FOREX PRO Weekly August 29-September 02, 2011

[timsar]

Thank you Sir for sharing your great analysis!

 

[Geert Anthonis]

Woaw!!

Sive, your take on the USD is very pessimistic. What scares me most though is that in my view the Euro was clearly set up to be on par with the USD. If your doom-&-gloom scenario comes to pass, and I have to say you bring some very interesting points to the table, the whole situation looks pretty grim for the world economy. As a trader of European goods I hear my suppliers already moaning about the strength of the Euro. So will the EU and the ECB try to push the Euro to follow the USD down just to stay competitive? Again a rather scary prospect.
All in all a great analysis. Thanks again. Last week you were spot on only your timing was a little off when three days in a row you predicted a drop to the 1.4330 area. Lost quite a bit the first two times. Made all of it back when it finally did.
Looking forward to the coming week.

 

[Venelin]

Hello Mr. Morten!
Tough times for USD you say. Maybe it is time to change currency for my savings...
If you have time, please take a look at gbpjpy:

Weekly: price stands above .88 support and agreement. Trend is Bearish.
Daily: Stop Grabber. Trend is Bulish.

That's it! Do you think I should try to enter long? Of course, I will see H4 and H1 for more details...

PS: I had a beautiful butterfly last week on H4.

Have a good week!

Hi georgeta!
Would you inform us what the red line indicator on your GBP/JPY chart is?
Thank you!

 

[georgeta]

Hi georgeta!
Would you inform us what the red line indicator on your GBP/JPY chart is?
Thank you!

Yes, of course!
It is MACDP. If you google it you will find it. I would guide you more but I am not supposed to. FPA rules. I have to remind you though that it is not an approved indicator so you cannot rely on it all the time. I am using it for training purposes rather than real trading.
Good trading!

 

[zakiaziz]

thanks sive.. if butterfly sell on H4 working.
where is the target it will go?
then it is still can go to 1.47 area?

 

[Sive Morten]

Hello Mr. Morten!
Tough times for USD you say. Maybe it is time to change currency for my savings...
If you have time, please take a look at gbpjpy:

Weekly (last chart): price stands above .88 support and agreement. Trend is Bearish.
Daily: Stop Grabber. Trend is Bulish.

That's it! Do you think I should try to enter long? Of course, I will see H4 and H1 for more details...

PS: I had a beautiful butterfly last week on H4.

Have a good week!

Hello, Georgeta,
To my mind, the core of GBP/JPY pair lays on monthly chart - market now stands near major 1.618 AB-CD target. It already has reached it and now just coiling around. You need some signs of reversal up.
On daily time fame do not rely much on Stop grabber. Market moves in downward parallel channel, so - 1.618 monthly + donward channel. You need some bullish patterns - W&R of lows on monthly , that not neccesary will happen since target has bit touched already or true upward breakout, or something...

Thanks for your great analysis sir,
i need some help!.. Mr Berneke Knock me out!

sir .. is that AB=CD still a valid pattern! ! :err:

Hi, Pal,
hm, my comments look like out of time already, but AB-CD is correct. It just was shaked a bit with Bernanke's expectations and speech.

thanks sive.. if butterfly sell on H4 working.
where is the target it will go?
then it is still can go to 1.47 area?

Yes, buttefly on 4-hour chart just tells that 1.4540-1.4550 area could be a resistance, so it points to us nearest target.
If this butterfly will fail, then market could continue move up. It really could turn to greater daily Butterfly target. I just warn you about all levels as short-term as longer term...

 

[jkgoh]

Doom to US

Bullish !!

 

[Jyotiprakash Pal]

no problem ... Sive sir .... the main thing is i learn .. and i keep my mistake on trading diary .. thanks sir ..

 

[MidnightRun]

So what do you guys think: is 1Hr butterfly sell complete and the market is heading south?
Thanks

 

[INVESTOR]

So what do you guys think: is 1Hr butterfly sell complete and the market is heading south?
Thanks

Hi Mid,

From my point of view, the butterfly it's complete. Very early still on the Asian session it happened. I was expecting for the European one to make the correction to the Fibnodes Sive pointed. But seems that the bulls are very much in charge, they haven't even let price go to the first .382 area much less to the next Confluence Support.

At this moment we see an intention for price to go down, but it has no strength. USA session is past mid day and things will get quieter still.

Nevertheless, I'm still watching and ready to adjust the sails as things develop.

Cheers...!