Euro Forex Pro Weekly 16-20 August, 2010

[Sentinel]

B&B Trade

Sive,

I think we haven't talked about the weekly B&B trade lately. Could you please comment :

1) After the strong weekly thrust down, we wait for the first confluence level K to be reached. (Chart 1: 1.31 - 1.3130 level)

2) Even better, we utilise Minesweeper A and wait for K support to manifest at maximum (that was after the NFP & FOMC)

3) Then we calculate the fib levels of the down move. We should enter at 0.382 retracement with stop at 0.618. According to my calculation this level is around 1.30. But acccording to minesweeper B we also have an entry level yesterday (Chart 2 : Around first confluence at 1.2920)

The charts are follow.

 

[Sive Morten]

EUR/USD Update, Thu 19, August

Hello everybody,

sorry for delay, I had a probems with electricity in my workplace...
So, yesterday market has tried to show some signs of strength, but failed. It hasn't reached weekly pivot and even 61.8% expansion from ABC swing (look at the chart), besides, as I've said, if I see some thrust I will enter long, so, yesterday, I've entered after the thrust but market has reached only COP from this smaller move and then totally erased the previous up move.

Now I have a bearish bias at the market, and think that we can enter short from 1.2860-1.2870 area with stops above 1.2940. Because I suspect that daily down move should continue and target of this move - 1.2450. The risk/reward ratio is very attractive.

 

[Sive Morten]

Sive,

I think we haven't talked about the weekly B&B trade lately. Could you please comment :

1) After the strong weekly thrust down, we wait for the first confluence level K to be reached. (Chart 1: 1.31 - 1.3130 level)

2) Even better, we utilise Minesweeper A and wait for K support to manifest at maximum (that was after the NFP & FOMC)

3) Then we calculate the fib levels of the down move. We should enter at 0.382 retracement with stop at 0.618. According to my calculation this level is around 1.30. But acccording to minesweeper B we also have an entry level yesterday (Chart 2 : Around first confluence at 1.2920)

The charts are follow.

Hi, Sentinel,
Very good analysis, We've talk about this B&B about a month or so, and now it looks like that it should come true. Personally, I think that 1.245 is a probable area to see.
Concerning Minesweeper A - the weekly or daily time frame is rather large and this is very large risk for me. I do not make trades that are based on weekly chart. I use weekly and monthly for bigger picture to see levels, OB/OS as a part of context.

In general, You've done well, good job.

 

[Sentinel]

Hi, Sentinel,
Very good analysis, We've talk about this B&B about a month or so, and now it looks like that it should come true. Personally, I think that 1.245 is a probable area to see.
Concerning Minesweeper A - the weekly or daily time frame is rather large and this is very large risk for me. I do not make trades that are based on weekly chart. I use weekly and monthly for bigger picture to see levels, OB/OS as a part of context.

In general, You've done well, good job.

Thanks Sive, guess who is my teacher?

My concern about this trade is, the trust upward was very strong but lately the tone of global recovery turned negative once again and I think I will try it if it reaches 1.30 first fib resistance.

 

[Mandrake]

Hi guys,

Its been a choppy week ranging up and down, managed to make quite some pips doing scalping trades I hope everyone else is fine. But I don't like it so far. I prefer for proper directional movement.

So far it has been consolidating a lot since monday, maybe we will see a break towards 1 direction today since the past couple of friday's has been great for trading.

 

[Sive Morten]

EUR/USD Update, Fri 20, August

Hello, everybody,

market stays in the range during the whole week. Although in general market is probably weeker rather than stronger, and I still think that break out to the down side is more probable, based on price action during current week.

At the same time, today i'll be watching for the lower border of the range. If market start to thrust up again, then, probably it will stay in the range for some more time. If not - let's look at the charts
The next Fib support on daily chart 1.2605 area.

On the 4-hour chart, there is a Butterfly Buy pattern that can have a 2 targets 1.2680 and 1.2615. The last level coinsides with daily Fib support, so that's why it's my prefferable one. If we will see break to the down side, I'll be watching for some short-term buy signals around 1.26-1.2620 area.

 

[rasto007]

B&B on Daily

Sive,

is that a B&B on EURUSD Daily?

Rasto

 

[Sive Morten]

Sive,

is that a B&B on EURUSD Daily?

Rasto

Hi, Rasto,

What are you talking about? Our conversation with Sentinel, or what?
If about me and Sentinel's conversation, then no, this is weekly B&B. We are talking about it since June.

 

[Sive Morten]

The 1.27 Butterfly has been accomplished

 

[Mandrake]

Hi Guys,

Sive thanks for fast comment on butterfly reaching. I just came back from work didn't know what was happening. I see market already broke down.

I am waiting for CAD news to be release in 3mins time. I suspect there might be strong movement in currencies if the result is way off.