EUR/USD Daily Video, November 10, 2011

[Sive Morten]

Good morning,
Market has acomplished our assumption about butterfly "Buy" pattern. But what to do next?








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.

 

[onenikos]

The suspense over the election of new PM is still on. Negotiations with Papademos are still ongoing. His appointment will carry weight and influence markets, enough to allow (in my opinion) for nice short positions. Apparently an announcement will be today after the morning meeting of the President of the Republic with three party leaders (the rest 3 have refused to participate and call for immediate elections).Nevertheless the major market mover is still the Italian threat.

 

[simhaforex]

I can't open daily vedio today

hi,

i can't open daily vedio today.Problem with the file opening.

 

[dave edwards]

the scammers are stopping us from opening the video. i was only able to view yesterdays video at 7.00pm cape town.
But thanks again for the incredible analysis.
regards::unhappy:

 

[grahamFPA]

Hi

You can subscribe to Sive's daily video on Youtube and watch it there also

 

[samfx]

Hi Sive,

Did we get the pattern that you were showing us on the 1hour chart... Since market closed below the green line (3 by 3 moving average) and then closed above it. In that case we should expect deeper retracement around 1.3680 area or deeper?

Thank you

 

[Sive Morten]

Hi Sive,

Did we get the pattern that you were showing us on the 1hour chart... Since market closed below the green line (3 by 3 moving average) and then closed above it. In that case we should expect deeper retracement around 1.3680 area or deeper?

Thank you

Hi Samfx
Although distance between bottoms a bit extended, this probably could be treated as DRPO Buy. But post probable target has been reached - major 0.382 resistance at 1.3625. There are some chances that it could reach 1.3675, but this is not so safe as nearest level.

 

[linxtips]

Dear Sive,

Thanks for great analysis!

Could a ask you for a little help?

I think I see a butterfly pattern on the 4H silver chart. To me it looks very similar to the
pattern that we just took on eur/usd. Is there any chance that you could give me your quick opinion?

Thank you very much!

All the best!

 

[machetazo]

DRPO buy

Hello Sive,
I'd like to ask you how we could play this H1 DRPO buy, please. In lower time frames (such hourly time frame) is it ok to buy on close (confirmation bar) or drop to lower time frame, f.e. M15 and wait for retracement?
Hope I understand Joe's definition what is:
"The signal remains intact until either a major Logical Profit Objective is achieved or until the .618 retracement '*' from the furthermost extreme of the consolidation area (after the second penetration) to the furthermost extreme on the thrust, has been exceeded on close"
and I draw it correctly...
Now If I would wait for 0.38 retracement on H1 - it didn't hit.
When I switched to M15 and draw new Fibo - it didn't hit again.
I am just wondering if I understand correctly where is correct enter area for DRPO and when I switched to M15 if new Fibo was drawn correctly.
your help is more than appreciated
have a great day
ondrej

 

[Sive Morten]

Dear Sive,

Thanks for great analysis!

Could a ask you for a little help?

I think I see a butterfly pattern on the 4H silver chart. To me it looks very similar to the
pattern that we just took on eur/usd. Is there any chance that you could give me your quick opinion?

Thank you very much!

All the best!

Hi Linxtips,
Since Butterfly is a reversal pattern, on tops usually forms "Sell" patterns, while on bottoms - "Buy".
So, most probable the follows pattern - see attachement.
Also, I suggest you to read corresponding chapter that dedicated to Harmonic patterns in our FPA military School:
Forex Military School | Complete Forex Education by a Pro Banker - Forex Peace Army Forum

Hope it helps.