FOREX PRO Weekly December 17-21, 2012

[cosmos]

Hi Cosmos, I thought we've duscussed a bit different 3-Drive... Anyway, it's better to treat this move down as channel, I suppose, since no signs of exhausting within this move, that 3-Drive usually asumes to exist.

Thank you. It may have been a different 3-drive pattern we had discussed. This could be one I found myself.

 

[DevTrader]

we should wait for the possible sell order.
No one here mention about Overbought situation in all forex major pairs.GBP/JPY 80 , EUR/JPY 79 , EURUSD 68(about to hit OB),USDJPY 76.
SIve please suggest should i consider RSI indicator as in currency market , to stay above RSI level is not an usual thing.Its 3 days when they are above 70.

 

[rashidin5178]

DRPO Sell on H4

Hi Sive,

On 4-hr tf, on my chart there is possible DRPO sell waiting to confirm right now and the best way to enter is by butterfly sell on h1. What do you think, Sir?

 

[Sive Morten]

we should wait for the possible sell order.
No one here mention about Overbought situation in all forex major pairs.GBP/JPY 80 , EUR/JPY 79 , EURUSD 68(about to hit OB),USDJPY 76.
SIve please suggest should i consider RSI indicator as in currency market , to stay above RSI level is not an usual thing.Its 3 days when they are above 70.

Devang,
I do not use RSI for Overbought/Oversold estimation, mostly because of its normalization. You can read more info on this subject in our Forex Military School:
https://www.forexpeacearmy.com/forex-forum/chapter-12/16420-chapter-12-part-v-relative-strength-index.html

 

[Sive Morten]

Hi Sive,

On 4-hr tf, on my chart there is possible DRPO sell waiting to confirm right now and the best way to enter is by butterfly sell on h1. What do you think, Sir?

Hm,
At my view thrust was interrupted right before this upward huge candle, that's why it hardly will be pure DRPO, due to insufficient thrust. Let's see how it will turn... I'm more worry about unpleasant consolidation on hourly chart within the right wing of butterfly...

 

[mjunkyard]

Hi Sive;
I hope you'll forgive my audacity. The butterfly on the usdjpy looks so powerful it would be a waste not to join that party too. Is it possible for you to share with us as an exception how to join that one? I'm sure all the other member would appreciate it as well.
Sincerely
Mjunkyard

 

[Sive Morten]

Hi Sive;
I hope you'll forgive my audacity. The butterfly on the usdjpy looks so powerful it would be a waste not to join that party too. Is it possible for you to share with us as an exception how to join that one? I'm sure all the other member would appreciate it as well.
Sincerely
Mjunkyard

Hi Mjunkyard,
monthly time frame is a rather large scale, so you need really large resources to take part in such patterns. Probably it's better to use it in a bit different way. What does any strong monthly pattern mean? It means that we know direction for a long time ahead. So, we can search for patterns and retracement and take position many times within this direction.
But still, if you want enter right with this pattern - the analysis way is the same. Just use as a context monthly time frame and search patterns to enter on weekly and daily. Currently I'm not ready to tell something on subject, since do not look closely on it.
BTW, look at EUR/JPY with 25x5 DMA on long-term charts. Also very interesting picture.

 

[mjunkyard]

Hi Mjunkyard,
monthly time frame is a rather large scale, so you need really large resources to take part in such patterns. Probably it's better to use it in a bit different way. What does any strong monthly pattern mean? It means that we know direction for a long time ahead. So, we can search for patterns and retracement and take position many times within this direction.
But still, if you want enter right with this pattern - the analysis way is the same. Just use as a context monthly time frame and search patterns to enter on weekly and daily. Currently I'm not ready to tell something on subject, since do not look closely on it.
BTW, look at EUR/JPY with 25x5 DMA on long-term charts. Also very interesting picture.

thanks a million.

 

[Sive Morten]

thanks a million.

I've taken a look at it briefly, no sign of retracement yet, but one possibility still exists - probably some sort of B&B with retesting of neckline could happen. That's the only potential pattern that I see currently.
May be later some others will appear

 

[mjunkyard]

I've taken a look at it briefly, no sign of retracement yet, but one possibility still exists - probably some sort of B&B with retesting of neckline could happen. That's the only potential pattern that I see currently.
May be later some others will appear

Thanks again.