FOREX PRO WEEKLY, August 20-24, 2018

[Sive Morten]

Greetings,

EUR position has not changed significantly. On daily chart we mostly have the same context - DiNapoli bearish "Stretch" pattern. Price stands at resistance of daily Overbought level and combination of 5/8 Fib levels. This is not the time to go long. It means that for daily traders trading plan is the same - wait for pullback:

On 4H chart EUR has shown reaction on our OP target yesterday but it was as small as reaction on previous OP from our minor AB-CD that we've talked about yesterday. Now the major question here whether EUR will proceed to XOP first and turn to retracement second, or will start dropping immediately. Actually for daily traders this is not the concern at all, because we do not care much from which point retracement will start. The major thing is to get retracement. But for intraday traders this could become a headache. Anyway, our suggestion is the same - if you do not have confidence and experience - do not take scalp trades against major tendency, follow the trend. If you still decide to go short - supportive bearish pattern is must.

But even existence of supportive bearish pattern will not make your life easier. Take a look at what has happened yesterday. We was at 4H OP and with the same bearish daily Stretch in the pocket. On 1H chart we've got DRPO "Sell" - the pattern that we need to go short. It seems that everything is perfect. But now take a look how difficult it was to trade against the trend. How fast you need to make a decisions and how concentrated you have to be:

Once DRPO has been confirmed, EUR has dropped to nearest 3/8 Fib level of the thrust, but then it turned up again and DRPO Failure has been formed, which is also directional pattern. It means that at "fail" point you have to reverse your position. Whether this trade was successful? Yes, DRPO loss is smaller than DRPO Failure profit, but - it was really the challenge to pass through it and finish this trade positively. If you do not have neither experience nor confidence to do this - stay with the trend and wait for retracement now

 

[Robban68]

Maybe a DRPO sell look a like on 4Hr. The thrust looks good. Just needs some closes below and above 3x3 first

 

[Bulls13]

Hello,

Yes good news is that we now have all for both MT4 and MT5. You can search below names in mql5 website under MT5 and/or MT4 indicators section.

- Advanced Fibonacci Tool
- Stop Grabber
- Thrust Scanner
- Squat
- OB/OS Predictor
- Macd Forecaster
- Macd Trend Scanner
- Dinapoli Preferred Stochastic
- Dinapoli Detrenden Oscillator
- Dinapoli MACD
- Magic Bar Qualifier (This stands for demark sequential)
- Magic Bar Combination Qualifier (This stands for demark combo)

Hope that helps

Regards

Thanks Roger.. I downloaded all seems perfect.

 

[Robban68]

Maybe a DRPO sell look a like on 4Hr. The thrust looks good. Just needs some closes below and above 3x3 first

Lets see If there will be any attraction on the big level today
Expiring options at the 10am New York time cut
EUR/USD

• 1.1450 EUR 591m
• 1.1500 637m
• 1.1600 1.1bn
• 1.1625 2.9bn
• 1.1700 635m
• 1.1730 503m

 

[Sive Morten]

Morning everybody,

So, EUR shows first signs of retracement that we've discussed yesterday. Daily picture mostly stands the same as price still stands under pressure of Fib resistance in combination with daily OB:

Yesterday market has formed final leg up and completed our XOP target. So, all preliminary steps are done for starting of the retracement. Could we talk on DRPO "Sell" pattern here? Well, I would call it as Look-alike, because there were three penetrations of the 3x3 DMA and EUR formed 3/8 retracement every time. This is not good for DRPO. But still, we could use general rules of DRPO trading here if it will be formed. At least, daily Stretch pattern supports this context.

Still, I would prefer dealing with classical patterns. For example, on 1H we have H&S pattern is forming. That's what we've talked about yesterday. If you're scalptrader and search chances to go short - be sure that you have the pattern on the your back. Yesterday we do not have anything, but today it could be formed.
Although our position stands the same - we mostly watch for retracement as chance to get better entry levels, but if you would like to go short - keep an eye on H&S pattern.
It should give us some targets. Now we could approximately talk about them, because we do not know where "C" point will stand. But, OP should be around 1.15 - our major 4H K-support area, while XOP will be around 1.1450 - close to major 5/8.
As we said yesterday, K-support is the first and major level that we will keep an eye on for long entry:

 

[Sive Morten]

Good morning,

There are no big changes on EUR daily chart, as we mostly deal with pullback - reaction on daily OB and Fib resistance area. Our major task right now is to catch the right moment for long position taking:

On 4H chart we haven't got any DRPO pattern as market just moved directly to nearest 3/8 Fib support area. As we said previously - 1.1575 seems too close because market is OB on daily chart and it is logical to expect a bit deeper retracement. 1.15 area is the one that we're focused on:

Hourly chart shows that our suggestion on "C" point place was correct and now we have our AB-CD pattern. Recently market has reached COP minor target and now shows reaction on it.

Here we need control price action above "C" point. In fact, market is forming flag/pennant pattern, which takes the shape of falling wedge here, on hourly chart. This is rather tight consolidation. Action above "C" point could become the first sign, that no action to 1.15 will follow. In this case upside action at least above "A" point will happen.