Triantus Shango
Sergeant Major
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- 1,371
i feel like a blind man groping in the dark! 
FOREX PRO Weekly December 05-09, 2011
- Thread starter Sive Morten
- Start date
rashidin5178
Sergeant
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- 244
i feel like a blind man groping in the dark!
I think probably market will take out previous low on H4 around 1.33 if we take consideration on current trend if market still below 3x3 and all pivots when bar close.
Thanks and Best Regards.
Triantus Shango
Sergeant Major
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thanks. i hope so. but in the current political and economic climate, i have this bad feeling that some politician in europe is gonna say something stupid and send the market flying against all reason and technical sense.
rashidin5178
Sergeant
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- 244
Yes probably...lets see...for now, I still think market will take out 1.333 based on 4 hour chart..
Thanks and Best Regards
Triantus Shango
Sergeant Major
- Messages
- 1,371
no idea... never watch M30. wish i could do same but totally beat, long day and well beyond bed time now, up in 4 hours (00.30, i live in asia).
good luck everyone.
Venelin
Master Sergeant
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- 430
You may be very right with your 4H target! Well I guess no more chance for DRPO- If it is not B@B I would go long above 1.3435. Cheers
Triantus Shango
Sergeant Major
- Messages
- 1,371
and i am back!!
yesterday was truly the trade from hell... well not as bad as i used to do it in the beginning but still.... stop was too tight. i got stopped out by 1 pip and gave back 50% of what i made the previous day! talk about frustration.
also i was obviously wrong as regards the 3-drive buy pattern. nothing makes sense anymore.
sive, if you are reading this, could you please enlighten me.
cheers to all, let it be pip day today.
yesterday was truly the trade from hell... well not as bad as i used to do it in the beginning but still.... stop was too tight. i got stopped out by 1 pip and gave back 50% of what i made the previous day! talk about frustration.
also i was obviously wrong as regards the 3-drive buy pattern. nothing makes sense anymore.
sive, if you are reading this, could you please enlighten me.
cheers to all, let it be pip day today.
rashidin5178
Sergeant
- Messages
- 244
and i am back!!
yesterday was truly the trade from hell... well not as bad as i used to do it in the beginning but still.... stop was too tight. i got stopped out by 1 pip and gave back 50% of what i made the previous day! talk about frustration.
also i was obviously wrong as regards the 3-drive buy pattern. nothing makes sense anymore.
sive, if you are reading this, could you please enlighten me.
cheers to all, let it be pip day today.
Just crawling in the darkness. Without Sive's guidance, I better close my position or let my profit burn away. Thanks Sive for helping us.
Thanks and Best Regards
Sive Morten
Special Consultant to the FPA
- Messages
- 18,681
EUR/USD Daily Update, Thu 08, December 2011
Good morning,
Guys, I just can't follow all your posts, since there too much of them - I will have to spend all my job time to do it Sorry if I've missed something and didn't answer somewhere.
Triantus - theoretically this could be 3-Drive, but this has not happened. Still, the area and the way how it has tried to appear are not typical and very reliable. 3-Drive is exhausting pattern. To better understand it - threat it as wedge. Very often wedges coincide with 3-Drives and Divergences.
But this case is not very reliable, especially if you will try to calculate expansions of the bottoms.
Now about current situation.
On daily time frame i see only coiling around pivot that is a sign of indecision. This gives us two hints. First is that todays-tomorrow price action probably will stay inside this range and our focus will remain on intraday charts. Second, we have to be prepeared for potential strong move...
On 1st 4 hour chart trend is bullish. We see solid triangle formation. Yesterday we've said that market behaves a bit curious around 0.618 target and let us to suspect posible uward move. So, this still could happen. Nearest target stands at 1.3540 area - right around upper border of triangle. This potential move will be 4th wave inside triangle. Classical breakout usually happens on 5th wave.
Another important moment is that 0.618 target stands below previous high and this could lead to butterfly "buy" - look at 2d 4-hour chart.
On hourly time frame trend is also bullish. Two different extensions show targets around 1.3540 and nearest around 1.3470. If market will not reach 1.3540 and turn down from 1.3470 - this will be even better for bears, because it will confirm weakness and hold potential butterfly "buy".
Another scenario - if market will show breakout to the downside right know with hourly Butterfly. I just want t show you all possible scenarios, although do not feel much confidence particularly with this one.
How you will act in such environment - this is up to you. There are possibilities as for scalp buy, then for short positions. But if you usually hold medium term positions, then probably is better to focus on attempt to sell around 1.3510-1.3540. Or 1.3470 if market will not proceed higher.
Good morning,
Guys, I just can't follow all your posts, since there too much of them - I will have to spend all my job time to do it
Sorry if I've missed something and didn't answer somewhere. Triantus - theoretically this could be 3-Drive, but this has not happened. Still, the area and the way how it has tried to appear are not typical and very reliable. 3-Drive is exhausting pattern. To better understand it - threat it as wedge. Very often wedges coincide with 3-Drives and Divergences.
But this case is not very reliable, especially if you will try to calculate expansions of the bottoms.
Now about current situation.
On daily time frame i see only coiling around pivot that is a sign of indecision. This gives us two hints. First is that todays-tomorrow price action probably will stay inside this range and our focus will remain on intraday charts. Second, we have to be prepeared for potential strong move...
On 1st 4 hour chart trend is bullish. We see solid triangle formation. Yesterday we've said that market behaves a bit curious around 0.618 target and let us to suspect posible uward move. So, this still could happen. Nearest target stands at 1.3540 area - right around upper border of triangle. This potential move will be 4th wave inside triangle. Classical breakout usually happens on 5th wave.
Another important moment is that 0.618 target stands below previous high and this could lead to butterfly "buy" - look at 2d 4-hour chart.
On hourly time frame trend is also bullish. Two different extensions show targets around 1.3540 and nearest around 1.3470. If market will not reach 1.3540 and turn down from 1.3470 - this will be even better for bears, because it will confirm weakness and hold potential butterfly "buy".
Another scenario - if market will show breakout to the downside right know with hourly Butterfly. I just want t show you all possible scenarios, although do not feel much confidence particularly with this one.
How you will act in such environment - this is up to you. There are possibilities as for scalp buy, then for short positions. But if you usually hold medium term positions, then probably is better to focus on attempt to sell around 1.3510-1.3540. Or 1.3470 if market will not proceed higher.
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