FOREX PRO Weekly June 10-14, 2013
- Thread starter Sive Morten
- Start date
Sive Morten
Special Consultant to the FPA
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Hi Cosmos,
sorry for delay, I've looked at them on Friday but turned around then and forgot about it...
Well actually they are not butterfly, but Gartley "222" Sell patterns. This is intial swing and AB-CD retracement from it. Theoretically, by-book-approach this is bearish pattern. In general they are the part of larger H&S pattern that we have on weekly chart, so you probably know my thoughts on this subject. It could work, if market will turn down right from current highs. We've discussed it in weekly research.
LeoDvinchi
Private
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- 17
Key Moment
I attach a graph with my opinion. Weekly timeframe:
- We have two swings, created by two engulfing monthly candles . The question is, which one is stronger and in control:
1) In red - February Bearish Engulfing- with 127 target completed
2) In green - April bullish engulfing - we just touched the 127 extension target at 1.3228, a target that corresponds to the deep retracement (just bellow 76f) we had a few weeks back
- We also have just activated a new swing (blue circle), with targets 1.3480 and 1.3660.
Now we have two bullish signals against one bearish signal- the usual dilemma, are we making a bearish flag or a reversal pattern - who is telling the truth?
- I draw a third possibility a weekly stop grabber, W&R, whatever you call it, illustrated as a white triangle.
If we get a W&R on the weekly, it tells me February's swing is still in control and price is currently drawing a bearish flag with target 1.25 area
If we close above 1.3200 on Friday, it could tell us April's engulfing swing is in control and we have a reversal, at least for the time being, with targets 1.3480 & 1.3660. Ironically these targets don't invalidate February engulfing candle
Any comments on these thoughts would be greatly appreciated.
I attach a graph with my opinion. Weekly timeframe:
- We have two swings, created by two engulfing monthly candles . The question is, which one is stronger and in control:
1) In red - February Bearish Engulfing- with 127 target completed
2) In green - April bullish engulfing - we just touched the 127 extension target at 1.3228, a target that corresponds to the deep retracement (just bellow 76f) we had a few weeks back
- We also have just activated a new swing (blue circle), with targets 1.3480 and 1.3660.
Now we have two bullish signals against one bearish signal- the usual dilemma, are we making a bearish flag or a reversal pattern - who is telling the truth?
- I draw a third possibility a weekly stop grabber, W&R, whatever you call it, illustrated as a white triangle.
If we get a W&R on the weekly, it tells me February's swing is still in control and price is currently drawing a bearish flag with target 1.25 area
If we close above 1.3200 on Friday, it could tell us April's engulfing swing is in control and we have a reversal, at least for the time being, with targets 1.3480 & 1.3660. Ironically these targets don't invalidate February engulfing candle
Any comments on these thoughts would be greatly appreciated.
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Lolly Tripathy
Sergeant Major
- Messages
- 515
4hr time frame
Lolly Tripathy
Sergeant Major
- Messages
- 515
1hr 3drive
Hopefully......
I Short at 1.3360. after entry 5 minute. EUR/USD mu up 25 pip.... oh my god..... a not good entry
Triantus Shango
Sergeant Major
- Messages
- 1,371
Triantus Shango
Sergeant Major
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on a different not, just watching kyle bass saying that given the point-of-no-return of the japanese sovereign debt situation, USD/JPY may go all the way up to 250. the trade of the century 
not overnight, of course... 1 or 2 or 3 years...?
anyway, good talk:
not overnight, of course... 1 or 2 or 3 years...? anyway, good talk:
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MidnightRun
Sergeant
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- 186
Triantus!!!
You are in the thread again! That's great!
You are in the thread again! That's great!
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