FOREX PRO Weekly June 06 -10, 2011

[hollywood1111]

Hi Sive,

so is there any possibility for us to do a long position today?

I think it's very difficult, because before buy, we must wait 1,4430 area...

 

[jimmy.wibisono]

I think it's very difficult, because before buy, we must wait 1,4430 area...

Hi Andrea,
and what if the market turns down till 1.4370 - 1.42? I just want to ask questions and learn a lot.

-Thank You-

 

[Sive Morten]

Thank you very much!

I can see the butterfly buy, but what was your sell signal? I can see market began to do down, but I don't see any particular sell pattern/candlestick. Can you clarify this?

The major signal was due resistance and Agreement as on 15-min chart as on hourly chart. Second, H&S pattern.
Usually the ultimate target of Butterfly "Buy" is a 1.618 extension up from the whole butterfly move - and this was precisely at 1.4650 area. It's not the trigger signal but just add-on to resistance.
Another way to look at it - there was a rectanlge consolidation on 5-min chart, and Butterfly was downward fake out. Then market should go up for twice range of this rectangle consolidation - that is also at 1.4650.

 

[osasyankee]

Bullish Divergence

Observe the Bullish Divergence on the 1H frame. I think this iws a sign of BUY trade soon.

i.e. Price making LL and my indicator making HL

Lets hope so

 

[osasyankee]

I think its time to Buy

1st target 1.460
w2nd target 1.465

s.l 1.44

 

[hollywood1111]

Hi Andrea,
and what if the market turns down till 1.4370 - 1.42? I just want to ask questions and learn a lot.

-Thank You-

Yes, let's wait for Sive answer... that was only my interpretation of his words

I'm also here to learn

 

[riker]

buy? or wait for 1.42**

I think it's very difficult, because before buy, we must wait 1,4430 area...

Hello sive
I follow you for a long time, because my strategy is very similar to yours.

First I would like to show a level of fibo I watch occasionally, 76.4%.
I like the 78.6% for personal reasons, but every now and then 76.4 surprises me and explains why i havent achieved my inputs or targets, and at the image above we can check the entry of the sale this week, and I want to hold up to 1.4250 + - .
http://img803.imageshack.us/img803/4665/eur746.jpg

Well, I've seen you talking about your buy entry around 1.4430, and I also see this entry if we think of the 38% fibo level of H4:

http://img851.imageshack.us/img851/1010/eurusdh438.jpg

I`d like to discuss a possible further drop down to 1.42 **, bearing in mind that after this high since the beginning of the year, we had a break in trend now, and the first drop fibo not yet come close to the target, which is next to me level to 23% of it.

What do you think about this?

Best Regards,

Ernani Raymundi

 

[BackSpace]

Harmonic Pattern Trading

Hi Rashidin,
Usual target is some retracement level from inner AD swing. But could be also a larger extension of the whole X-A-D pattern.



Hi Nicole,
This is not always so. There are as continuation patterns as reversal. You're speaking about Butterfly and you're right. But here is "222" or Bat - this is continuation pattern that assumes enter in the direction of initial XA swing. That's why it could be as in the direction of major trend as opposite to it.



Hi Nicole,
yes, our expectation about 3-Drive looks like failed and now it's more probable to see H&S on hourly chart. We have to watch at 1.4650 area. See daily update below for more details.

Hi Sive,

Do you recommend any literature, books, courses, etc. on the subject of Harmonic Pattern Trading (Butterflies, Crabs, Gartleys etc.)?
Is there going to be a chapter on Harmonic Pattern Trading in your Military School?

And thanks for all your good work !

Regards,

BackSpace

 

[Paul McConnell]

There we go...

Hiya Sive and friends
At the 5.0.. I have just bought into the market at 1.4360.
For the meantime we shall run without sl or tp and really watching NZD yeaterday, Eu going uppppp....
Happy hunting
Paul

 

[Paul McConnell]

1 more buy at 1.4337

With a sl at 1.4245