Triantus Shango
Sergeant Major
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FOREX PRO Weekly June 10-14, 2013
- Thread starter Sive Morten
- Start date
Lolly Tripathy
Sergeant Major
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Welcome Back My Dear friend... :
Triantus Shango
Sergeant Major
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(thanks lolly )
brandon, it could be but from what i see on my charts there seems to be too much bullish pressure. on daily, price has stayed above the RSST fib level of 61.8% of the drop from 36xx even though yesterday an attempt was made to breach it short, it didn't succeed and we bounced back up from there. on weekly, same, up pressure still there. also, on weekly key levels start at around 3475 to 353x, which is not that far on a weekly chart from current price of 3350 (3.20 AM GMT 14 JUNE). on weekly a K-area starts right above above 353x and at 3700 we find a COP (61.8%) and weekly RSST1 is at 3687.
so my guess would be that unless some macro shock, we go up at least until 3475.
we could also have a gartley SELL completing at 3435 on daily. honestly, i have no idea. all i know is that the MACD has not turned yet, and the orange/green indicator lines just entered the OB zone on daily. also, price is staying well above the thin yellow line, which unless crossed means that the trend is still underway. the situation is even more striking on my weekly chart. (the other colored fat lines are just your typical SMAs). so unless daily reverts back under 3294 or so, which is the 61.8% retrace i was mentioning above, i would stay with the long trend.
all this being said, when looking at H4 and H1, it does seem like we have reached a top. so in the eventuality we go down once more i'd watch what happens around the 50MA, 100MA and 200MA on H1 and M5 (and the 61.8% on daily i mentioned above--hourly 100MA is getting close to that level as well, so 329x is one key level) and decide whether or not to buy the dip. obviously if SPPT fails at those MA levels, then short
on M5 we completed some weird looking (on my chart) gartley SELL (XOP of AB=CD hit) and drop from there in progress now. watching 3320 as key 61.8% level of AD leg where also 800MA comes. below there, SPPT around 3285/9x which if breached, short. (plus other considerations... sorry no time to go into further detail).
) brandon, it could be but from what i see on my charts there seems to be too much bullish pressure. on daily, price has stayed above the RSST fib level of 61.8% of the drop from 36xx even though yesterday an attempt was made to breach it short, it didn't succeed and we bounced back up from there. on weekly, same, up pressure still there. also, on weekly key levels start at around 3475 to 353x, which is not that far on a weekly chart from current price of 3350 (3.20 AM GMT 14 JUNE). on weekly a K-area starts right above above 353x and at 3700 we find a COP (61.8%) and weekly RSST1 is at 3687.
so my guess would be that unless some macro shock, we go up at least until 3475.
we could also have a gartley SELL completing at 3435 on daily. honestly, i have no idea. all i know is that the MACD has not turned yet, and the orange/green indicator lines just entered the OB zone on daily. also, price is staying well above the thin yellow line, which unless crossed means that the trend is still underway. the situation is even more striking on my weekly chart. (the other colored fat lines are just your typical SMAs). so unless daily reverts back under 3294 or so, which is the 61.8% retrace i was mentioning above, i would stay with the long trend.
all this being said, when looking at H4 and H1, it does seem like we have reached a top. so in the eventuality we go down once more i'd watch what happens around the 50MA, 100MA and 200MA on H1 and M5 (and the 61.8% on daily i mentioned above--hourly 100MA is getting close to that level as well, so 329x is one key level) and decide whether or not to buy the dip. obviously if SPPT fails at those MA levels, then short
on M5 we completed some weird looking (on my chart) gartley SELL (XOP of AB=CD hit) and drop from there in progress now. watching 3320 as key 61.8% level of AD leg where also 800MA comes. below there, SPPT around 3285/9x which if breached, short. (plus other considerations... sorry no time to go into further detail).
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Lolly Tripathy
Sergeant Major
- Messages
- 515
possible H&S...???
If retracement will start and we will reach 13150-70 then ...
May be..?? just sharing my thought...
If retracement will start and we will reach 13150-70 then ...
May be..?? just sharing my thought...
Triantus Shango
Sergeant Major
- Messages
- 1,371
nice! yes, anything is possible. but too early to tell.
but too early to tell.
Sive Morten
Special Consultant to the FPA
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Hi Brandon,
guys, you know that I do not like Butterfly "buy" on tops
. Yes, they work sometimes, but this is not the nature of buttefly "pattern". Currently I mostly gravitate to possible Double top on hourly, we'll see...possible H&S...???
View attachment 9721
If retracement will start and we will reach 13150-70 then ...
May be..?? just sharing my thought...
Yes, Lolly, this is possible, but it will depend on how daily B&B will work - either it will be continuation or just right shoulder of your pattern.
hi triantus and welcome back!
Nice chandlestick chart it looks like chandlestick based on moving averages (ie. the open/high/low/close=sma(open,period),sma(high,period),sma(low,period),sma(close,period) ). Do you find this useful?
PS: what about the broker? Some time ago you were searching for a good one? I saw that lmax has very tight spreads. Does it charges commissions? (EDIT: of course there are commissions. I just see it..)
btw, it's really nice to read you again here
Nice chandlestick chart
it looks like chandlestick based on moving averages (ie. the open/high/low/close=sma(open,period),sma(high,period),sma(low,period),sma(close,period) ). Do you find this useful?PS: what about the broker? Some time ago you were searching for a good one? I saw that lmax has very tight spreads. Does it charges commissions? (EDIT: of course there are commissions. I just see it..)
btw, it's really nice to read you again here
Triantus Shango
Sergeant Major
- Messages
- 1,371
good god! just checked the eur/usd rate... talk about an exercise in patience.
Triantus Shango
Sergeant Major
- Messages
- 1,371
papao,
good guess, but the computation is based on something different. and yes, i find it more useful than classic candlesticks. these filter the noise out very well--forgot to add: obviously useful for lower TFs more than daily and greater--and as you can see, show trend direction very well too. they also generate their own patterns when there is indecision in the market, patterns that when combined with the thin yellow line, which acts as a filter, and let's you identify swing point. of course, knowing when the market is OB/OS is a good to have as well as divergences from MACD. throw in 38.2% and 61.8% fib retracements and AB=CD harmonic patterns with price projections, and you have a complete and most importantly, adaptive, system.
re the broker, LMAX spreads are good, better definitely than Dukascopy (especially Gold), FXCM, FxPro, Gain Capital/Forex.com, CMS, Saxo Bank (which is a joke considering they are a bank).... let's see, did i manage to piss off enough dealers?
BUT RJOBrien (UK)/Integral as better spreads.
and both have stellar execution, but RJObrien/Integral LPs have last look, whereas on the LMAX Exchange, the LPs have no last look so once your order is matched against a LP, the LP cannot back out of the trade anymore--no funny business in that regard.
and yes, commissions but they are competitive and spreads are variable of course.
hope this helps.
all the best.
t.
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