FOREX PRO Weekly July 04-08, 2011

market will reach at least 1.4407, now it stands at 1.4490, can I short sell here with target 1.4407 ? Look like it could reach that level
 
market will reach at least 1.4407, now it stands at 1.4490, can I short sell here with target 1.4407 ? Look like it could reach that level

Hi Nicole,
looks like my comment is a bit late, but in general you can, we've discussed this scenario on weekly trading plan.
But in this case you will trade against context trend, so be careful and not be surprised, if market will reverse up somewhere when you will not expect it.
 
Hello Mr. Morten!
I cannot help noticing a butterfly Buy... What can I do, it just obvious :) Maybe it will work.
I have a question. Market is turning to retracement. Should we expect Weekly Support 1? It is close to 61.8.
Thank you!
 

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Hello Mr. Morten!
I cannot help noticing a butterfly Buy... What can I do, it just obvious :) Maybe it will work.
I have a question. Market is turning to retracement. Should we expect Weekly Support 1? It is close to 61.8.
Thank you!

Hi Georgeta,
May be this Butterfly could work. Anyway you will be able to place very tight stop just below 1.618 target. Probably is better to use 1.618 as potential to enter, since it coincides with hourly 1.618 retracement AB-CD.

Concerning weekly Support - it's difficult to say currently, because the nature of current move down unclear yet. Market has not even reached pivot point itself.
 
well, i just read that the BBH global currency strategy team says: "Nonetheless, with the market unwinding roughly $3bln speculative euro contracts over the past two weeks and ahead of this week’s ECB meeting and US NFP we continue to expect the euro to target the $1.475 level over near-term. Thus, we would view any short-term consolidation as an opportunity to reposition for strength with support expected near $1.440."

now, are those guys another bunch of clowns? i don't know. but with the US news due over the next few days it looks like this market is going to be driven again by the news and not the technicals, hence my gut feeling is that it's going to be a coin toss.

so from a day trading perspective, what concerns me is that on H1 we just completed an AB=CD pattern with the BC extension of 161.8% hit. price is ranging right above a 23.6% fib on H8, H4, and hovering above the 61.8% fib for the retrace of [4696-4060] after bouncing off the 78.6% fib but not piercing 61.8% on the way back down so acting as SPPT for now.

lots of indecision... or cunning waiting. it really makes me uneasy when price starts consolidating right above a fib level without any follow-through penetration for a significant amount of time. it is unnerving. feels like being in the eye of the storm, if you know what i mean.
 
Buy butterfly on M30 chart / SPOT

Hello Mr. Morten!
I cannot help noticing a butterfly Buy... What can I do, it just obvious :) Maybe it will work.

georgeta, for some reason that butterfly looks a little weird to me. when i look at your chart it doesn't seem to have completed in a well formed manner. also i wonder how much chart scaling has to do with identifying a butterfly in that area because on my M30 chart, quite frankly, it doesn't stand out at all unless i start stretching the axes. i've attached a screenshot.
 

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it just occurred to me... as i look at all the charts posted here i noticed that no one seems to be using bollinger bands, which really surprises me. why don't guys uses BBs? i used to but recently switched over to another type of bands.
 
it just occurred to me... as i look at all the charts posted here i noticed that no one seems to be using bollinger bands, which really surprises me. why don't guys uses BBs? i used to but recently switched over to another type of bands.
It is because he uses a different overbought/oversold indicator of Joe DiNapoli
 
2. Conservative.
You follow the market. Wait when market will hit the level, then wait when hourly trend will turn bullish and you will see nice upward move from the level.
IF that will happen - use nearest Fib support from this new small move up to enter.

Dear Sive, How many UP candle in hour chart to be considered bullish ?
 
ok but all the other traders who posted screenshots also don't use BBs. i'd like to find the reason for that. is there something about BBs i don't know about that doesn't make them 'good enough' for trading the FX market intraday?
 
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