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Forex FOREX PRO WEEKLY, December 03 - 07, 2018

Discussion in 'Sive Morten- Currencies and Gold Video Analysis' started by Sive Morten, Dec 1, 2018.

  1. jarwan212

    jarwan212 Recruit

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    Hallo everyone,Hello friends, introduce my name to Jarwan from Indonesia. let me join here to take part in discussing the Eur pair analysis i have plan trading in pair euraud im sell in fakeout when the price break high and price up again to trigger supply bearish engulfing pattern candle and then i sell at supply and im take stop loss at price 1.58074 and i will to hold position because i look at high time frame in daily the trend still is down.

    thanks
     
    Deltoid88 and Sive Morten like this.
  2. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi Jarwan, welcome.
     
  3. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Morning guys,

    It seems that situation has not become clearer since yesterday. Today I take a look at EUR and compares it with Dollar Index. It seems that the source of confusion stands on higher time frames. If you take a look at weekly chart as EUR as DXY, you'll see that situation stands mostly bullish there (for EUR). We have the wedge pattern, MACD divergence right at major Fib support level of 1.1185.
    But, at the same time, daily situation looks so, especially on dollar index that final spike down on EUR and up on DXY has good chances to happen. On EUR we also have bearish grabber on weeky chart that I meantion every time this week and weak price action that doesn't correspond to normal price behavior of bullish market. Om general market stands in the range of Powell words and G20 drop the whole week. Breaking of this consolidation should clarify direction. May be this will happen today by NFP release.
    eur_d_07_12_18.

    In fact, 4H chart shows that EUR stands in cross range of two opposite channels, and reacts on lines of both channels. This messy action doesn't provide any clear patterns and we mostly have a kind of chaotic fluctuations inside it. The same story about large triangle here that we've mentioned yesterday. Probably we could find some very short-term patterns inside, but all of them are limited by the range of consolidation. But major direction should be clear after breakout. As I've said yesterday, I support idea of upside reversal here, but right now chances on final downside leg and reaching of 1.1185 Fib support, grabbing stops below 1.12 seems relatively high to me.
    eur_4h_07_12_18.
     
  4. Vokin

    Vokin Recruit

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    Good carry trade.
     
  5. Robban68

    Robban68 Private, 1st Class

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    It was the scalpers paradise this week. Status quo for other traders. The last weeks low 1.126x was never seriously tested this week. The monthly/weekly close at 1.1322 gave good support the whole week. The week and day close higher so no reason to keep any short since the rule is that the last day and week will be tested during next period (24hr or week). Since the days high is equal with weeks high it will in this case happen in same time.
    A nice play during evening/ or next week could be to sell the fade of this move. Bears have a small setup for 1.1245 If 1.147x will survive.

    If long from the low it is time to move the SL. November close lower, being below and closing the month above is a rejection that bulls will have to defend remaining of the month.
     

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