Euro Forex Pro weekly 24-28, May, 2010

EUR/USD Update, Fri 28, May

Good morning, everybody
Here is my view on current market.
First of all, it worth noting here, that we have Trading Market currently. Look at daily chart - day up, day down, day up etc. So, it means that the better way to act here - make intraday trades with lower than usuall lots and very close profit objective. In general, on daily chart we have a bullish bias - trend is bullish, yesterday market has finished a bullish candle engulfing pattern.

Now, lets move to hourly chart, that I've attached here. It's a bit heavy.
Market in upmove currently, but makes deep retracements. For now maket has reached an OP=1.2309 from ABC-top pattern and bounced a bit from Fib Confluence support and Daily Pivot point. This is not bad support, but I will be looking at another level - XOP=1.2263, Fib support 1.2267 and Weekly Pivot support1=1.2260. As I said, market makes deep retracements currently, so to enter at 1.2260 is better than at 1.2310. As a target, we may choose - 1.2380-1.2400 area.

So, conclusion - market is a very choppy during last few days, now it's a trading market. I do not know, will it go upper, but - daily trend is bullish, 4-hour trend is bullish, there is a daily bullish candle pattern - I do not want to sell. Here is my action - I will be waiting for move to 1.2260 area. If there will be a signs of up thrust, possibly I will Buy with target around 1.2380 area.
If market behavior will be soft there - I'll be aside. Besides, today is a Friday...

Sive
 

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period

Third, Use two simple rules. First - rule of 3 period. If you enter and do not come to profit during 3 period (may be 5), better to exit.

Sive.

Hi, Sive, i cant get the meaning of 3 period? What does mean by period

here?

Tq.
 
Hi, Sive, i cant get the meaning of 3 period? What does mean by period

here?

Tq.
Hi Ghazali. For example, if you enter in trade that is based on hourly chart - period equals 1 hour. It means that if after your entering, your position not in profit after 3 hours, better exit. This is not a rule of thumb, but it's important.
For daily trade - period is a day, 5 min chart - 5 min.
 
Hi Ghazali. For example, if you enter in trade that is based on hourly chart - period equals 1 hour. It means that if after your entering, your position not in profit after 3 hours, better exit. This is not a rule of thumb, but it's important.
For daily trade - period is a day, 5 min chart - 5 min.

Thanxx alot sive, im following your advice and analysis accordingly and currently im trading on a demo account and so far out of 7 trades, 6 turn into very profitable trades. Thanks again.

you're giving free analysis and signals and for me these also a kind of tithing and God will render you blessings for your heart-felt tithing. I am 101% :) agree to our leader Felix concept. No other investment such tithing. :)
 
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