European Forex Pro weekly 17-21, May, 2010

auna

Corporal
Messages
83
it is a bit wreckless to enter any positions right now.Everybody , everywhere is saying...the Euro has one direction down but if you long then you are a gambler. I think we should sit a few days and watch how it pans out.If it goes to 1.20 then we are sure it will turn . If it turns around 122 and goes up to 124 -125 then there is some hope for an uptrend. nothing is for sure but the markets are sill in panic so be very careful not to get stuck.
 

Sive Morten

Special Consultant to the FPA
Messages
12,862
it is a bit wreckless to enter any positions right now.Everybody , everywhere is saying...the Euro has one direction down but if you long then you are a gambler. I think we should sit a few days and watch how it pans out.If it goes to 1.20 then we are sure it will turn . If it turns around 122 and goes up to 124 -125 then there is some hope for an uptrend. nothing is for sure but the markets are sill in panic so be very careful not to get stuck.
Hi, Auna
Well, I've made couple of trades today. Both of them were on a short side. But there were a scalp trades and were finished during 1 or 2 hours. So, I can't provide you, guys, with so short-term signals, because, I do not know exactly when will possibility to enter appear. Second, when it will appear you will not be in time to enter, because all my enters were based on 5 min charts. As I said I do not want to "hold" anything. If I'll see something longer term, I'll make a notice surely.

I'll try to prepare description of a scalp trade tomorrow, just to make it clearer and possibly you will be able do the same.
 

auna

Corporal
Messages
83
Hello Mr Morten
Well right now i am waiting for it to go over 1.24 to short(with a 1.26 something SL).What i am sure of is that the euro will surely go down and for now we are unlikely to see anything higher than 1.29 if it ever goes that high.What will prone it to go up is the chinese certainly but i think they will wait till 1.20 or 1.21 to jump in. Think today's rection is just a bit of retracement since the market is crazy and many people might be staying out until it rises for another short. Well that is what i am hearing right now. Think by tuesday or wenesday we should get a better picture of what is really happening.
 

jim deblasio

Recruit
Messages
17
Hi Sive,

Thank you for your analysis.

You mentioned your scalp trades. Could you share the indicators you use
for entry and exit.
 

Mandrake

Corporal
Messages
138
Hi guys, made about 100+pips profit from yesterdays short upwards retracement but lost some later when I shorted it after the pin bar...

Look like - In times of uncertainty, scalping is best. In times of certainty, swing trading is best.

I am gonna do some scalping too, I am using boilinger band for this. I am eager to learn from Sive what technique he uses.

Good Day !
 

Sive Morten

Special Consultant to the FPA
Messages
12,862
Tue, 18 May 2010 update

Good day everybody,
So there is an issue for today.
First of all I want to warn you that the signal that I'll be talking about is very unstable as a market now, so be carefull. But this is what I'll be watching for...

Let's look at daily chart first. Market has reached oversold, OP target just above monthly Fib support (check for monthly chart from my weekly research). There are two levels that I'll be watching for possible short entering - 1.2613 - Weekly Pivot point and Fib support, and 1.2788-1.2792 Confluence resistance area and daily overbought level. The second one is ideal for entering short to my mind. But it's too far.

Let's look at 4-hour chart. We can get a buy signal a bit later today. If we assume that C point in place already, then XOP target in Agreement with Weekly Pivot point. That is where market will follow if Buy signal will work.
For confirmation of a signal we need close below 3x3 DMA then above. After that may be we can enter long. But, if market will close below 1.2300 then - it will be a sign that this signal have failed. Be carefull, thrust down on 4-hour chart is not perfect one. But I'll be watching for this development.
 

Attachments

dragan lukic

Recruit
Messages
17
abbreviations

Hello,

Please. tell me where can I find the meaning of abbreviations that appear in the threads, for example: COP, XOP, OP, DMA, DRPO ...
Thanks
 
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