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FOREX PRO Weekly April 23-27, 2012

Discussion in 'Sive Morten- Currencies and Gold Video Analysis' started by Sive Morten, Apr 21, 2012.

  1. D.R.&Quinch

    D.R.&Quinch Sergeant

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    Im sure thats it dude nice one thankyou for pointing out the obvious that i totally missed!
    Mag
     
  2. D.R.&Quinch

    D.R.&Quinch Sergeant

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    Hey i found that chatroom, tho empty at mo. Thanks for the heads up Damien will try that for non edu comments
     
  3. squidge42

    squidge42 Corporal

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    Ok thanks for clearing that up....I can confirm the indicator is my own work and the formula is widely available on the internet, it works according to the same principles and does indeed have a different name. Rather than post it here, if people would like to request a copy for free can I suggest they private message me and I'll email it.
     
  4. georgeta

    georgeta Sergeant

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    Cable

    Hello Mr. Morten!
    The situation on GBP is interesting.
    1. Do you think this is a good Butterfly to trade?
    2. Would you prefer to see more confirmation or would you sell from the 161.8 expansion?
    Thank you!
     

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  5. gyanirahul

    gyanirahul Corporal

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    Also it was DRPO sell .. .i want to learn from my mistake . Good thrust above 3x3 .close below new highs close below 3x3 enter with shallow retracement.hit stoploss but .. i want to know is that LAL or DRPO sell .. just wanna learn from my mistake.

    View image: eur m 23 04 12

    [​IMG]
     
  6. pragmatic

    pragmatic Corporal

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    You should consider that the first top is the end of the thrust, as you marked it on the chart, and the second top is the top of the significant bearish bar, the 15th to the right.
    I would not trade this situation as DRPO, mostly because of too much consolidation between the tops. It shouldnt be more than 7 bars. Also, I would take into consideration that the thrust is from the very bottom and it has some closes below 3x3, so it is a DRPO lol.
    As I understand it, DRPO is a fast pattern, because the price movement is triggerd by the stops placed along the way. You should keep this in mind and try to understand the price action that you are looking at.
     
    #66 pragmatic, Apr 26, 2012
    Last edited: Apr 26, 2012
  7. gyanirahul

    gyanirahul Corporal

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    Thanks for you reply.thats what i need for my trading diary. thanks so informative :)
     
  8. Damian1987

    Damian1987 Corporal

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    To the comment made by pragmatic I would add simply that the quality of the thrust is not optimal. U wanna see continued pressure and here the up move is full of little retracements. If u wanna trade it as DRPO is more a LAL to me. Also trake in consideration that after the second close below 3x3 u have a bullish engulfing candle that closes above .618 retracement from the top, meaning a confirmed DRPO Sell LAL failure pattern, so the expected move afterwards is up...just like it did.

     
  9. squidge42

    squidge42 Corporal

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    One thing that confuses me slightly with DRPOs and similar that I would really appreciate some help with:
    Does a candle close on the 3x3 count as a break?
    Secondly, quite often a bar will close one side of the 3x3 (ie not break it), however the next one can open the opposite side - does this count as a valid break etc..or should we wait for the close of the next one?

    Reason I ask is because it looks like one might be forming on the 15min chart
     
    #69 squidge42, Apr 27, 2012
    Last edited: Apr 27, 2012
  10. Sebastian Korytowski

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