FOREX PRO Weekly August 29-September 02, 2011

[Triantus Shango]

after taking another look, maybe 4350 is a stretch... perhaps 4317 will be the max. it happens to be the 50% fib of [4370-4263].

M5: 61.8% around 4328
H1: 23.6% around 4328

so T/P: 4311, 4317, 4328. or ~4350.

cross fingers. so far so good. the scalp is on track. looks like more shorts are being covered.

 

[Sive Morten]

Hey Sive,

Is this a "correct" pattern? my doubts are in the way the price action formed de AB leg. I found it interesting since 1.27 extension agrees with 1,4270 daily .382 fib support.

Hi Damian. Yes, 1.27 agrees with strong support at daily and this is the target of Butterfly Sell at 4 hour, that has shown reversal point at 1.4540. We've discussed it in research and update. That's why this is strong area and next target. Also this is 1.618 (~1.4230) of AB-CD pattern

 

[Triantus Shango]

time to double up soon

 

[rashidin5178]

after taking another look, maybe 4350 is a stretch... perhaps 4317 will be the max. it happens to be the 50% fib of [4370-4263].

M5: 61.8% around 4328
H1: 23.6% around 4328

so T/P: 4311, 4317, 4328. or ~4350.

cross fingers. so far so good. the scalp is on track. looks like more shorts are being covered.

Hi Triantus Shango,

Thanks for sharing. Lets hope.

Thanks and Best Regards

 

[Triantus Shango]

Hi Triantus Shango,

Thanks for sharing. Lets hope.

Thanks and Best Regards

my pleasure. was afraid there for a moment it'd be a 'ooops!' moment. let me not speak too fast though... it ain't over yet... just hitting 4300... but watch out for the pull back... will it reach my T/P of 4317? i sure hope so.

 

[Triantus Shango]

rashidin

BB context on H1 remains a concern... if p breaks above BB1 (BB1 = bollinger band 1 std dev) then i'll venture a guess we can hope for p = 4328 at least. but have a bad feeling in my stomach that the big boys are going to keep the EUR within the bands and push it down lower.

 

[Triantus Shango]

rashidin

interestingly hedge funds seen buying in the past hour. so who knows, perhaps...?

 

[Triantus Shango]

well... this is the 'ooops!' moment. 3 pips short of target and the EUR plunges like a stone into a bottomless pit.

 

[Sive Morten]

EUR/USD Daily Update, Fri 02, September 2011

Hi there,

So market has hit our target and daily Confluence support level at 1.4260. Also it has reached 4-hour 1.618 extension target.
Even if market not at oversold (as we have it now) odds suggest that when market reaches such strong areas it is typical to see some respect and pullback. Anyway, I do not want enter short right from that area and better to wait some pullback.

On 4-hour time frame you see that it could happen, I mean pullback, in the way of DRPO "Buy". But what levels to watch for?

Although on hourly chart we see nice Confluence resistance at 1.4317 and monthly pivot, I'll better to wait for 1.4360 area, mostly because of price action on daily time frame. If you remember, 1.4360 was a previous Confluence support and on daily time frame market absolutely has disprespected it.
Very often, when this happens, market retests such levels from the other side - now as a resistance. That is what I count on. Besides, 1.4317 is too close to current market.

Still, today is NFP and anything could happen - just keep your risk reasonable and follow your trading plan.

 

[tony mau]

Respect

Hey Sive

Thanks again for your analysis. Big respect. Dont now how you do it. I still have a lot to lern.
Have a nice weekend.

Kind regards Tony