FOREX PRO Weekly June 11-15, 2012

[Sive Morten]

Thank you very much for ur valuable and kind help..
Wish you and Ur Family a colorful weekend..
God Bless you Sive sir
Trading Forex is not easy as it seems,but personally i feel dat you make it easy
and so clear by sharing ur trading plan.And as always it works..
You are the true FOREX ROCK STAR..
We all forum member wish you A World Of GoodLuck..

Thank you, Lolly,
that is why we're here, this is our job and this is great if it is really useful.

 

[Synchronicity]

Hello all

I am embarking on an exercise of 20 trades on GBP-USD as per the Mark Douglas book. I will not be posting any analysis here because that would make it harder for me to remain objective but I thought that some of you might be interested in what is going on with this pair just now.

The Monthly chart shows a Pennant type formation.


Looking closer the Weekly chart shows this shape but also shows a support level at about 1.53


The current price action is testing the support and the lower edge of the pennant and this gives rise to a few interesting possibilities, each with their own trading potential.

• The support holds and the price rises
• The support breaks and the price declines
• Indecision causes the price to range, perhaps with increased volatility

The Daily chart is interesting too, especially if you compare the current position with the previous tests of 1.53 at the start of this year and September/October last year when there was what looks like a pretty good DRPO buy.

I'm trying hard not to guess where it will go and to just trade the signals as they appear

All the best

Michael

 

[minimax]

Hello,

good job Sive, like it a lot. Here is my point of view.

Regards to all

 

[Lolly Tripathy]

Sorry Asif still i dont get you...???
Whatever i am saying dats my statement my personal view
and watevr u r telling dats urs.. so give ur own comment dear..!!
I often read the single line "professional trader status" which u like to use..but as i think from the 80,000 viewer how many traders are professional?? most of them are newbies...no one is helping them except sive sir.
Sive Morten is the only person who share his trading plan everyyyy dayyy as his duty..he is not bound to do so bt still he is doing his best for us.and one more thing if someone is thinking he/she is a professional/expert trader then he/she show his/her talent, there is a large free space in FPA Thread. If someone doing something very good and we are getting benefit from dat then why dont we appreciate/praise him..??
I really like Mr.Sive Morten for his fantastic job ,talent and kindness and no one can change my mind..

 

[asif faryad]

Sorry Asif still i dont get you...???
Whatever i am saying dats my statement my personal view
and watevr u r telling dats urs.. so give ur own comment dear..!!
I often read the single line "professional trader status" which u like to use..but as i think from the 80,000 viewer how many traders are professional?? most of them are newbies...no one is helping them except sive sir.
Sive Morten is the only person who share his trading plan everyyyy dayyy as his duty..he is not bound to do so bt still he is doing his best for us.and one more thing if someone is thinking he/she is a professional/expert trader then he/she show his/her talent, there is a large free space in FPA Thread. If someone doing something very good and we are getting benefit from dat then why dont we appreciate/praise him..??
I really like Mr.Sive Morten for his fantastic job ,talent and kindness and no one can change my mind..

I wasn't saying anything about Sives Anyalis on the contrary was complementing it,and also your comment to.

I was trying to help by saying that we also need to change is our our conditioning which is a psychological change which over time will happen when becoming professional thats all!! i wasn't expressing my view just what i had to go through to become consistent and hopefully help others in the process..

sorry if you didn't get it.

 

[jianean]

Hi there to Lolly and Asif,
Well I think both of you are right. I think both of you are making useful and helpful contributions to our discussion forum and both of you – keep it up, I look forward to reading them.
I especially like Lolly’s comments about Sive – he really is a HUGE star for many of us. And I especially like and appreciate Asif’s attempts to mould our psychology/attitude into something that can make a difference to our success.
Well done both of you!!

 

[John Jensen]

large gaps on open

Hi Sive,

I've noticed in the last couple months there have been a significant number of large gaps between the Friday close and the Monday Asian open. This week is one example; the market opened above WPR1. Is this significant to our trading plan? how should we treat this when it shows up?

thanks
John

 

[seedof]

Hi Sive,
This week is one example; the market opened above WPR1. Is this significant to our trading plan? how should we treat this when it shows up?

thanks
John

from my point of view its likely we see correction to 2510 area as WPP is here and DPP for today. also take note price still opened below MPP so it still a bearish context if price will not break above. this looks like an irregularity which must be corrected that is price price far beyond DPP and around WPP

 

[Damian1987]

Hello Sive and fellow traders, hope weekend has been fun for ya'all. For me...scoring 4 goals against Brazil has pretty much done it. lol. Viva Messi. Now..back to Technical analysis...
Sive..may I add to you analysis on daily time frame a Gap reaction point from where to draw a Fib retracement. .618 coincides with 100% expansion target and with .382 making confluence + agreement, hence giving more probabilities as to this 1,2750-1,2770 area a good selling spot? here's the chart...

 

[FPAtony777]

Good morning Sive and thank you for your overall analysis.
I'd like to ask you which are the parameters that you use for the oscilator predictor in MT4 platform.
Thanks in advance and keep up the good job.

And something else. Can we treat today's gap as a retracement for entering short?