Sive Morten
Special Consultant to the FPA
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Also guys - we could get 3-Drive Buy on 4-hour GBP. Triggering point is around 1.5025...
FOREX PRO Weekly February 25- March 01, 2013
- Thread starter Sive Morten
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Thanks for your input, Sive. I do not know how I missed that bullish dynamic pressure on the 4H. Larger timeframe overrules smaller timeframe.
I know you are a busy man but if you ever get the time it would be great if you could do a GBP/USD analysis. I am sure members at FPA would appreciate it as much as me.
Doesn't seem like there is much input in the XAU threads. I know it got the most votes but it doesn't really seem.......... active??
Sive Morten
Special Consultant to the FPA
- Messages
- 18,771
if you ever get the time it would be great if you could do a GBP/USD analysis. I am sure members at FPA would appreciate it as much as me.
Doesn't seem like there is much input in the XAU threads. I know it got the most votes but it doesn't really seem.......... active??
Hi Brandon,
actually I think about it that it will be probably not bad to dedicate some research to GDP, since situation there is really exciting. Still - as on JPY as well.
I do not know why but in this thread activity is also reduced. Gold is just not as popular, but it is sponsored, so I prepare what was sponsored and confirmed by voting.
Stop is 1 harmonic swing above the top of 3d Drive, while minimum target is a low between 2nd and 3d Drives. You can get more info in Forex Military school, I remember that I've read detailed explanation of 3-Drive.
This will be my first chart in this forum, sorry for the size..
I'm sorry, I'm little bit lost in this 3 drive buy.
Is the attached picture correct?
Gbpjpy
Hello Mr. Morten!
I have a feeling that GBPJPY offers a B&B Buy on Weekly but I dont know how to trade it. The setup is complete but I was afraid to enter on Daily Stretch pattern. I saw no other patterns on Daily. Now, Stretch reached its target. Do you see another possibility to enter long?
Thank you as always!
Hello Mr. Morten!
I have a feeling that GBPJPY offers a B&B Buy on Weekly but I dont know how to trade it. The setup is complete but I was afraid to enter on Daily Stretch pattern. I saw no other patterns on Daily. Now, Stretch reached its target. Do you see another possibility to enter long?
Thank you as always!
Attachments
Sive can reiterate but A B&B buy for me would be buying at the 38.2% retracement with a stop behind the 61.8% retracement. Whatever your risk management tells you move your stop close to breakeven or breakeven as soon as you can.
Sive Morten
Special Consultant to the FPA
- Messages
- 18,771
Hi Georgeta,
first of all - do not be hasty, when you dealing with weekly B&B at weekly oversold. This is rather long-term setup and you will have a lot of time to get some pattern that allow you to enter long.
Currently you're absolutely right - we have no patterns just yet. But I see couple of things. First is - this could be DRPO "Buy" on daily that will let you to enter long with weekly B&B, right? Thrust is nice, we have first penetration already. But why it could be DRPO?
Because if you will drop your time frame to 4-hour chart, you'll see that market has not quite reached 1.618 extension from major initial AB-CD pattern. And this 1.618 stands slightly lower than current lows - just for few pips, may be 10-15 pips.
It means that very probable that:
1. Market will show another small exchausting leg down, and
2. IT will lead to appearing of DRPO "Buy" on daily with lower second bottom - that is just perfect.
But this is not an end. This could happen by 4-hou Butterfly "Buy" as well.
So, that's the setup that probably I would use if trade this.
This will be my first chart in this forum, sorry for the size..
I'm sorry, I'm little bit lost in this 3 drive buy.
Is the attached picture correct?
Thanks Sive. Your observation regards to the 3 drive buy gave me 180pips in profit
. Hopefully we will turn the coin at the mention 1.502 levelSimilar threads
