrs chart

Good morning,
market has accomplished required minimum and looks like should continue move down. But unfortunately we have no clear signs yet - just some hints. While we will wait for that, on hourly TF there is nice pattern could appear:





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.

Hi Thanks for you detailed analysis , I have two questions ..

1. 4hrs chart showing Megaphone pattern and also three consecutive higher Highs and Higher lows sustained as of now . does it not mean a new high before continue LOng term DT ?

2. On hourly basis i see now its drpo buy triggered and what is its minimum target? usually the recently achieved top right ?

I still see a resistance at 1.2517 area .. however if it sustains above what next ?

Please highlight n oblige

Thanks

 

[Sive Morten]

Hi Thanks for you detailed analysis , I have two questions ..

1. 4hrs chart showing Megaphone pattern and also three consecutive higher Highs and Higher lows sustained as of now . does it not mean a new high before continue LOng term DT ?

2. On hourly basis i see now its drpo buy triggered and what is its minimum target? usually the recently achieved top right ?

I still see a resistance at 1.2517 area .. however if it sustains above what next ?

Please highlight n oblige

Thanks

Hi Dave,
Yes, probably it could be treated as Megafone (that is the same as broadening triangle), but it's a bit skewed. This is not always continuation pattern. Current price action makes me doubt about upward continuation.
Minimum target of DRPO is 1.0 extension of AB=CD from its bottoms. After it will hit it, you can manage your position - take profit or apply some protection, with hope that market will procede a bit higher. For instance, hold long till market will not move below 3x3.

 

[minimax]

Hi,

Sive thank you again for your contributions, I have learned a lot from you and I am stil learning. I must take more attention especially to 3x3.

Now I see eurusd stil short but have entered long @ 1,24503 at 16:31, closed 70% and SL = BE. The situation is very unclear and this move down can be either C leg of Flat correction already done or this is just the first leg of bigger C leg and having irregular correction. We will see soon with developing of this latest up move and if manage to go higher at all.

Good trading to all!