Euro Forex Pro Weekly 01-05 May, 2010

[Vix]

Hmm

Here it is explained in every detail COP XOP OP

Trading with DiNapoli Levels by Joe DiNapoli — Free Download — Forex Book

 

[Sive Morten]

Yes, guys this is a DiNapoli expansions
COP - Contraction objective point is 0,618 expansion from ABC move
OP - Objective point is 1
XOP - Extended OP is 1, 618. Just look carefully on my chart - see grey letters A, B and C. For each ABC there are COP, OP and XOP exist

 

[jhonclark]

What does XOP and OP stand for and mean?
Is this indicator values?

hello Tom,

if I'm not making a mistake, please someone let me know if I'm

OP = Objective Profit
XOP = Extended Objective Profit.

 

[Sive Morten]

Wed EUR/USD Update

Good Morning,

Yesterday market has shown a tremendous move down - we'd broken both weekly Pivot suports, Monthly Pivot Support1, reached weekly XOP=1.3074.

Today I do not want to sell&hold because we near extreme oversold at daily and reached weekly XOP. So, if i'll do anything today - it will be short term buying trades. Here is the issue:

This is a 60-min chart. Green line - 3x3 SMA. We have excellent down thrust. And this makes a context for possible B&B and DRPO trade. For those of you, how do not familar with this directional signals check for my trade examples, you can find detail description there. ok?
So,
1. B&B trade - we need close above 3x3 and reaching by price Fib resistance. For now I can't tell, where this can appear, but probably this will be 1.2980 or 1.3030 level. Then, we have to watch for signs of down move on 5-min chart and enter short. Target - 0.618 retracement of a whole possible up retracement.
2. DRPO trade. This trade can follow after B&B. If We will get close above 3x3, then below and above again - this will be a confirmation of DPRO signal. In this case we can make a short-term buying.

The same thing can be done on CHF/USD pair. It overbought even greater than EUR/USD.

 

[aahabibullah]

B&B and DRPO trade

Hi Sive,

Could you provide more info on B&B and DRPO trade. You had mentioned that we can get the same in your trade examples.

1. Where or which tread can i get your trade examples.

2. What do you think is the ideal platform for trading. ie web based or MT4. The problem i am facing now is , i am using a web based trading platform and before i can set all the parameters you had specified it gets logged out. So just a waste of time. so would you recommend MT4.

regards,

Abrar

 

[Sive Morten]

Hi, Abrar
There is a descriptions:
https://www.forexpeacearmy.com/fore...782-trade-description-november-27-2009-a.html
Well, the choice of a platform depends from your assets. If, for example you are managed 100+K $, then I recommend something more solid - I use CQG. Genesis also is good enough.
If you have managed small account - then MT4 in fact a single choice.
Sive.

By the way, B&B trade has accomplished. I try to post a description how I 'd traded it.

Sive.

 

[Sive Morten]

Bread&Butter trade description

Ok, Guys
This is a description of the first trade, that I've made on a signal, that offer you today in the morning. This is a Bread&Butter (B&B) sell trade. You can find it on my FPA demo also. As I said, it can be done on EUR and CHF. And I've done it on both.
I post only EUR chart, because CHF is alsmost the same.

This trade was very tricky to me, because I've made one, just one mistake and it has cost to me a big money. But let's go step by step:
This is a 5-min EUR/USD chart. When up move has started I've calculated expansions form ABC move, that gave me COP=1.2969, OP=1.2980 and XOP=1.2997. Also there is hourly Fib resistance at 1.2989 that is also in agreement with 1.2997.
As I said in morning update - this move may start from 1.2990.

But there was a very important thing -see, the previous high where sellers could put their buying stops and it should be cleaned out, before market starts to go lower. And my mistake was that I didn't wait this cleaning. And enter (Marked as my First enter ). On demo I've lost about 370$.
Then I've saw a Wash& Rinse of stops and 0.618 Fib resistance and understand that down move will start now.
I've waited for the first shallow retracement after initial push down and enter (Marked second enter). Profit target - 0.618 retracement of whole up move.
The same thing I've made on CHF simultaneously. The second trade had a result of about 530$ on demo.
The total result around 160$ on demo. Mistakes are very expensive...

Now I'm waiting for a second signal - Double repo bottom...

 

[Sive Morten]

What a day this was...
Instead of DRPO we've got a DRPO failure directional signal. I've entered in both of them - DRPO on a buy side and DRPO failure on sell side.
Exited from the first at b/e, from the second - with small profit.
I just aware of holding short position because of solid oversold at daily.
For me today's trading day is finished.

 

[Dori]

Wash&Rinse, Fibonacci's Confluence and Agreement ?

Hi Sive,

sorry to bother you with this question, but as a recent arrived admirer I could't get any of your previous explanations about those terms.(Wash&Rinse, Fibonacci's Confluence and Agreement ?)

would you mind to explain that to us once more ?

Thank you very much

 

[Sive Morten]

Hi Dori, this is an explanation (I've taken them from my previous posts on this forum):
W&R
When market break level and then make return move (better if it happens fast and return move has a signs of thrust) - this is W&R. It's simplier to see than describe.
How it works...
Well, when market stays above the level for a some time, new participants enter market on buy side at this level with s/l below it. It's not nessesary, that it should be Fib level. It can be a common technical support and resistance. Market makers see these s/l orders. When value of orders become sagnificant, market-makers break the level with huge selling (usually on thin market or during data release) and close their positions by purchasing of the s/l selling orders. So the profit of m-makers - difference between price above the level and s/l sell orders. When m-makers has closed their possition and there is no selling orders under the level - price makes fast return up and starts to rise.

Confluence - this is a coincilation of two different Fib levels (strictly 0.382 and 0.618) in a very small range.
Agreement - coincilation one of the LPO (OP, COP or XOP) and Fib level (0.382 or 0.618).
Agreement can be together with Confluence also.