FOREX PRO Weekly December 05-09, 2011

[Triantus Shango]

The only reason I still want to short is due to momentum on previous down swing on H4. Maybe you're right, dude. Lets see.

By the way, I have long position from 1.3430 with 200 SMA scalping technique on M5. Just to try this technique. My tp 1.3467.

Thanks and Best Regards.

that's cool. on my chart it shows the market came 7 pips short of your T/P. hope it turns and hits your target. there's nothing more frustrating than watching the market stop just a few pips before target and turn away. happened to me last week--6 pips! i was mad.

anyhow, look at the USDNOK patterns on daily and weekly. if we believe in technical patterns on the EURUSD charts, then we should apply the same reasoning to any other charts, right? so the USDNOK tells us there is a likelihood of further downside risk for the USD, which means upside for EURUSD.

but to be quite honest, i do feel a bit like an astrologer... so who knows?

 

[asif faryad]

Hi Asif,
We will touch psychology a bit through the school, but we can't stay on it too long, because this is a really bottomless topic and there are a lot of books, dedicated to it.
Our task with the school is to give understanding of absolutely important blocks in trading framework and correct attitude to the process. School suggests that trader will continue to study. Although it has advances approach to technical analysis, in general we try to build it as simple as possible - some kind of Forex for Dammies, so that trader at any grade of experience will be able to find something interesting and useful. Newbie trader can use it as manual, I suppose.
Also the advantage of this school is that it is writing now - with modern market. MArkets are changing every time and now this process is very fast. There are many nuances and tricks of price action are discussed through the school.

Thanks Sive makes sense as If a trader really wants to be successful then its on going reading he or she will have to do by self for the confidence.

Wish you a good day Sive

 

[rashidin5178]

Rashidin,
What is this 200SMA scalping technique? Buy above, sell below?
Thank you

Actually this is more like breakout technique. Just wait for the price to break the 200SMA line on M5, then enter at any significant fibo retracement. After that use fibo extention to calculate the profit target. It depend on you how to place the profit but maybe you can estimate it by refering to how deep price retrace during breakout. This is like ABCD pattern. The advantages of this technique is you follow the trend and make use the price momentum of the current trend. Stop should be place below/above A point because when price go beyond the A point, your ABCD pattern now invalid.

I think this technique is not far away from what Sive teach us on his scalping technique videos. Still I prefer we also should refer to Sive analysis as a guide.

Thanks and Best Regards.

 

[rashidin5178]

that's cool. on my chart it shows the market came 7 pips short of your T/P. hope it turns and hits your target. there's nothing more frustrating than watching the market stop just a few pips before target and turn away. happened to me last week--6 pips! i was mad.

anyhow, look at the USDNOK patterns on daily and weekly. if we believe in technical patterns on the EURUSD charts, then we should apply the same reasoning to any other charts, right? so the USDNOK tells us there is a likelihood of further downside risk for the USD, which means upside for EURUSD.

but to be quite honest, i do feel a bit like an astrologer... so who knows?

Yeah dude! Now market is approaching my stop by just 3 pips! Should I adjust my stop accordingly or shouldn't I?

Thanks and Best Regards

 

[Triantus Shango]

good god! nothing is happening! is the market gonna get a move on or what? bored out of my mind.

on H4 price bounced off lower ascending channel boundary but stuck below 7x5 and above 3x3/25x5, sitting on top of mid-BB, found SPPT at 50% and 61.8% of moves from 3113 and 3280 and bounced back up from there... so what the hell?

 

[rashidin5178]

Guys,

For those who are long, beware of trend changing on M30 and H1 cause H4 still hold bearish trend. Hope you make some pips.

Thanks and Best Regards.

 

[rashidin5178]

Lets try scalping

Hi MidnightRun,

Lets try scalp short using 200SMA if market allow us today.

Thanks and Best Regards

 

[Triantus Shango]

Guys,

For those who are long, beware of trend changing on M30 and H1 cause H4 still hold bearish trend. Hope you make some pips.

Thanks and Best Regards.

thanks rashidin for the heads-up but although there is a pullback in progress right now on H1, i don't see any bearishness on H4. the large sell candle stopped at the bottom of the ascending channel, and the lows kept getting higher from there. also, on H4 we are above DR1 and DR2. DPO (Detrended Price Osc) and MACD+OSMA are pointing up although have not reached confirmation levels yet.

i did exit my long because like i said before, i was lacking the conviction.... still IMHO i think the market is gonna get long this week. this is based on sentiment, meaning they will try everything they can not to let the EZ fail and i suspect therefore that we'll witness a short squeeze of epic proportions sometimes this week or next.

 

[rashidin5178]

thanks rashidin for the heads-up but although there is a pullback in progress right now on H1, i don't see any bearishness on H4. the large sell candle stopped at the bottom of the ascending channel, and the lows kept getting higher from there. also, on H4 we are above DR1 and DR2. DPO (Detrended Price Osc) and MACD+OSMA are pointing up although have not reached confirmation levels yet.

i did exit my long because like i said before, i was lacking the conviction.... still IMHO i think the market is gonna get long this week. this is based on sentiment, meaning they will try everything they can not to let the EZ fail and i suspect therefore that we'll witness a short squeeze of epic proportions sometimes this week or next.

I just look at MACD only. But frankly speaking I have bad feeling on bull right now. It seems quite heavy to climb. If refer back to Sive analysis, market now at crucial area for bull and bear. Maybe market try to short from this area. Be careful, dude!. Also beware of trend shift rejection on H4 (I'm refering to MACD). I'm not trying to influence you, just to express my concern. It's up to you, dude!

I don't commit to any position right now. I don't have any context yet to trade.

I'm very glad to have MACDP for trend indentification. Maybe one day I'll have it.

Thanks and Best Regards.

 

[Triantus Shango]

I just look at MACD only. But frankly speaking I have bad feeling on bull right now. It seems quite heavy to climb. Be careful, dude!. I don't commit to any position right now. I don't have any context yet to trade.

i agree. that's why i pulled the plug on my long. however, there's an interesting pattern developing on USDNOK H1, which might lead to further USD weakness. but quite frankly, i've been sitting at the computer for the past 5 hours and am getting sleepy. so i'm gonna call it a day and hit the sack. i have no patience whatsoever today to wait for mr market to start shaking his legs.