FOREX PRO Weekly April 25-29, 2011

[Paul McConnell]

Junkyard & Tunji

High probability trading patterns are found in the book "Trading With DiNapoli Levels by Joe DiNapoli and a Double Repo sell on H4 will be confirmed within candle close...

 

[Paul McConnell]

I am bearish biased!

I have sell position since 1.4510

 

[Paul McConnell]

and... open another one!

Hey team and I have opened another sell

 

[MidnightRun]

I have sell position since 1.4510

Is it EUR/USD? I.e. some 300 pips below the market?

 

[Paul McConnell]

Euro/usd

Yes..
Without many worries, If your 'outlook' within your money management scheme, is comfortable and check out
Don't Follow The FOREX Market | Wall Street Daily
and open up against the hotshots.. following patterns, you will win.
Regards,
Paul

 

[Paul McConnell]

Positional v Day Trading

As a positional trader I have to take care of time frame and on this particular trade on this particular frame of the Euro Monthly on a one2one bearish, I am looking for a TP at about 1.3700 over the next couple of months. Unless there is an unusual event, I will not contemplate a stoploss. Thank Lord, Market these days is mainly technical and not fundamental..
Regards,
Paul

 

[georgeta]

eurgbp

Dear Sive,
It has been a very instructive year with you. If I am to learn anything this analisys has to worth something. Please tell me if I pass the test...

So, I think that on eurgbp the price is at strong resistance: confluence, weekly pivot, previous high. Also, the daily trend remains bullish at this precise level (if my MACD Predictor worth anything ). The retracement is falling like a stone but I see that is not uncommon for this pair.

Action: if any kind of strenght at this level - BUY. SL just bellow C point on H4, TP 100% on Daily (the market should return and hit it)

if market turns bearish on Daily then the price can take previous lows due to negative dinamic presure)

I can bearly wait for your opinion!
Thank you a million!

 

[georgeta]

eurgbp continuation of charts

the charts continue here

 

[Sive Morten]

Dear Sive,
It has been a very instructive year with you. If I am to learn anything this analisys has to worth something. Please tell me if I pass the test...

So, I think that on eurgbp the price is at strong resistance: confluence, weekly pivot, previous high. Also, the daily trend remains bullish at this precise level (if my MACD Predictor worth anything ). The retracement is falling like a stone but I see that is not uncommon for this pair.

Action: if any kind of strenght at this level - BUY. SL just bellow C point on H4, TP 100% on Daily (the market should return and hit it)

if market turns bearish on Daily then the price can take previous lows due to negative dinamic presure)

I can bearly wait for your opinion!
Thank you a million!

the charts continue here

Hi Georgeta,
1. On weekly chart - this is not Confluence resistance. Probably you've talked about Agreement with 0.618 Fib extension target;
2. On weekly chart you may see, that market has passed this area already - so, the next target is around 0.91 - 100% Fib extension from monthly AB-CD pattern.
3. Other thoughts, that you've said, looks like correct, because market continues move up
If you will take a look at current daily chart - then you'll see, that market could form Stop Grabber today. And keep in mind monthly Butterfly. Currently situation looks like that it could work...

 

[georgeta]

eurgbp

Dear Sive,
It has been a very instructive year with you. If I am to learn anything this analisys has to worth something. Please tell me if I pass the test...

So, I think that on eurgbp the price is at strong resistance: confluence, weekly pivot, previous high. Also, the daily trend remains bullish at this precise level (if my MACD Predictor worth anything ). The retracement is falling like a stone but I see that is not uncommon for this pair.

Action: if any kind of strenght at this level - BUY. SL just bellow C point on H4, TP 100% on Daily (the market should return and hit it)

if market turns bearish on Daily then the price can take previous lows due to negative dinamic presure)

I can bearly wait for your opinion!
Thank you a million!

I ment SUPPORT!!! :hissyfit: The price stands at strong SUPPORT!!! not resistance. This can be seen on H4 Chart: confluence, weekly pivot and previous high.
Yes Sive! I see that on Monthly chart we have Agreement (second monthly chart). Do you think this could lead to a retracement? On Weekly Chart this could form a B&B, I think.
Thank you for your time!