FOREX PRO WEEKLY April 07-11, 2014

[wontuno]

Hello

Strange Friday NFP reaction...yen gained, stock market dropped, dollar not reacted...silence before The storm?

....

I really have no clue what will happen...I will wait to get clearer picture..

Good trading week!

Minimax, to me is like what other's say too:
There's nothing wrong or strange with the market.
Trade what you see not what you believe, otherwise market will always wrong if against the plan.

I follow Sive's and other's insights that give 1 step for the next trade (wave if you prefer) with current price actions, what recent chart give.
The problem I see with yours is you always try to predict 2-3 steps/waves so I think you trade what you believe.
Once I was, I burnt my whole account.

I like your posts too, keep it up, but can you do it step by step, each wave, rather than 2-3 or complete Elliot Waves that no exist yet at once?

Cheers

 

[minimax]

Minimax, to me is like what other's say too:
There's nothing wrong or strange with the market.
Trade what you see not what you believe, otherwise market will always wrong if against the plan.

I follow Sive's and other's insights that give 1 step for the next trade (wave if you prefer) with current price actions, what recent chart give.
The problem I see with yours is you always try to predict 2-3 steps/waves so I think you trade what you believe.
Once I was, I burnt my whole account.

I like your posts too, keep it up, but can you do it step by step, each wave, rather than 2-3 or complete Elliot Waves that no exist yet at once?

Cheers

Thank you for concern and tips.
I am aware that market is always right but I´d like to know where we should be headed if......
My current positions:
eurusd, short, +94, 80% out
gbpusd, short, +66, 85% out
usdjpy, short, +67, 100% in but had worse out
nzdusd, short, +60, 50% out at +140
audusd, short, -12, 100% in.

Regarding what and how...well I do not exactly believe in 3drive reaction on euro but could happen..I will just wait to se if price enters 1,3752..

Good luck!

ps
On Friday at data release I was hawkish because nore employees earn less and reaction was seen on stock market and jpy, dollar should follow..

 

[minimax]

Good morning!

Well, here is morning...

I think dollar is waiting yen to finish correction and then I expect it will start all over the market..let´s see..

Good trading!

 

[Sive Morten]

HI sive sir

As per our medium term trading plan
we will join the party after pullback on usdjpy daily

you said abt chf.... so here i am trying to draw it
kindly correct me
on 4hr timeframe possible upwrd abcd

On 1hr time frame its a 3drive & butterfly sell (mirror image of eur)

Waiting to hear form you..
Thanks & Regards

Hi Lolly,
All your patterns are OK, but when I'm spoken on CHF, I mostly mean daily/weekly possible 3-Drive Buy...
But your butterflies on intraday charts also look nice.

ALWAYS surprises me how easily sentiment in this business changes !!!

Yes, only 3 weeks ago we talked about possible upward continuation, but as market has shown signs of weakness we can't support this point of view right now, at least in short-term perspective. As J. M. Keynes told "When situation is changing - I'm changing my mind and what do you do, sir?" Very sharp phrase...

 

[minimax]

Seeing, believing and changing mind

Graet thoughts!

eurusd
I really do not know why I wrote 1,3752, it is 1,3748 where I will start to think different, to change my mind.
Added short





usdjpy
Closed half..have not totaly gave up on 101,2 but why not, market is always right...




gbpusd
Added short...




Good trading!

 

[Lolly Tripathy]

HI sive sir, can we suggest this as 3drive buy....????

Gbpusd-daily tf

 

[Sive Morten]

HI sive sir, can we suggest this as 3drive buy....????

Gbpusd-daily tf

Hi Lolly, personally I wouldn't treat it as 3-Drive. It looks not very harmonic. Besides, 3-Drive mostly is an exhausting pattern, but right now it stands at top. I would suggest that we will get Butterfly "sell" on daily soon, rather than 3-drive, i.e. right now it seems that another leg to upside is more probable. I do not want to say that this 100% will happen, this is just my expectation. Anyway, I would not trade and rely on this one 3-Drive...

 

[Lolly Tripathy]

Thank you very much sive sir....

 

[minimax]

3 Drives

To me most important in 3 Drives, beside overlaping, time symetry and converging trend lines (cross beyond the pattern), and not so much fulfilling extensions proportions, is the structure so I find 2 types of 3 Drives:

1. Leading diagonal, first wave in move, structure 5-3-5-3-5, price retraces usually above 4th wave and

2. Ending diagonal, last wave in move, either 5th in an impulse or wave c in zigzag & flat, structure 3-3-3-3-3, where price retraces different but could retrace also much beyond the start point of the pattern.

So, the problem I have on eurusd is, that I do not see the proper structure for 3 Drive, not in pattern itself, not as a part of combained structure. BUT market is the boss so if price enteres 1,3748, I will be forced to change my opinion, maybe to accept it, and start looking for another pattern and not an impulse as I count it in the moment.

links:
http://www.fx360.com/documents/GFT-Three-Drive-Bearish.pdf
Harmonic Trader - Harmonic Price Patterns

Good trading!

 

[Lolly Tripathy]

GbpUsd


EurGbp