FOREX PRO WEEKLY December 23-27, 2013

[Sive Morten]

Hello

Sive thank you and I think you are right again regarding possible outcome.

Here I want to share with community charts of eurusd future and fx spot. Do future predicts The Future of spot? Last time, seen in picture, after eurusd future established LL, we went up,so, will we go down now after future established new high? Possible but not most probable, I think in two weeks we will get new high in fx spot price, or, not so attractive, we will spend two months below 1,3830. To me, most important level is 1,36. We will see....

Good trading!

Hi Minimax, not neccesary, since futures price is just a math in relation to spot one. In includes rate difference among currencies till futures delivery date.
Better to use pit session chart or delivery contract, instead of globex chart. (if you have software that allows you to separate them). Because sometimes even futures charts could be different between pit session and electronic session. It does not mean that "some broker joking" as on retail FX, this is true price and these trades really were, but sometimes these spikes on electronic futures do not care any meaning.
When you use pit session you can be sure that this is serious action that was supported by real money, since it has happened during major trading time.

 

[minimax]

Comrades in forex trading, have a nice time with your families, friends and dearest persons and of course with FPA !!!

 

[BeeKay8]

Hey Sive,

Just wanted to say Merry Christmas and I wish you and your family nothing but the best in the coming new year.

I cannot thank you enough for answering my questions and doing what you do on a daily basis by teaching us and keeping us up to date on the forex market.

All the best,
Brandon

 

[rama1232]

good work sive

 

[Jyotiprakash Pal]

Hi Minimax, not neccesary, since futures price is just a math in relation to spot one. In includes rate difference among currencies till futures delivery date.
Better to use pit session chart or delivery contract, instead of globex chart. (if you have software that allows you to separate them). Because sometimes even futures charts could be different between pit session and electronic session. It does not mean that "some broker joking" as on retail FX, this is true price and these trades really were, but sometimes these spikes on electronic futures do not care any meaning.
When you use pit session you can be sure that this is serious action that was supported by real money, since it has happened during major trading time.

thats a good learning lesson

 

[Ghandi1]

B & B buy around 3760, (1hr TF)?

 

[BeeKay8]

B & B buy around 3760, (1hr TF)?

I think we do have a B&B "Buy" on the 1H TF. This current candle is the FOURTH candle so if B&B is to happen, then this candle should move above the 3x3 immediately.

However, personally I think I will skip out on the short-term up move (if there is any). IF market does retrace OR if market does form a B&B "Buy", I will probably position myself to short the market after some sort of rally, perhaps at 1.3805 (3/8 retracement of current swing down) or 1.3840 (5/8 of current swing down) because it looks like the W&R that Sive mentioned this week is happening.

Market moved higher than previous high but could not sustain the high. I guess we should truly wait for this daily candle to close before making any judgement but it seems as if right now market has W&R the previous high and could not sustain the up move. Also it now looks as if the daily TF has formed some sort of bearish SG after hitting OB. Of course, we have to wait for the daily candle to close for it to be confirmed.

 

[Sive Morten]

I think we do have a B&B "Buy" on the 1H TF. This current candle is the FOURTH candle so if B&B is to happen, then this candle should move above the 3x3 immediately.

However, personally I think I will skip out on the short-term up move (if there is any). IF market does retrace OR if market does form a B&B "Buy", I will probably position myself to short the market after some sort of rally, perhaps at 1.3805 (3/8 retracement of current swing down) or 1.3840 (5/8 of current swing down) because it looks like the W&R that Sive mentioned this week is happening.

Market moved higher than previous high but could not sustain the high. I guess we should truly wait for this daily candle to close before making any judgement but it seems as if right now market has W&R the previous high and could not sustain the up move. Also it now looks as if the daily TF has formed some sort of bearish SG after hitting OB. Of course, we have to wait for the daily candle to close for it to be confirmed.

Guys, be careful with this B&B. Although market has hit significant support within 3 periods below 3x3, but this support has no relation to B&B's thrust. Actually all Fib supports of B&B thrust up have been broken. This is not pure B&B and I'm not sure that I would make bet on it.