Euro Forex Pro Weekly, 23-27 August, 2010

[Sive Morten]

One question, Mr. Morten:
How confident are you generally about butterfly patterns? You mentioned somewhere in your posts that you are not very confident about MACD divergencies - Apparently, this conclusion comes from experience. Confidence (or no confidence) about butterfly obviously comes from experience too (hence my question). I became interested in butterflies (and Gartley) only recently, that's why I am asking.
Thank you.

Hi MDRun,
Well, nice question. Based on my experience, I can tell that either butterfly works perfectly, or absolutely not. It's very rare, when market start to chop around butterfly target. But this is a market. The best way - is to use something more then only butterfly for context.

 

[Paata]

Great analysis!

Thank you

 

[Mandrake]

Fundamental and market movements don't seem to synchronize this week, that is very weird. Nothing much for me to trade since the market is choppy.

Boring times for me

 

[Sive Morten]

Fundamental and market movements don't seem to synchronize this week, that is very weird. Nothing much for me to trade since the market is choppy.

Boring times for me

Hi comrade,
absolutely agree with you. I'm also aside for now. I even don't prepare an update for today, because nothing to tell about

 

[MidnightRun]

Off topik, since nothing of intereset is happening,

but

most probably you wont answer this question, I'll still ask - comrade Morten, are you hailing from one of those Comrade countries like me? (I wont guess further, I am a professional interpreter/translator and can place peopel by their accent like Dr. Higgins alsmost a 100 of their birthplace).

 

[MidnightRun]

missed an important word, comrade: can place peopel by their accent like Dr. Higgins alsmost a 100 miles of their birthplace

 

[Sive Morten]

EUR/USD Daily Update Thu 26, August

Good morning,

Looks like 1.26 area holds the market currently. Based on the daily picture, my beacon area for enter long is 1.2765-1.28 area that includes monthly Pivot, weekly Pivot and Daily Confluence resistance. I will intend to go Long only if market will break above it. The possible target - 1.3040 area at minimum.
On the hourly chart I do not see any possibility for position trade. Only for scalp trading. 1.2678-1.2681 - daily confluence support area and the area of previous lows and highs. Also, the red line on the chart - MACD Predictor. Now trend is bullish and it will turn bearish, if market will move below 1.2680.
For enter long I would like to see some strength in the market and prefer that 1.2680 area holds. If not, well, there is some kind of parallel chanel on the market, may be 1.2660 area will hold the market from rather down move. But for now it's look like slice and dice.
If we see some thrust up from the 1.2680 and hourly trend remains bullish, possibly to enter with 1.2765 target is not bad idea.

 

[Mandrake]

Hey Guys,

It's another terrible terrible week. Signals all over the place. Tomorrow is already the last day.

I guess we should look forward to next week's trading where NFP result is coming out again.

 

[forexjosa]

Well I just grab 80 pips, buying 12660 level. Not so bad afterall.

Sive is the best, IMHO.

 

[MidnightRun]

Comrade Motran is certainnly the best.