FOREX PRO Weekly July 02-06, 2012

although if i were you, i'd put the stop beyond the 61.8% node as it looks like it's gonna be hit. meaning, price might rebound from 61.8%. in which case if your stop is in front of 61.8, you'll be stopped out for nothing while starts moving in your original direction.

Remain long just stop moved to 1,2540, think 1,2546 will hold
 
no butterfly buy that i can see. the AB=CD is really flat... actually let me take this back... it looks weird, i don't like that BC retraced only 38.2%, but why not? interestingly, the FE 127.2 (XOP) coincides with the 61.8% and 127.2% fib nodes of 2 fib retrace structures from that last huge move up. so a good RSST level there. let's see if it bounces back.
 
the moment of truth is upon us! DXY jumping up and breaching 38.2%. if we can stay above this level and up, then i'd say the shorts e/u will win the day.
 
long now??? no way, jose!! i'd wait at least til we hit the COP level of the most recent AB=CD on daily--this being the CD leg in progress currently.

now we gotta worry about whether or not price we regain and remain above MPP and 61.8% that was just breached and both hourly 100 and 200 MAs. if none of these happen significantly, it's down from here.

update: sh&t!! (goddam fu%king censorship!! :mad:) i drew the fib retrace structure from 2 different points on daily and hourly. not breached 61.8 on daily yet. i think my H1 fib extreme low start point i chose was too high. ok well, then let's see if it bounces from here.


Now lets jump in!!!!:cool:
I think so
 
ok now the daily is telling an interesting story. if we close below that 61.8, then i'll say that we have that potential gartley/butterfly right wing buy i mentioned the other day in progress. same structure is appearing on e/j by the way. and a/j has more bearish signals than you can shake a stick at, notwithstanding the semi-bullish news for the aussie. finally, DXY has cleared 38.2% and is about to make contact with the 50% node (now @ 82.35).

i say: sell a/j massively as the post-eu summit move will be erased. 200 pips potential. 100 pips potential on e/j at least. e/u at least another 100 pips too, but not sure though about that pair.

good luck comrades!!
 
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