European Forex Professional Weekly 2010-01-21

[Sive Morten]

What I mean is : Can a focus own reaction points that are older and also newer than another focus's reaction points (which is the upmove between 21 Dec and 17 Jan)?

I hope, that I've understood you correctly, and the answer is Yes. The whole downmove is a single Swing. And It includes all reactions from the high at 1.5144 (if do not mess smth) till the current low.

 

[Sentinel]

I hope, that I've understood you correctly, and the answer is Yes. The whole downmove is a single Swing. And It includes all reactions from the high at 1.5144 (if do not mess smth) till the current low.

Ok. I am glad that I managed to express myself correctly at last. Started to draw the old fib lines once again Thanks for your patience.

 

[Sive Morten]

Market has reached hourly OP=1.4181 for a second time and I've closed my EUR/USD long position. There are many data will be released later on this week. Besides, it just a retracement.

 

[Sentinel]

Gold Weekly

Hi Sive,

Could you please do me a favor and tell whether the following Weekly Gold Chart is correct ( I am unsure about reaction 3 since its upmove violates the highest high principal).

It seems that we are once again close to weekly confluence level 1088. Daily and weekly trends are bearish. No OS. A close below confluence will trigger much downtrend.

Daily Stochastic DiNapoli giving a buy signal. So with the help of the FOMC interest rate statement which is expected to stay unchanged, (that is USD bearish and Gold bullish) I think we can sell at rallies from that confluence. Any comment?

 

[Sive Morten]

Hi, Sentinel.
It's a bit difficult to investigate your chart...
Well, my thoughts are:
1. The nearest COP is below Confluence, so if market reach it - it will trigger stop orders and should reach confluence at 1040
2. I'm still short in gold - current retracement because of OS conditions. Market does not even try to go up.
3. I suppose that you look at FOMC meeting too simple. It obvious that the rate will stay at 0.25. Commentaries are what particulary important.

Here is my gold weekly chart. Hope it helps.
Try to change the font on the graph to black/white theme. I hope that it will be more comfortable to look at your chart in this case.

 

[Sive Morten]

This is daily

 

[Sentinel]

Many thanks for the charts. I think I am going to short gold if it retraces to 1097 today.

The reason that I am unable to use black on white is : the placeholders are white in Metatrader and when you make the background white, they became invisible.

 

[Sive Morten]

Many thanks for the charts.

Anytime

I think I am going to short gold if it retraces to 1097 today.

My position is long term on a weekly term basis.
Besides - making your own decisions is the one thing that is really matter. You can read what I've talked, but you should make your own decisions. Because, I can be wrong - nobody knows where market will go...

 

[Sentinel]

My 1097 target is reached and I short from there..

You can read what I've talked, but you should make your own decisions. Because, I can be wrong - nobody knows where market will go...

Exactly. There is a term in Turkish as "Her koyun kendi bacagindan asilir." which can be translated as "Every sheep is hanged from its own leg". I know there is no guarantee that your predictions will match with the market facts. We are just trying to take into accont every indicator that we thrust like DiNapoli Levels, DEMA, Directonal Indicators, DOPs and try to analyse the fundemantals with the news but no indicator can predict that a plane will hit the World Trade Center in the eye.. :--) does it??

 

[Sive Morten]

Definitely, Sentinel