FOREX PRO Weekly, February 21-25, 2011

Thanks Mr morten for your work on Aud USd but i am mostly like many others i am sure in the Eur usd. so would be very very grateful for an analysis on what is going on because without you...we are like lost sheep :)
 
Thanks Mr morten for your work on Aud USd but i am mostly like many others i am sure in the Eur usd. so would be very very grateful for an analysis on what is going on because without you...we are like lost sheep :)

Hi Auna,
Don't underestimate yourself.
I promise that weekly research and next week we will dedicate to EUR.
:)
 
Hi Sive, I am trying to learn to draw butterfly patterns on my own. Can you tell me if this a correct butterfly pattern forming on the USDJPY, weekly time frame? I have been bullish on this pair but this causes me to wonder. Image is attached. Thank you for your help.
 

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Hi Sive, I am trying to learn to draw butterfly patterns on my own. Can you tell me if this a correct butterfly pattern forming on the USDJPY, weekly time frame? I have been bullish on this pair but this causes me to wonder. Image is attached. Thank you for your help.

Hi Icarus,
yep, this one looks pretty.
 
Hi Sive, I am trying to learn to draw butterfly patterns on my own. Can you tell me if this a correct butterfly pattern forming on the USDJPY, weekly time frame? I have been bullish on this pair but this causes me to wonder. Image is attached. Thank you for your help.

Great work Icarus ... :confused:
Once upon a time when UJ was 85xx ... Sive sir predict and show this butterfly .. thanks too Mr UJ ... :embarrassed: he is so slow ... i have mustache now :)
 
Thanks Mr morten for your work on Aud USd but i am mostly like many others i am sure in the Eur usd. so would be very very grateful for an analysis on what is going on because without you...we are like lost sheep :)

:unhappy::unhappy::unhappy::unhappy::err: absolutely true
 
AUD/USD, Daily Update, Fri 25, February 2011

Hello,
Guys, I understand that you are missing our EUR/USD discussion, so I promise, that the next week we will dedicate to EUR.
But today's is Friday, besides, AUD gives us two intraday patterns to trade. So, I think that today we will still talk about it.
But next week, as I promise - EUR...

So,
On daily AUD we see that Butterfly with 1.27 target at 1.0222 is still forming. Also market has almost totally erased the previous hard sell-off. This is a bullish sign. Trend is ready to turn bullish, but our confirmed trend is still bearish. Anyway, I think that we should focus on intraday trades and do not hold any position for too long.

On 4 hour chart you can see that market has reached 1.618 exp target near monthly pivot resistance and 1.27 exp. target from another more resent ABC swing. The thrust, that market shows is not very impressive, but still it could be a context for 4-hour B&B "Buy" trade. I expect that market can bounce from 1.0052 area - first 3/8 Fib support. The target, as always - 5/8 Fib resistance from whole retracement move. Also you can use this enter to possess yourself a bit longer - just keep your risk reasonable, and move s/l to b/e as soon market will allow to do that.

On hourly chart you can see, that market has accomplished 3-Drive sell pattern. the minimum target of this pattern is a low between 3d and 2d drives. -This is precise the level where we intend to enter long with 4-hour B&B trade.
Does it confuse you too much?

So , how it could be traded:
1. Enter short with horly 3 drive Sell, when hourly MACD will confirm bear trend. Stop could be placed above the highs, whatever it will be there. If market will accelerate to the upside - do not enter Short. Target - 1.0045-1.0052 area.
2. Then and if 3-drive sell target will be accomplished - drop your time frame to 30-min or even 15- min and watch for Buy signal around 3/8 major Fib support on 4-hour chart. If you see some buy patterns - you can enter Long with B&B trade.
 

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Thanks !

Hi Sive,

Thanks again for a clear analysis.

My indecisiveness and lack of confidence to enter a trade won't disappear overnight but I will keep on trying and learning.

I like your Forex Military School. It's great !

BackSpace
 
Hi Sive-
Thanks for your great analysis as usual.

I am attaching a chart for EURUSD where I need your opinion about. I guess it has a great potential and I need your advise on that.

Regards
Ahmed
 

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Hi Sive-
Thanks for your great analysis as usual.

I am attaching a chart for EURUSD where I need your opinion about. I guess it has a great potential and I need your advise on that.

Regards
Ahmed

Hi Ahmed
Yes, this is Butterfly. What moment would you like to discuss?
 
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