FOREX PRO WEEKLY January 05-09, 2015

[cosmos]

Yearly Chart EURUSD

I have a yearly chart of the EURUSD which I found helpful to study. Three things mostly stand out to me. First is the support line from 0.5633 to this year's target at around 1.0836. The second thing I notice is a 3-drive sell pattern. If I understand 3-drive sell targets correctly, the ultimate target of this pattern would be the low of the second drive, or around 0.8209. Third is the ABCD with a target of around 1.0787. I ask Sive for any comments on these points.

 

[Sive Morten]

I have a yearly chart of the EURUSD which I found helpful to study. Three things mostly stand out to me. First is the support line from 0.5633 to this year's target at around 1.0836. The second thing I notice is a 3-drive sell pattern. If I understand 3-drive sell targets correctly, the ultimate target of this pattern would be the low of the second drive, or around 0.8209. Third is the ABCD with a target of around 1.0787. I ask Sive for any comments on these points.

Hi Cosmos,
I'm really miss quarterly and annual charts, that were existed in CQG, but does not exist in MT4... They could provide a lot of important info, as it was in 2011 with our bullish grabber on quarterly Dollar Index chart...
Well, Here we also have bearish grabber...
In general you've mentioned all important moments, but could you please check extensions of drives?
The only thing that makes situation a bit tricky is too small history... in terms of candles of cause...

 

[Triantus Shango]

sive,

have you tried tradingview.com? they have yearly--ah sorry, they don't have yearly...it's either a weekly or monthly chart.

Hi Cosmos,
I'm really miss quarterly and annual charts, that were existed in CQG, but does not exist in MT4... They could provide a lot of important info, as it was in 2011 with our bullish grabber on quarterly Dollar Index chart...
Well, Here we also have bearish grabber...
In general you've mentioned all important moments, but could you please check extensions of drives?
The only thing that makes situation a bit tricky is too small history... in terms of candles of cause...

 

[pvhoe]

Hi Sive,

can you translate this sentence in pips? "This is the major reason why we think that some at least minor bounce is possible here. But minor on monthly chart usually means major on daily, or at least some valuable retracement"

 

[cosmos]

More on the Yearly Chart

Hi Cosmos,
I'm really miss quarterly and annual charts, that were existed in CQG, but does not exist in MT4... They could provide a lot of important info, as it was in 2011 with our bullish grabber on quarterly Dollar Index chart...
Well, Here we also have bearish grabber...
In general you've mentioned all important moments, but could you please check extensions of drives?
The only thing that makes situation a bit tricky is too small history... in terms of candles of cause...

Hi Sive, Here are are the charts of the 3-drives. The second drive is a bit extended but the 3rd drive is nearly perfect. Do you think it is okay? Last chart shows retracements of each drive. If this retracement chart works, then next major retracement down targets roughly 1.02327. Also I note that the last retracement is slower than the other two.

 

[Sive Morten]

Hi Sive, Here are are the charts of the 3-drives. The second drive is a bit extended but the 3rd drive is nearly perfect. Do you think it is okay? Last chart shows retracements of each drive. If this retracement chart works, then next major retracement down targets roughly 1.02327. Also I note that the last retracement is slower than the other two.

Hi Cosmos,
3rd chart is really cool, thanks! Could you please draw extension of second drive as well... On first chart we see that 3rd Drive stands at 1.618 of the first, but would it stand at 1.27 of the second?

 

[ZheG50]

Shouldn't it be oposite? This is bearish 3 drive (3 drive sell), so the drives should be drawn from bottom to top (/ / /) instead (\ \ \). In that case we lack some historical data and we can not see the start of the first drive but we can see the top of the third drive at ~1.60000. That means the 3 drive was already completed and the fall from 1.60000 area is a reaction to 3 drive completion. That also means the minimum target of the pattern is much lower, that is ~0.70000 area.

 

[cosmos]

EURUSD Yearly

Hi Cosmos,
3rd chart is really cool, thanks! Could you please draw extension of second drive as well... On first chart we see that 3rd Drive stands at 1.618 of the first, but would it stand at 1.27 of the second?

Like this, Sive?

 

[Venelin]

Attention guys! 4h Euro on the radar for potential DRPO lal buy.:

 

[stelore]

And now?............
Which will be the next future of EURUSD?

Nice weekend to everybody!