FOREX PRO Weekly July 18-22, 2011

[Sive Morten]

Hi Sive,
Thanks for your analysis.
Could you please advise, on drawing the fib retracement, how do you decide on which reaction points to pick and which reaction points to ignore?
On the 1H chart of today's analysis, there are some valid reaction points that you chose to ignore. Any guideline?

Thrusting reaction points are most valuable. I do not show all Fib levels from all reaction points, just to keep chart clear. First I watch at them and then choose the most important for plotting on the chart.

Hi, Sive,

It shows Gartaly Sell now on 4h chart

Yes, that's right. But I try to use it on overall context, although it could be traded as independent pattern.

 

[Sive Morten]

EUR/USD Daily Update, Fri 22, July 2011

Good morning,
yesterday market has shown just 0.382 retracement and accelerated in direction of 1.4433 1.0 Fib extension on daily time frame.
Recent price action gives us some hint that probably market could accelerate even further to 1.47 area, that is 1.618 extension or, at least to 1.27 one. Also, if you will switch on your imagination, you'll see potential Crab "Sell" pattern with 1.27 extension around the same 1.47-1.4750 area.
Meantime, market stands near 1.4433 Fib target and daily overbought at 1.4470.
May be it's time to think about taking some profit.

Hourly chart shows bullish dynamic pressure, so, I suppose that market will hit 1.4433 1.4470 area before will turn to some retracement.
So, if you have long positions - think, about how to safe profit during retracement.
If you're scalpers, you will have the chance to short market with nearest target around 1.43. But wait till market will hit 1.4430 area first and show some clear sell patterns on lower time frames. Still you will be able to place very tight stop just above the highs, wherever they will be.
Your context is completing AB-CD and daily overbought, so may be it will be not bad attempt. But be aware of loss, since you will trade against major trend.

 

[Damian1987]

Hey Sive !

Long time no see and yet you keep helping us all just like always. Thank you very much brother.

 

[Damon]

Videos- in time

Hi Sive,

Love your work, you have become a friend of mine even though we don't know each other, if your analysis matches mine I know I will have great night trading.

We differ in tools and vocabulary. I had a different teacher than you did he has his own proprietary techniques but our teachings are based on the same tools. Most of our analysis lines up right on the dot.

I was wondering if you sell access to your videos? I notice that they come out long after you make them, do you sell earlier access to them or does their tartyness have to with how long it takes to upload?

Thanks again, keep up the great work.

Damon

 

[ALF]

NZD USD Outlook

Hi Sive

Please share your view on the NZD USD outlook.

Any major levels to be watched for entering short?

Thanks and have a nice day!

ALF