FOREX PRO Weekly January 07-11, 2013

[Kalgan]

Well that was extremely painful...*sigh*

Forex ~ A most frustrating thing...!

Take care out there....ALWAYS use stops*

Back to square one....

K2*

 

[Ivan Helfman]

Hourly butterfky burnt its wings...
Now it may seem far fetched, but could a 4H butterfly sell appear?

Agree.

 

[squidge42]

Sive, similarly to above I have a Bearish Bat being indicated on 1h and 4h..also a touch on Daily overbought, and completed 4h 1.618 ABCD..do you ever trade Bats as well as Butterflies?? I wondering if we should look for short patterns here...good thrust on 1h, maybe DRPO

 

[squidge42]

also a daily 61.8 ABCD and nearly a stop grabber...lots of harmonics..very tempted to short but keen on the momentum

 

[Sive Morten]

Sive, similarly to above I have a Bearish Bat being indicated on 1h and 4h..also a touch on Daily overbought, and completed 4h 1.618 ABCD..do you ever trade Bats as well as Butterflies?? I wondering if we should look for short patterns here...good thrust on 1h, maybe DRPO

also a daily 61.8 ABCD and nearly a stop grabber...lots of harmonics..very tempted to short but keen on the momentum

Hi Squidge
mostly it depends on your time frame. If your context on hourly chart, then you can enter short.
Speaking from our common view, when we use daily context - probably it will not be a good idea, mostly due the fact that price has broken bearish foundation - all setups that we had just yesterday. So, if any pullback will take place - it will be probably just a retracement, and probably not too deep at the same time.
Somehow I think that next level that we will see will be 1.3350. But it's harder and harder to be surprised by anything in nowadays - looks like forecasting is a thankless job in recent times

 

[frankiebgood]

"But currently forecasting is thankless job"---- I had to laugh Sive.
Thank you very much, you do an excellent job, it would be great
if the market cooperated 100% of the time. LOL.

 

[mohiwme]

Thank you Mr. Sive really your analysis is very good and high,
but how i can get it update.
thank you again and good day

 

[Zaleske]

If I may, i think the potential 4H butterfly sell i suggested yesterday still holds (see below). In addition, its 1.272 target is pretty close to 100% untouched completion point of daily AB=CD Sive mentioned.
IMHO, it makes 1.335ish area a level we'll have to look closely for a potential reversal, probably next week.

 

[squidge42]

Hi Squidge
Somehow I think that next level that we will see will be 1.3350. But it's harder and harder to be surprised by anything in nowadays - looks like forecasting is a thankless job in recent times

Spot on Sir!..we finally made 1.3350

 

[Paul McConnell]

"But it's harder and harder to be surprised by anything in nowadays - looks like forecasting is a thankless job in recent times..."

I am always surprised at how nimble and quick you are Sive...
Normally, mostly spot on and at such a sophisticated level of forecasting leads to a pedantic mindset.
Trading is for the flexible such as you Sive.....
We all aspire to YOUR CLASSY LEVEL.........