FOREX PRO WEEKLY June 02-06, 2014

[Videep]

Eurusd
View attachment 14911

Silver
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DollarIndex
View attachment 14913

The 3 drive sell in dollar index fits in nicely with our current eurusd & gbpusd bias as well

 

[minimax]

usdjpy

I see it short but high could or not be in place...

Good trading!

 

[Sive Morten]

I see it short but high could or not be in place...

Good trading!

Hm, butterfly "Buy"... Also could be, why not... Anyway - as on Butterfly "Sell" as on "Buy" this is a quest of previous lows at 100.75...

 

[minimax]

gbpusd

I think it should go higher as 3 drive = ending diagonal c=2 but more likely at least above 1,6806 (50%) if not above 1,6843 before lower..I do not expect surprise with drop ....

Good trading!

 

[ochills]

Commander in pips pls am also interested in GBP analysis. above is my observation on 4H chart Larger Butterfly sell,smaller butterfly sell, AB=CD & potential Double top currently in progress.

 

[peeterwoolf]

Great analysis, Sive. I'm interested in eurgbp analysis, how is this pair going to react before the ECB?

 

[Synchronicity]

Hi Sive

I notice that when discussing butterfly patterns(XABCD) you frequently refer to the D point as a target. Reading about these in the Military School and elsewhere I thought that the D point was the entry point for the trade?
https://www.forexpeacearmy.com/forex-forum/forex-military-school-complete-forex-education-pro-banker/30142-chapter-17-part-iii-gartley-s-patterns-page-11-a.html

Does it work both ways or would you be looking for another significant level to coincide with the D point to confirm?

Thanks

Michael

 

[wontuno]

View attachment 14930

Commander in pips pls am also interested in GBP analysis. above is my observation on 4H chart Larger Butterfly sell,smaller butterfly sell, AB=CD & potential Double top currently in progress.

I don't think butterfly buy is reliable on the top. interested with smaller butterfly though.

 

[wontuno]

Hm, butterfly "Buy"... Also could be, why not... Anyway - as on Butterfly "Sell" as on "Buy" this is a quest of previous lows at 100.75...

I'm with ya. seeing this at 127 butterfly target, still on the wedge for final push up before go lower?

 

[Sive Morten]

Hi Sive

I notice that when discussing butterfly patterns(XABCD) you frequently refer to the D point as a target. Reading about these in the Military School and elsewhere I thought that the D point was the entry point for the trade?
https://www.forexpeacearmy.com/forex-forum/forex-military-school-complete-forex-education-pro-banker/30142-chapter-17-part-iii-gartley-s-patterns-page-11-a.html

Does it work both ways or would you be looking for another significant level to coincide with the D point to confirm?

Thanks

Michael

Hi Michael,
you're right - "D" point is an area where theoretically reversal should take place. So, for "harmonic" traders this is a moment of taking position.
But before this will happen - market needs to go there, right to this point. When I say "target", I just mean that butterfly framework assumes reaching this point (1.27 or 1.618), but not that this is take profit moment and we should take position with this destination at least we have some other reasons to do so.
Probably I'm a bit limited with my English and do not now how else express this thought.