Euro Forex Pro weekly 24-28, May, 2010

[jim deblasio]

How to improve timing.

Hi Sive,

I always seem to get into a trade in the middle of it's range and can't seem to catch the trade at the perfect point. For example; this last euro move you waited and got in at 1.2570 where I was in much earlier at 1.2497. You were commenting at 1.2497 but waited until it moved upward.

Could you share your thoughts for timing the trade?

Thanks in advance,

Jim

 

[Sive Morten]

Hi Sive,
I always seem to get into a trade in the middle of it's range and can't seem to catch the trade at the perfect point. For example; this last euro move you waited and got in at 1.2570 where I was in much earlier at 1.2497. You were commenting at 1.2497 but waited until it moved upward.
Could you share your thoughts for timing the trade?
Thanks in advance,
Jim

Good Morning, Jim,
Well, in general, these stuff works as follows - You should sell rallies when trend is bearish and buy deeps when it's bullish. Do not jump in move, do not buy ro sell breakouts. You can see that my enter also was not perfect, so in 90 % of times you can't catch absolute max or min. But, you can enter much better.
Concerning timing. For example i want to enter short on 1-hour chart and down move has started already (like it was on Friday) All that I do - just waiting until the first move down will finish. When I see that retracement has started- I calculate Fib resitances and switch to 5-min chart and track how market acts around this resistances. When I see signs of strong push down on 5 -min chart from 60-min Fib. resistance. I sell the rally. Sometimes I even use retracement on 5 min chart from retracement of 60-min. But this is not nesesary.
So, if you what to open on daily - use daily and hourly. Weekly - weekly and daily and so on.

Hope it helps
Sive

 

[jim deblasio]

1 Hour Fib Calculation TOP Point

Hi Sive,

"Concerning timing. For example i want to enter short on 1-hour chart and down move has started already (like it was on Friday) All that I do - just waiting until the first move down will finish.

When I see that retracement has started- I calculate Fib resitances and switch to 5-min chart and track how market acts around this resistances. When I see signs of strong push down on 5 -min chart from 60-min Fib resistance. I sell the rally. Sometimes I even use retracement on 5 min chart from retracement of 60-min. But this is not nesesary."

From the statement above, "When I see signs of strong push down on 5 -min chart from 60-min Fib resistance," For the Fib Calculation we have the bottom point, being a 1 hour retracement started.

Q1: For the Hour Fib Calculation what TOP do you use?

Q2: What level 38.2, 61.8, are you looking for the turn?

I look carefully at your 4hour, daily, weekly, chart.

Thank you,

Jim

 

[Sive Morten]

Q1: For the Hour Fib Calculation what TOP do you use?

Q2: What level 38.2, 61.8, are you looking for the turn?

I look carefully at your 4hour, daily, weekly, chart.

Thank you,

Jim

Well, it's a bit complicate to explain. You can find answers in my Scalp trade description - there is a very detail explanation.
If you are talking about Friday's entering - I've used high at 1.2674 and low at 1.2472. What retracement to use - 0.382 or 0.618 depends on situation, and on development of price action on 5 min chart. There is no just one right answer.

 

[HiramC]

Hello Sive,

Many thanks for your incredible devotion to this weekly analysis report. It is greatly appreciated by many.

I have an idea that I would like to share with you, which I think would help your presentation. It would be my gift to help you and the FPA community.

If this interests you, please send me an email to hiramcarrington@gmail.com, and I will let you know what I am thinking.

Thanks again.

Best regards,

Hiram Carrington

 

[aahabibullah]

How do i calculate a fib

Hi sive,

could you pleas guide me on how to create a retrechment fib. is there a time frame i have to select. Just learning to trade using your valuble suggestions.

regards,

AAH

 

[MidnightRun]

Sive,
Where is your Scalp Description?
Thank you.

 

[qbitz1]

Thanks

Hey Sive! You da Man! I just had my best daily trade profit of over 200 pips from 1.2565 to 1.2360. Amazing! Just a shame it's on a game account...

I really appreciate the analysis though and will keep following your messages with interest.

Thanks again. Next time, I'll put my money where your mouth is

Jon

 

[Sentinel]

4-Hour
This time frame adds some details for Monday possible action. I’ve marked 1.2350 area when I’ve sold on Friday. I do not want to tell that I was right, especially now, because the market does not show any down move development. Anyway, I just want to attract your attention to some moments. Fist, the 1.2470 level looks strong – Confluence support and weekly Pivot point. If the market will not pass through it on Monday, then an up reversal and move to 1.2730-1.2780 will be very probable. In this case, a down move can start from this area – 1.2730-1.2780. Here are daily confluence resistance, XOP target and weekly Pivot resistance 1.
As conclusion – if the market will move below 1.2470 target at 1.2355 will be probably achieved. If not – I’ll be waiting for move to 1. 2750-1.2780 and wait for sell signals there.

That was a hit at bull's eye. How did you calculate 1.2355? I can't see any confluence level or LOP here..

 

[Sive Morten]

Hi Guys,
let's go step by step.

Hi sive,

could you pleas guide me on how to create a retrechment fib. is there a time frame i have to select. Just learning to trade using your valuble suggestions.

regards,

AAH

Hi, AAH
Well, you should use Fibonacci retracement tool from MT 4 trading platform.
In top menu of MT 4 go Insert - Fibonacci - retracement. Then you should use top and bottom between which you want to find retracement levels. Look at my charts that I've attached in my topics, it should help.

Sive,
Where is your Scalp Description?
Thank you.

Here it is - https://www.forexpeacearmy.com/fore...87-scalp-trade-description-may-17-2010-a.html

Hey Sive! You da Man! I just had my best daily trade profit of over 200 pips from 1.2565 to 1.2360. Amazing! Just a shame it's on a game account...

I really appreciate the analysis though and will keep following your messages with interest.

Thanks again. Next time, I'll put my money where your mouth is

Jon

Hi John
I'm glad with your result, that is what I 'm working for.

Hi sive,

how do i set the fib retrechment ...i am new and i am learning everyday with your analysis..

regards

abrar

Hi abrar, try to do this:
In top menu of MT 4 go Insert - Fibonacci - retracement. Then you should use top and bottom between which you want to find retracement levels. Look at my charts that I've attached in my topics, it should help.

Sive