FOREX PRO Weekly February 04-08, 2013

[alexoptimistic]

i think so but the trend in cable is so bearish that i don't believe much in the power of this butterfly, i think the price will just continue lower if it reaches the target... but let's wait and see!

 

[pragmatic]

B&B

Hello Sive!
Do you take into consideration that a B&B already worked on EUR? It went down from the 38.2 right to initial 61.8 retracement. I attached H1 chart so the levels shows better. Could it work twice?
Thank you!

 

[BeeKay8]

Just a thought...

IF B&B on 4H does work out, then 61.8% target would be @ 1.3512, about 16 pips below hourly k-support.

IF market does complete B&B on 4H and respects 1.3512, we could have Butterfly "Sell" on 4H with 127.2% target @ 1.3770 which coincides with the current targets we are aiming for this week: Weekly AB-CD 100% target and Major 5/8 resistance on weekly timeframe.

 

[Sive Morten]

Sorry - this could be the wrong place to enquire the following :
I understand that Sive Sir has given some lessons on CANDLESTICKS.
I would like to learn from it - can somebody please give me a lead - where to find it?

Samy

Hi Samy. Sure it's here, look for Chapter 9
Forex Military School | Complete Forex Education by a Pro Banker - Forex Peace Army Forum

How about a B&B sell on 4-hr from 1.3635 with a target of 1.3522 for those who are bullish, and an A-B-C-D and bearish engulfing target of 1.3356 for those are bearish?

Hi Cosmos
I also have monitored this possibility - it could be, but now this is a LAL - and it has worked. Read comments in today's daily update.

Hey Sive,

Instead of the 4H K-support, could I have used daily K-support as my basis for using Minesweeper A?

There was a retracement yesterday as we all know but there was daily K-support @ 1.3434. Market was ~ 15 pips above that level and turned back to the upside and even created a SG on the daily.

Could I have used this daily K-support as a predetermined support level, waited for actual price action to show that retracement is over, waited for hourly chart to turn bullish, and then took nearest 3/8 support to enter LONG?

Below is a M30 chart and is how I entered last night based on the first hourly swing up after intraday charts turned bullish and took the 3/8 nearest support.

I just want to know if I played it correctly or if I simply got lucky by daily SG. I know you said last night that 4H K-support should not be used for Minesweeper tactic because larger timeframe points to deeper retracement so I was just wondering if I could instead use daily K-support.

Thanks a lot, Sive!

Best,
Brandon

Hi Brandon, I'm not quite understand about using of daily K-support instead of 4-hour K-support. The core of Minesweeper is to reach by retracement significant support at your basic time frame which is daily by our discussion and trend has to remain bullish. If market has not reached this support are - how you could apply Minesweeper?
Probably you can step out from it and use another supports, not of Fib-kind, as we have - WPS1 and natural lines and use the same entry technic, it could work, I suppose...

In general to apply Minesweeper - you need something on higher time frame, that gives you foundation, for instance K-support or just Fib level, Agreement or something of that sort. Because when you try to enter without this higher time frame level on your back, just because market has jumped up - this is not Minesweeper.

On the chart, that you've attached - you did all correct technically, market has completed hourly AB=CD to the upside where you can take a profit, but since this entry was not from daily support - it was wrong from perspecitve of your major time frame.
When you use daily chart as a context and hourly for Minesweeper - it suggests that you trade on daily time frame and take targets on daily time frame.

I hope it is not too confusing explanation...

Hi guys,

What do you think about that animal on GBPUSD H4? Isn't it butterfly buy pattern?
View attachment 8269

Excellent call Marky. Nice Butterfly. Probably it is better to watch for 1.618 target, because it stands very close to 1.618 of AB=CD.

Hello Sive!
Do you take into consideration that a B&B already worked on EUR? It went down from the 38.2 right to initial 61.8 retracement. I attached H1 chart so the levels shows better. Could it work twice?
Thank you!

Hi Pragmatic
I guess not. To be confirmed - we need close above 3x3 and only after that move to target. But on 4-hour chart (at least on mine) market has reached 0.618 before close above 3x3. We've got the LAL (I've put my thoughts in daily update) but it has worked...

Just a thought...

IF B&B on 4H does work out, then 61.8% target would be @ 1.3512, about 16 pips below hourly k-support.

IF market does complete B&B on 4H and respects 1.3512, we could have Butterfly "Sell" on 4H with 127.2% target @ 1.3770 which coincides with the current targets we are aiming for this week: Weekly AB-CD 100% target and Major 5/8 resistance on weekly timeframe.

Yes, it might be, but in this case it will erase the stop graber... I better prefer upward action right from 1.3511

 

[pragmatic]

Hi Pragmatic
I guess not. To be confirmed - we need close above 3x3 and only after that move to target. But on 4-hour chart (at least on mine) market has reached 0.618 before close above 3x3. We've got the LAL (I've put my thoughts in daily update) but it has worked...

Yeap!
I understand it now. It looked different on my chart. I had a confirmed pattern since the close was above the 3x3. I actually traded it yesterday with 31 pips profit. My concern was if I only got lucky with this.
Thank you for clearing it out!

 

[BeeKay8]

Hi Brandon, I'm not quite understand about using of daily K-support instead of 4-hour K-support. The core of Minesweeper is to reach by retracement significant support at your basic time frame which is daily by our discussion and trend has to remain bullish. If market has not reached this support are - how you could apply Minesweeper?
Probably you can step out from it and use another supports, not of Fib-kind, as we have - WPS1 and natural lines and use the same entry technic, it could work, I suppose...

In general to apply Minesweeper - you need something on higher time frame, that gives you foundation, for instance K-support or just Fib level, Agreement or something of that sort. Because when you try to enter without this higher time frame level on your back, just because market has jumped up - this is not Minesweeper.

On the chart, that you've attached - you did all correct technically, market has completed hourly AB=CD to the upside where you can take a profit, but since this entry was not from daily support - it was wrong from perspecitve of your major time frame.
When you use daily chart as a context and hourly for Minesweeper - it suggests that you trade on daily time frame and take targets on daily time frame.

I hope it is not too confusing explanation...

Makes a lot of sense. Thanks a lot, Sive! I appreciate it.

 

[frankiebgood]

Nice,
I got in yesterday @ 13525, two orders. I'd like to close one @ 13600, move to break even on the other order and let it ride. Will see. We came full circle. Thanks for awesome analysis Sive.

 

[healer22]

Thanks Its really difficult to say what would happen today although i am bullish. Anyway some sentiment data i just checked shows more traders are short and from my experience reverse of the masses always wins

 

[Zaleske]

Just a thought...

IF B&B on 4H does work out, then 61.8% target would be @ 1.3512, about 16 pips below hourly k-support.

IF market does complete B&B on 4H and respects 1.3512, we could have Butterfly "Sell" on 4H with 127.2% target @ 1.3770 which coincides with the current targets we are aiming for this week: Weekly AB-CD 100% target and Major 5/8 resistance on weekly timeframe.

View attachment 8282

Well, that's precisely what I was going to post. Additionaly, i think that 4H B&B LAL is turning into sort of a double repo LAL. 61.8 target has already been achieved.

 

[alexoptimistic]

so what now? any patterns im not seeing? the only one i can see is the 4h abcd down...