Euro Forex Pro Weekly 12-16 July, 2010

Sive Morten

Special Consultant to the FPA
Messages
13,131
EUR/USD Update, Wed 14, July

Good morning, friends

Yesterday market has confirmed our weekend's suggestions about shallow retracement and move to OP target - Market has almost reached yesterday weekly Pivot support 1 area at 1.2511 and then started move to OP.

Nevertheless, OP has not been reached yet. Although sometimes it happens, that market does not reach OP for some pips, but it quit rare stuff. So, odds suggest that OP should be reached.

Look at hourly chart (we have an hourly DRPO BTW), market turns to the triangle consolidation. Just above the market - very strong resistance that includes - weekly Pivot resistance 1 at 1.2753, And 1.2760-1.2782 Confluence resistance and Agreement. Market should turn to downside from this area, or at least make a pullback. Moreover, in weekly research I've told that if market will reach OP on Wednesday - AB and CD legs on daily chart will be harmonic, so we'll see. Ok, what is a strategy for today's action:

I expect failure triangle upper breakout. If market will break triangle to the upside - look for sell signal around 1.2760 area - Wash&Rinse, RRT or something like that. Bearish Divergence is also possible.

If market will break triangle to downside first - don't be hasty to open short positions, because OP will not be reached yet in this case. It also can be a failure breakout. Market should move below 50% of a strong up bar, before we can talk about starting downmove.

That's being said - wait for failure upper breakout and look for sell signal in 1.2750-1.2760 area.
 

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Sive Morten

Special Consultant to the FPA
Messages
13,131
Hi Sive,

As I am new to the thread, I wish to know what you mean by OP.
Carefully read the weekly research in the beginning of the thread - all daily updates just additions to it.
OP means Objective point (1.0 Fibonacci expansion) - is a daily target 1.2760.
 

aymen335

Recruit
Messages
7
The market is still inside the triangle waiting for the breakout.
I have placed a sell limit order at 1.2800 (pivot level R1) and SL at 1.2900 (above the high of 6th May).
 

Vitalie

Private
Messages
14
Carefully read the weekly research in the beginning of the thread - all daily updates just additions to it.
OP means Objective point (1.0 Fibonacci expansion) - is a daily target 1.2760.
I think it will be a good idea to introduce all these terms in the Glossary :)
OP, COP, XOP etc. to avoid explaining them all the time a new person comes in the forum :)
 

Ghazali

Private, 1st Class
Messages
61
Good Idea!

I think it will be a good idea to introduce all these terms in the Glossary :)
OP, COP, XOP etc. to avoid explaining them all the time a new person comes in the forum :)
Yes Vitalie,

It would be easier for the newcomers and also saves time of our Tiger Sive :)
 

Sive Morten

Special Consultant to the FPA
Messages
13,131
Ghazali, Vitalie,

I have a better idea - let's you will explain these stuff, because you're familiar with it already ;)

I worry that even if I'll create a Glossary - I will have to explain where this glossary is situated on the forum anyway :) So, the work will be the same...
 

Vitalie

Private
Messages
14
Ghazali, Vitalie,

I have a better idea - let's you will explain these stuff, because you're familiar with it already ;)

I worry that even if I'll create a Glossary - I will have to explain where this glossary is situated on the forum anyway :) So, the work will be the same...
Hm, putting a link to the Glossary subject will be easier than exaplaining all the time the same things ;)
and it will take less time to write a nice and detailed description to each term than answering every time and get bored to explain more in detail the things we use here every time :)
I don't know, this is how I think, we'll see :)
 

Vitalie

Private
Messages
14
Are there any tough expectations that the EUR will reach 1.2760 today ?
Maybe after the FOMC meeting...
What a narrow tunnel it has made today on hourly chart :)
 

Erdinc

Private
Messages
13
Are there any tough expectations that the EUR will reach 1.2760 today ?
Maybe after the FOMC meeting...
What a narrow tunnel it has made today on hourly chart :)
Well we are starting to see some upwards movement !
About that glossary I'm also very interested
 
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