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FOREX PRO Weekly June 04-08, 2012

Discussion in 'Sive Morten- Currencies, Gold, Bitcoin Daily Video' started by Sive Morten, Jun 3, 2012.

  1. antonisk

    antonisk Private, 1st Class

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    Thanks it was a good day Yesterday looking for direction for today.
     
  2. Sive Morten

    Sive Morten Special Consultant to the FPA

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    The same is with Double Top - it should be on top. Take a look of it in our Forex Military School.
    Shooting star is OK.
    In general, classical patterns as Double Top or H&S should be extended in time, they demand long price action.
    H&S pattern - only if on 4-hour TF, but it has lack of harmony and too small shoulders to my mind, but shape is OK.
     
  3. pragmatic

    pragmatic Corporal

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    gbpjpy

    Hello Sive!
    If you have time please confirm these patterns:
    1. B&B
    2. Stretch sell
    My decision is to hold shorts (I entered on another confluence resistance and DRPO Sell on H4 but it failed. Due to overbought condition and possibility of B&B I hold shorts).
    Thank you!
     

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  4. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi Pragmatic, looks nice. I'm not sure about B&B - looks probable but small retracement slightly higher doubts a bit recent thrust. Stretch is OK.
     
  5. prabakarv1990

    prabakarv1990 Private

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    Thank you very much sir :)
     
  6. Aldo Colombo

    Aldo Colombo Corporal

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    Hi, Sive, we fell without significant retracement from 2615 to 2450, I assume this enlarges the probability of it going down further today or Monday. If we go throuhg 2414 low, then we would only have June 1st low standing (1.2288). Do you think daily AB=CD retracement chances are intact, or market might be favoring downward continuation right from here?
    Great week!
     
  7. asif faryad

    asif faryad Sergeant

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    I thought the below article may be of some help to all colleagues.

    The largest group of regular losers is made up of doctors, lawyers, engineers, scientists, CEOs, wealthy retirees, and entrepreneurs. Furthermore, most of the best market analysts are the worst foreign exchange traders. Intelligence and good market analysis can certainly contribute to a foreign exchange traders success, but they are not the defining factors that separate the consistent winners from everyone else. So if it isn't intelligence or better analysis, then what could it be?

    While the markets can be described as an arena of endless opportunities, they confront the individual with some of the most sustained adverse psychological conditions they can be exposed to, such as conflicting information and sudden unexpected trend reversals. Even with this, though, foreign exchange traders learn something about the markets that will indicate when opportunities exist. But learning how to identify an opportunity to buy or sell does not mean that you have learned to think like foreign exchange traders.

    The one characteristic that separates the consistent winners from everyone else is their attitude. The winners have acquired a unique outlook that allows them to remain disciplined, focused, and, above all else, confident. As a result, they are no longer susceptible to the normal fears and trading errors that plague everyone else.
     

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