FOREX PRO WEEKLY July 14-18, 2014

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usdjpy

I think we are in an impulse, 1st wave could get low with next candle..

 

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Euro Daily insight

I think it is DZZ as 1ED so low is to expect later...above 1,3539 means I was wrong although channel was touched...

 

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Gold Daily insight

Someone really cares we are not bored...

Looks like bigger flat is in play...
below 1210 we could been in an impulse to downside..
above 1324,52 COULD (just could) mean we are in impulse due North but more likely expanded flat..

 

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Cable Daily insight

gbpusd might bottomed aF low and we are in bF which could be complicated..very possible we will be targeting 62 retrace @1,7150..




0857
ps
hm, have a feeling for one more leg down......

 

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eurusd update

well, I just sold...in case of break above 1,3593 intend to hedge...

Higher 2ED gives opportunity for much lower 5ED.

 

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gold update

heh, if we stay above 50% I see this move up as an impulse (pink), if we touch 50% (and more important the peak on the left), I will treat whole move as Flat...

 

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gbpusd update

tricky!

long should be protected, I expect new low...

 

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eurusd update

I do not claim it will happen, just calling what COULD happen with deep throw below 5th...we could hit target of bigger Butterfly buy (or whatever harmonic) in 1,3460/40 zone...
First, we must make 3ED below 1,3507...

 

[butcher]

Hi commander sive,

I would like to know if we see a railroad track at around support/resistance level can we consider it as a wash and rinse pattern also? For example say a railroad track pattern on 4hr time frame looks like a dragon fly/gravestone doji on 8hr time frame. So can we trade both patterns in same manner or is there any difference?

Thank you.

 

[Sive Morten]

Hi commander sive,

I would like to know if we see a railroad track at around support/resistance level can we consider it as a wash and rinse pattern also? For example say a railroad track pattern on 4hr time frame looks like a dragon fly/gravestone doji on 8hr time frame. So can we trade both patterns in same manner or is there any difference?

Thank you.

Hi Butcher,
yes W&R sometimes takes the shape of RRT. But do not mess RRT with engulfing. RRT is mostly rejection of price, when price hits some level that is not acceptable for market and it returns down, while W&R is just stop washing and failure breakout of some level.
Anyway, minimum target as RRT as engulfing will be the same - the length of the bars. BTW, RRT is a pattern that let you to adjust time frame to get clear shape of the pattern.