FOREX PRO Weekly June 18-22, 2012

[seedof]

Triantus
that was a nice and sane analysis considering that price had shown almost the exact type of price action after open yesterday just like last week and one could be right by expectin the same type of movement last week my only concern is that price retraced below WPP and also closed yesterday below it and considering that it now below monthly pivot too.

 

[Triantus Shango]

ok, but right now we are back above WPP and MPP is at 2651, not too far away. AND SAMA (Saudi Arabian Monetary Authority) has been buying e/u by the truck load just in the past hour or so. they were buyers yesterday in the drop, and they are back in on the long side again.

now, of course all this doesn't prove the price will continue up, but it gives me pause.

sive, care to add something so i don't mislead more people in case i am totally wrong?

also, sive, what about my 3-drive sell on H4? is it valid or did i make a mistake?

Triantus
that was a nice and sane analysis considering that price had shown almost the exact type of price action after open yesterday just like last week and one could be right by expectin the same type of movement last week my only concern is that price retraced below WPP and also closed yesterday below it and considering that it now below monthly pivot too.

 

[Sive Morten]

also, sive, what about my 3-drive sell on H4? is it valid or did i make a mistake?

Hi Triantus,
All that I could add - I aleardy done in update. Your 3-Drive is possible, and by now it stands in a row with possible AB=CD on daily.
Here is just 1 problem, that we do not see currently the bottom of second drive - it is still in progress. So, is it valid or not (I mean 3-Drive) we can understand only when 3rd drive will begin to form.
Anyway, technically, market has nice downward momentum on 4 hour chart, that's why as I've said in update, I expect 1.25. Then we will see what will happen next.

 

[seedof]

thanks Sive for your contribution. although i'm not yet good at analysin the harmonic patterns however i'm doing well with my pivot analysis combined with simple basic fib retracement and extension. and all i could see just like Sive in his analysis is that the the mostly likely high that we will see today is around 2620 area the downside is more likely. that is why i decided to stand aside and see what happen today.

 

[Venelin]

Terrible German ZEW and market still does not want to go down! Probably it will eventually, after collecting some weak stops-tough market today!

 

[Triantus Shango]

mr market is a schizophrenic cabron!! that being said, 2792 next up!

Terrible German ZEW and market still does not want to go down! Probably it will eventually, after collecting some weak stops-tough market today!

 

[seedof]

mr market is a schizophrenic cabron!! that being said, 2792 next up!

yeah market really schizophrenic. anyway like its said its better to loose opportunity than to loose capital, moreover i dont think the opportunity is completely lost market could still give chance for entry tomorrow.

 

[Louis123321]

Upward continuation looks good, but no entry...... No way am I entering long

 

[Triantus Shango]

maybe on the retrace, around 2640/50 or so?

Upward continuation looks good, but no entry...... No way am I entering long

 

[Louis123321]

maybe on the retrace, around 2640/50 or so?

Psychic guy! That is what i'm waiting for, but I plan to enter at around 1.26600