FOREX PRO Weekly February 13-17, 2012

[fxshark]

Sive,

I'm looking your analysis for a long time and would like to thank your efforts.

If you don't mind I would like to add an other potential scenatio for next week.

If you look the chart I attached you'll see a triangle was formed on the way down when market tested 1.32 support. Finally the breakout was down with which left
a fresh daily supply zone @ 1.3380-1.3485. And we shouldn't foget that this zone is also a weekly supply zone.
In this supply we have also the 50% FIBO level of the big move from 1.4245->1.2623.
Also if you look the current upmove from 1.26 we have the FIBO extension of the corrective pullback (1.32->1.30) @ 1.3402, in the same zone.
And finally the target of the current breakout is 1.34 = 1.32+(1.32-1.30).

So, in my view the reversal should happen in the range of 1.3400-1.3434.

What's your view about this scenario?

 

[ochills]

Great work Sive.
Pls Kindly help me with the following questions.
1. what is the low & high of the 1st leg of the 3-drive pattern u showed on daily TF and why do you consider that low. My low is 1.2879 &H=1.3232 while the retracement is less than 9-20pips to touch 0.618 retracement.
2. Pls is there a way I can draw 3-drive & butterflies Patterns exactly the way u drew it in the charts using MT4.
3. Can I include additional trading hour like 10M & 8H on my trading platform apart from the default trading hours& minutes provided if YES pls how can I do that. I have tried several times to customize it but all effort prove abortive.
Thanks Sive as usual.

 

[samuelken]

Dear Sive,
thanks a lot for your analysis, it always helpful for newbies like my humble self. pls sir can i know the type of moving average you always use? secondly whats is the meaning of DRPO

 

[Triantus Shango]

ochills, that's 1 of the reasons why MT4 sucks. no 8hr TF available, to start with. the list of flaws is so long it would take me the whole day to explain why MT4 is not the way.

rather, eSignal (pricey), CQG (even more pricey), MBTrading's MBT Desktop Pro (has the same charting capability as eSignal and is free!) are the main choices that come to mind.

i heard of ninjatrader but never used it.

and finally, maybe the best option is to switch to futures--ask damian, he's another user here, he made the switch and seems to have a good broker and charting app--MBTrading also offers futures.

hope this helps.

Great work Sive.
Pls Kindly help me with the following questions.
1. what is the low & high of the 1st leg of the 3-drive pattern u showed on daily TF and why do you consider that low. My low is 1.2879 &H=1.3232 while the retracement is less than 9-20pips to touch 0.618 retracement.
2. Pls is there a way I can draw 3-drive & butterflies Patterns exactly the way u drew it in the charts using MT4.
3. Can I include additional trading hour like 10M & 8H on my trading platform apart from the default trading hours& minutes provided if YES pls how can I do that. I have tried several times to customize it but all effort prove abortive.
Thanks Sive as usual.

 

[Rfking2]

Hello Sive,

As always I thank you for your hard work.

I needed to verify my copy of DJ's book. It states that a double repo failure is marked as soon as the high (or low) is broken on the following wave. Typically resulting in a double top (or bottom) confirmation and position of entry. I have no doubt that you have a closer finger on the pulse of how his research has changed since his book. So I would greatly appreciate you opinion on this. Also I have noticed we are back to the neckline of the weekly head and shoulders pattern. Would a three drive sell with the third drive breaking the neckline, count as a directional pattern or a possible trend retracement? Meaning a head and shoulders failure and the direction is now up?

Thanks

 

[pragmatic]

SG

Hi Sive!
I dont rely much on my predictor but nevertheless it shows a SG on Friday (my broker has a Sunday bar so the last two bars are for today). If we take in consideration that the Daily trend was bulish, than the SG was on retracement so it has good chances to work. I think this is the time to enter long not short. Thank you!

 

[cosmos]

Hi Sive, I do not see from what level you are starting the 3-drive pattern. It does not look like it is from any major support or resistance level. If we begin it from 1.2865 area, then the 1.618 level comes at 1.3458. If we begin at 1.2657, then 1.27 comes at 1.3390 and 1.618 at 1.3598. If 3-drive pattern does not work, then we are left with a possible larger A-B-C-D up to the same 1.3598-1.36 area. Can you clarify the beginning point of your 3-drive pattern scenario for me?

 

[Venelin]

Guys, give market room to breath-nothing has changed much from last week.Watch 1.3260 on Daily closing bases as Sive suggested and will have no worries how to play tomorrow! Cheers!

 

[Triantus Shango]

amen to that ;-)

 

[ochills]

ochills, that's 1 of the reasons why MT4 sucks. no 8hr TF available, to start with. the list of flaws is so long it would take me the whole day to explain why MT4 is not the way.

rather, eSignal (pricey), CQG (even more pricey), MBTrading's MBT Desktop Pro (has the same charting capability as eSignal and is free!) are the main choices that come to mind.


Hi
i heard of ninjatrader but never used it.

and finally, maybe the best option is to switch to futures--ask damian, he's another user here, he made the switch and seems to have a good broker and charting app--MBTrading also offers futures.

hope this helps.

Hi Triantus Shango,
Pls how can I get the MBT Desktop Pro I want to explore it and see the different.
thanks