FOREX PRO WEEKLY, December 13-17, 2010

Hello,

Sive, I think he didn't ask about the targets of the butterfly but how do you spot a possible butterfly forming. For example, it's easy for me to look at it now and say oh, look there was the butterfly, it's so obvious, how didn't I see that. But yesterday, you showed us the possible butterfly even BEFORE it happened completely - the right wing wasn't completely formed and you predicted it correctly - that is the mistery to us :).

That was somewhat violent move down in last 2 hours, doesn't look like a retracement, bearish engulfing on 3hr chart, can we call it W&R on 10-15min chart?

Regards
Well, when I've drawn the butterfly yesterday, I didn't know that it definitely will take place. If market, for expample continues it's move to the upside, there was no butterfly. I've drawn it, because the previous price action tells that It could be. Not it has to be, but just could be...

2. Yes, I think we may treat it as W&R. but be carefull - it could be just BC leg in deeper retracement...
 
In other words, would you expect the W&R to be "DOWN TO" the weekly support 1.3122 from just above 1.3141 OR "FROM" weekly support down to some arbitrary price point?

Thanks in advance!
 
Sive's AUDNZD opinion...!

Good afternoon Sive.

First that all I want to thank you one more time for all the time and effort you put into the teachings and knowledge sharing.
Thank you…!!! (And Felix)

Second, abusing of you I would like to get your invaluable opinion on the AUDNZD pair for the incoming week. From my studies I think it might be ready for a correction on the short side.

The weekly chart shows to be coming to an end on the upside when it hit the Weekly R2 at 1.3384. Above we have two strong resistance areas: Monthly and Weekly resistances at 1.3532 and 1.3560

Below the first area of trouble to clear would be the previous highs area around 1.3220-1.3200. Next weekly agreement/confluence with Weekly pivot 1.3099, 38.2 fibo retracement form previous swing up at 1.3123 and COP target from ABC 61.8% fibo expansion 1.3068

On daily we have a big up thrust of more than 11 periods on the 3x3. Witch makes me think that first a B&B or W&R can develop and then a DROP to the down side, having for targets the first previous mentioned objectives. Second targets: the area of confluence for monthly pivot at 1.2867, 61.8 fib retracement from previous swing up at 1.2937 and also 38.2 fibo retracement for larger swing up at 1.2917 and finally OP fib extension 100% at 1.2846.

I have no way to know if on weekly or daily we are overbought. But on the 4HR chart MACD already crossed the slow line with a good angle and also shows a bearish divergence, although not sure if this already played out.

Please Sive, what do you think?

And thirdly, have a GREAT or maybe, the GREATEST of all you weekends!!!
Cheers for the FPA, Sive, G#2, Felix, Crazy Cat, and everybody on the family…!!!

Investor…!!!
 

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yeah, me too...many thanks to Sive and Forexpeacearmy for all the good deeds which both of u hv done to the community. Happy New Year !
 
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