FOREX PRO Weekly, February 07-11, 2011

[freedom]

Hello everybody,
Our expectations has come to life and market continues its move down.
The nearest target is 1.3520, 100% target stands at 1.3385.
But be aware of 1.3460-1.3470 area that could show solid support, at least during first touch.

Now, if you're not in the market yet, take a look at 4-hour chart. Daily trend is bearish, 4-hour trend is bearish, so as a price action. It means that you can use shallow retracement on 4-hour or even hourly chart for entering on the short side. May be you can wait, until market will reach 1.3520 - some retracement is more probable after that.

On hourly chart we also see some confirmation to bearish bias - DRPO failure and bearish Dynamic Pressure.

So, that's being said - all trends are bearish now, wait for shallow retracement on hourly or 4-hour chart (0.382 I suppose ) for entering, if you're not in yet. Targets are 1.3580 and 1.3385. Be aware of support around 1.3460

(So, that's being said - all trends are bearish now, wait for shallow retracement on hourly or 4-hour chart (0.382 I suppose ) for entering.)

So does the above mean a 0.382 retracement from 1.3742 high to the new low at about 1.3520 ?? which would mean a retracement to about the 1.3595 to 1.3605 area for entry??

Or do you mean from the last swing high which was about 1.3620, so a retracement from 1.3620 to new low of about 1.3520 and a 0.382 retracement target of about 1.3550 for entry??

 

[Sive Morten]

(So, that's being said - all trends are bearish now, wait for shallow retracement on hourly or 4-hour chart (0.382 I suppose ) for entering.)

So does the above mean a 0.382 retracement from 1.3742 high to the new low at about 1.3520 ?? which would mean a retracement to about the 1.3595 to 1.3605 area for entry??

Or do you mean from the last swing high which was about 1.3620, so a retracement from 1.3620 to new low of about 1.3520 and a 0.382 retracement target of about 1.3550 for entry??

Hi, Freedom,
It would be much better if you attach chart...
But in general, when daily and 4-hour trends are bearish you should wait for the first shallow intraday upside retracement, usually this is 0.382 for enter.