1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

EUR/USD Daily Video, March 30, 2011

Discussion in 'Sive Morten- Currencies, Gold, Bitcoin Daily Video' started by Sive Morten, Mar 30, 2011.

  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Joined:
    Aug 28, 2009
    Messages:
    12,536
    Likes Received:
    18,120
    Good morning,
    recent price action was very sloppy. Today market has some patterns as to upside as to the downside. But taking into consideration, that daily trend is bearish, I have more bearish view, than bullish.
    At the same time, we need that market will erase bullish patterns and move below 1.4025 to have more confidence with taking short position:





    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.
     
    #1 Sive Morten, Mar 30, 2011
    Lasted edited by : Aug 15, 2015
  2. forexluck

    forexluck Recruit

    Joined:
    Jun 9, 2010
    Messages:
    5
    Likes Received:
    0
    time of daily close and open

    Hi Sive
    Which broker do you use for your analysis on 4H and D1 charts.

    What is daily opening and closing time of the broker.

    If you cannot tell the name of broker, just tell only the time of daily opening and closing .

    Thanks in Advance
     
  3. pringy

    pringy Private

    Joined:
    Nov 6, 2007
    Messages:
    18
    Likes Received:
    0
    Hi Sive,

    Thanks again for your great analysis. I need to ask for some advice with something that I've always struggled - taking profits. Because of the time zone here, I am asleep during the US session, and often if I enter a good trade during the Euro session, I can suddenly find it reverses strongly in the US session.

    I tried using trailing stoploss, but often a good position can be taken out by a rogue retracement - or sometimes it saves my bacon :)

    I tried Logical Profit objectives or place targets at confluence areas, and sometimes it works, and sometimes it goes shy of it, and reverses... or just continues to plunge through, and I miss out on some good pips.. taking profit too early always hurts more!

    What are your strategies for taking profits? Is it different for a retracement movement, versus an impulse movement? Hope you can share some :)

    regards
     
  4. erich

    erich Private, 1st Class

    Joined:
    Oct 13, 2009
    Messages:
    56
    Likes Received:
    2
    Gartley

    Hi Sive,
    thank you for your analysis and for sharing this with us!

    if 1,4025 holds so that the bullish scenario prevail, there is still a bigger Gartley intact who intend to finish at 78,6% and precisely coincides with the bullish butterfly you mentioned in your video.
    please look at the picture and give us your thoughts about it;

    thanks Sive,
    Erich
     

    Attached Files:

  5. Sazu

    Sazu Corporal

    Joined:
    Jan 12, 2011
    Messages:
    98
    Likes Received:
    0
    Thanks again for the great session.
     
  6. Sive Morten

    Sive Morten Special Consultant to the FPA

    Joined:
    Aug 28, 2009
    Messages:
    12,536
    Likes Received:
    18,120
    Hi Pringy
    In general, for profit taking use such tools as: Strong areas of higher time frame (it could be Confluences for example or Agreements). Logical Profit Objectives, i.e. Fib extensions and overbought/oversold levels.
    All these three tools should be used in combination. You said:
    "Too early" compares to what? If market has hit your predetermined target - this is not "Too early" this is a bull eye. If it continues move in the same direction - check your context, and if it will confirm second enter - wait for retracement and enter again. Very often it seems that enter now is too late.
    Try to practice of reentering in trend (if your analysis cofirms this) on retracement.
    Second:
    It tells that you worry about your overnight position. Here could be a couple of desicions:
    1. Shift to intraday - try to not hold any positions overnight;
    2. Use such entry method that allows you to shift your overnight trade to loosless. For instance, you enter with 0.5 lot and stop 30 pips. Target is not so important, but we assume that it at least 60 pips.
    Assume further, that you're near the end of your trading day. When market will pass 30 pips in your favor - close 0.25 lot and move stop to b/e. Go asleep. If market will return back - your profit 30 pips on 0.25 lot. If it will continue - much better, you will gain 90 on 0.25.

    And, finally about trailing stops:
    The major problem is that we do not know how to place it. The most common technic of entering using Fibonacci is "Bushes" - enter from one level, place stop below some lower level that simple.
    So, if market will start move in your favor - you should not just move stop with some lag (30, 40 or whatever pips) - you should hold it below the same level, that also will drift higher. The one problem with that - is that you couldn't do it automatically...
    Second possibility - when market moves in your favor - it creates more and more new Fib levels - find most strong form it and place stop below them.

    And the last one. There is no absolute technic for placing stops and taking profits - this happens with every trader - too early exit, stop grabbing and other stuff. This is a part of the business. So, don't be too upset with that.

    Hi Erich,
    Nice work, Indeed there is another AB-CD target right at 1.27 Butterfly.
    You're right.
     
  7. pringy

    pringy Private

    Joined:
    Nov 6, 2007
    Messages:
    18
    Likes Received:
    0
    Sive - thank you VERY MUCH for taking time to respond to my dilemma, I will certainly digest it, and you have definitely predicted one of my common issues - worrying about my overnight position!!

    thank you again :)


     

Share This Page