FOREX PRO Weekly June 06 -10, 2011

[Paul McConnell]

Hey What you looking at?

Hey you good looking...
I 'm not crooking..
I am looking at 1.47800

 

[sanders]

5-0 Pattern

Hi, looks like that my idea from a 5-0 Pattern has reached the target. Sive i hope you have readed the document. What is your opinion about that? If a reversal will start in next time at current level, then the pattern was not failed.
If not, then not. We also happy to sell more EUR.
Have a nice weekend at all.

https://www.forexpeacearmy.com/fore...-pro-weekly-may-23-27-2011-a-6.html#post64603

https://www.forexpeacearmy.com/fore...ekly-may-23-27-2011-price-action-patterns.pdf

 

[georgeta]

Eurgbp

Hello Mr. Morten!
Somethings worry me on Weekly chart on EURGBP. Maybe you will take a look.
Thank you!

Monthly trend is bullish. Currently we have some retracement below some 100% expansion resistance and agreement. Nothing interesting.

Weekly! 1. Dynamic pressure to the upside.
2. W&R of Monthly 50% resistance. It is the third touch of this level but still no close above it.
3. Stop grabber at the resistance + Reversal bar
So weekly gives me some directional conflicting signals: dynamic pressure and SGrabber.

Daily: There is also a reversal bar on Friday - bearish signal. Market stands at strong support: some daily confluence and previous high, so I would prefer a retracement to enter short. The context of this trade would be the current retracement to Weekly Support 1 of the next week after overbought on Daily last week (is this correct? overbought on Daily one week and retracement to the ws1 of the next week?)

H1: WP is a good level to enter short (there is a confluence resistance exactly there). H1 chart shows that 2 important targets stands right at the WS1. This is also 50% support of the nice bar on weekly and 38.2 retracement of last swing up on weekly (this level is now support)

So WP is the K level. The price could go up due to Dynamic pressure, or down due to SGrabber. But seems to me that is unlikely that the price would take out previous lows on weekly chart.

 

[TraderBob]

Futures chart

Sive, is there a free chart package somewhere that we can use that is based on futures like you use or is your chart package available for the public to use? Thanks.

 

[Sive Morten]

Hi, looks like that my idea from a 5-0 Pattern has reached the target. Sive i hope you have readed the document. What is your opinion about that? If a reversal will start in next time at current level, then the pattern was not failed.
If not, then not. We also happy to sell more EUR.
Have a nice weekend at all.

https://www.forexpeacearmy.com/fore...-pro-weekly-may-23-27-2011-a-6.html#post64603

https://www.forexpeacearmy.com/fore...ekly-may-23-27-2011-price-action-patterns.pdf

Hi, Sanders,
unfortunately do not have much time to read the book.

Hello Mr. Morten!
Somethings worry me on Weekly chart on EURGBP. Maybe you will take a look.
Thank you!

Monthly trend is bullish. Currently we have some retracement below some 100% expansion resistance and agreement. Nothing interesting.

Weekly! 1. Dynamic pressure to the upside.
2. W&R of Monthly 50% resistance. It is the third touch of this level but still no close above it.
3. Stop grabber at the resistance + Reversal bar
So weekly gives me some directional conflicting signals: dynamic pressure and SGrabber.

Daily: There is also a reversal bar on Friday - bearish signal. Market stands at strong support: some daily confluence and previous high, so I would prefer a retracement to enter short. The context of this trade would be the current retracement to Weekly Support 1 of the next week after overbought on Daily last week (is this correct? overbought on Daily one week and retracement to the ws1 of the next week?)

H1: WP is a good level to enter short (there is a confluence resistance exactly there). H1 chart shows that 2 important targets stands right at the WS1. This is also 50% support of the nice bar on weekly and 38.2 retracement of last swing up on weekly (this level is now support)

So WP is the K level. The price could go up due to Dynamic pressure, or down due to SGrabber. But seems to me that is unlikely that the price would take out previous lows on weekly chart.

Hi Georgeta
1. On weekly there is only SG and there are no W&R, reversal bars and Dynamic Pressure;
2. On daily there is no Confluence, because this is not correct to combine levels from different focus number. You have only 3/8 support and reversal bar

But in general, your scenario is probable, because on EUR could start daily B&B.

 

[Sive Morten]

Sive, is there a free chart package somewhere that we can use that is based on futures like you use or is your chart package available for the public to use? Thanks.

Hi Bob,
well,CQG is rather expensive software, but there are some much cheaper exist - trade navigator for instance, may be some others. Besides, you may use Metastock, Omega or something, just upload data.