Euro Forex Pro Weekly 31 May - 04 June 2010

[Sive Morten]

EUR/USD Update, Thu, 03 June

Good morning,

Here is a today's issue.
First of all, I do not expect much action till the Payrolls release. Gnerally speaking, we have no much action during the whole week. All that was there - is just a chop liver. And today we also not have much to watch for.
On daily chart there is only one thing that interesting - bullish convergence pattern. As for me, I use it very seldom and it's not very reliable, but I've posted it here because it very popular.
On 4-hour chart trend turns bullish and Pivot point comes in play at 1.2348. During last three weeks market holds between Weekly Pivot and Weekly Pivot support 1. And we have similiar thing during current week. If we will break through Weekly pivot - next target is OP=1.2420 and daily Confluence resistance at 1.2460-1.2490. Next one is monthly Pivot at 1.2600.

 

[Vix]

f... s... ranging market, hope others were smarter than me and anticipated this choppy movement

 

[Ghazali]

Futures?

Not exactly, you should to read something about that, because it too many information to post in here. But, in general, you will be able to trade the same FOREX but via exchange. All charts, that I've posted here are charts of a futures to EUR/USD. Other pairs are also exist.

Thanks Sive,

Im sure will follow your advise on futures as it is more safety than normal forex trading. Just wanna ask you is there any good websites regarding futures so i can learn the basics of it?

Thanks Sive, Your Contribution will be rendered By the God Almighty.

 

[Sive Morten]

Thanks Sive,

Just wanna ask you is there any good websites regarding futures so i can learn the basics of it?

I'm confused a bit to recommend something particular usefull. Try to start with exchange cites -Chicago Merchantile Exchange, for example. There are many education materials. If you'll understand that You need something simplier, for newbie, then I think that to buy a book with basic material will be a better decision. There are a lot of them.

 

[Sive Morten]

EUR/USD Update, Fri, 04 June

Hello everybody

As I've said yesterday market is a pure chop liver. Today is NFP release, so, I do not expect any action till that moment, that's obvious. So, what do we have?
First, on daily chart bearish bias holds during the whole week - trend turns bullish but price action does not confirm that. Besides, market stays below weekly Pivot and just touched it during the week.
I do not see any signals, and probably be aside today, but I just what to make some notification for the case if you will be trade today.
I've attached 4-hour chart. For previous 3 weeks market stays in the range between Weekly Pivot and Weekly Pivot support 1. But today is NFP.

If there will be a breakout to downside - next support is 1.1940 area - this is a Weekly Pivot support 2, OP target from ABC-top pattern that I've marked on the chart. 1.2020 - monthly Fib support. So 1.1940-1.2020 area to look for if we'll see downside break out.

The main resistance for now - 1.2348 weekly Pivot point and daily Fib resistance and 1.2460-1.2490 area of daily Confluence resistance.

This is an hourly chart.
If someone intends to enter short, I think that 1.2220 area is not bad for this purpose with s/l above 1.2290. Possibly we can even see reaching of 1.2261 level, because market makes deep retracements last time (0.618 as a rule). Or you may enter partially at hourly confluence resistance, partially at 1.2261 Fib resistance. BTW, 1.2219 is a daily Pivot also.

 

[Sentinel]

That was a perfect Bread & Butter example. Bad Luck.. I had a sleeping order at 1.2218 and just missed it with 4 pips. (

 

[sardinian]

Hi Sive,
what a break-out......while I'm writing eur/usd touched 1.1971 !
Who knows if EU will reach the OP point of your chart at 1.1938....
Congratulations for your forecast about support and resistance in Eur/Usd.

 

[jim deblasio]

Demo Trade Report

Hi Sive,

Now that I've found your trade report, do you communicate your trades in the thread or should I be going to the report to see that you entered a trade?

Jim

 

[Sentinel]

Nice Bread&Butter opportunity once again. Consider entering short at 1.2095-1.2115 with SL at 1.2245. TP will be calculated later on when point B is in place.

What is your opinion Sive? I think this would work since we are not daily oversold yet and at retracement we would be even at a better level.

 

[Sive Morten]

Hi Sive,

Now that I've found your trade report, do you communicate your trades in the thread or should I be going to the report to see that you entered a trade?

Jim

Hi, Jim
If I see particular signal or good possibility to trade - I've post them and then place orders on demo (like on Firday). If I see nothing in the morning - I still can enter during the day but in this case you should check for demo, because I do not post every trade in the topic here.

Nice Bread&Butter opportunity once again. Consider entering short at 1.2095-1.2115 with SL at 1.2245. TP will be calculated later on when point B is in place.

What is your opinion Sive? I think this would work since we are not daily oversold yet and at retracement we would be even at a better level.

Sure, I think it can work, although stop at 1.2245 looks far a bit for hourly time frame. but you need close above 3x3 - then calculate ABC bottom on 5 min chart to estimate possible enter point and stop placing.
B&B target - 0.618 retracement.