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FOREX PRO Weekly August 01-05, 2011

Discussion in 'Sive Morten- Currencies, Gold, Bitcoin Daily Video' started by Sive Morten, Jul 30, 2011.

  1. Triantus Shango

    Triantus Shango Sergeant Major

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    ashish_211, to find out more info about the patterns and harmonic numbers sive is referring to, start with this book: Trade What You See: How To Profit from Pattern Recognition (Wiley Trading), by Larry Pesavento and Leslie Jouflas.

    godspeed.
     
  2. Hugo9

    Hugo9 Recruit

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    Hi Sive,

    Thank You so much for your detailed analysis of the EUR/USD

    I am only dealing in EUR/USD and have just signed up for your newsletter and
    are very impressed with your analysis.

    Thanks again.

    Hugo
     
  3. fxmig

    fxmig Private

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    More Education

    Sive,

    Thank you very much for such in depth knowledgeable analysis. I have read the books you recommended, "Trade What You See, Joe Dinapoli Book". I have also read Japanese Candlestick Charting Techniques, Complete Guide to Technical Trading Tactics (John Person). Please recommend me something else that I can utilize to educate myself further. I will also go back and review your videos since 2010 in conjunction with the Weekly Analysis you give to train more. I will be getting CQG to use the Dinapoli indicators and apply them. Again, thank you and what else do you recommend I can read to learn more.

    Regards,
    FXMig
     
  4. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi TQ,
    Usually I wait for some patterns around support/resistance levels of higher time frames. THis could be candlestick patterns, classical as H&S, wedges, harmonic patterns etc.

    Hi Fanioz ,
    I think this is not so important now, since yesterday debt ceil has been increased for 2.7 Trln USD.

    Hi Aks,
    no, I do not use 7x7, but sometimes I use 7x5.
    MACD parameters are: 8.3897; 17.5185; 9.0503

    About harmonic patterns - wait lessons in FPA Military School. There will be large chapter dedicated to this question. Very advanced material.

    Right, Triantus. Excellent book, I also usually recommend it.
     
  5. Sive Morten

    Sive Morten Special Consultant to the FPA

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    EUR/USD Daily Update, Tue 02, August 2011

    Good morning,

    So, while we still have got some move up on Monday - releasing on major news about US debt ceil has turned everything from top to bottom, as we've warned and H&S was formed.

    Now, on daily time frame there are some significant moments that worthy of our attention:
    1. As we've said - 1.41-1.4150 is a minimum target area of bearish engulfing pattern.
    2. Market stands at strong support area that includes 2 pivots and Confluence support
    3. MACDP comes in play today.

    4-hour chart shows that AB-CD target from the head stands at 1.4136 - just below previous lows and slightly below daily support area.
    Hence, be aware of possible W&R, when market will hit that target and turn to retracement, as it was previously when right shoulder started to form.

    Second, that target is also important because it coinsides with target of daily engulfing pattern and theoretically it could lead to reversal. The major problem with that scenario still, is that CD leg is much steeper and usually market shows some continuation to downside. So, the probability of reversal is not so great, while some retracement is possible.

    on hourly chart you see that 1.27 extension of shallow retracement up stands right at the area of AB-CD completion. So, primary task in the beginning of current trading session for today is watch for 1.41-1.4150 - will market turn to retracement or not.
    IF not, then, probably next target is 1.3950-1.40.
     

    Attached Files:

  6. Damian1987

    Damian1987 Corporal

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    Thank you Sive!!
     
  7. muzammil_p

    muzammil_p Private

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    Reversal

    Hi Sive,

    On the 5 min Eur/USD is it Wash & Rinse and Butterfly BUY pattern completed?

    Regards,

    Muzammil
     

    Attached Files:

    • EU.JPG
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  8. zakiaziz

    zakiaziz Private

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    up trend for hourly has started?

    where the target will be?
     
  9. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Nice work, Muzammil. Butterfly looks nice. May be this is W&R, but probably it will look better on higher time frame - 15 or 30 min.

    Usually the target of Butterfly 1.27 or 1.618 in opposite direction from the whole butterfly move.
     
  10. Johnfa

    Johnfa Private, 1st Class

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    It will be at 1.1250 on 30 Dec 2011 !

    Good luck to all !!!
     
    #20 Johnfa, Aug 3, 2011
    Last edited: Aug 3, 2011

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