FOREX PRO WEEKLY March 10-14, 2014

[Sive Morten]

Hi Commander in pips,
Pls sir can you comment on this butterfly,
this is my view the butterfly developed clearly on Weekly TF, but I think It is appealing to me on monthly TF and it will serve as a remembrance of the development in weekly TF since they are both long term view.
I also concluded that the right wing low of the weekly butterfly does not close below the left wing and as such I considered it a good butterfly to put into consideration on the long term view. MA Of NR is a typographic error it Should be A of NR meaning AREA OF NATURAL RESISTANCE.
Pls Commander in pips RIGHT my WRONGS.
Thanks as usual Commander in pips.

Hi Ochills,
Lolly correctly points on the shape of butterfly. In general all butterfly action has to hold inside of initial swing, while on your butterfly this condition does not hold. I think that you miss basics of harmonic patterns a bit. In our Forex Military School is a very good chapter. Once you will read it - it will become very clear to you - shapes, targets, trading process of harmonic patterns. Really - try to read, it's not very big chapter, and it will not take a lot of time. But it will significantly improve your skills.

 

[Sive Morten]

Hi All,

In my opinion, I think market has started to react to form butterfly buy, which will give us an opportunity to buy dip as commander in pips as recommended in his analysis this week. Butterfly completion target stand at 102.268 which is very close to the level Commander in pips suggested price might retrace to 102.17.
"Here I do not see any reversal patterns yet. WPR1 stands very close to next daily target around 104.50. Theoretically price could show retracement even to WPS1 and this will not be a tragedy. But, it will be better if retracement will end somewhere around WPP and nearest Fib levels, may be even around 102.17 support but not lower. This would be perfect." said by Sive Commander in pips

The shape of butterfly is correct, but I'm not a big fan of butterfly "buy" on tops. I would better search for some AB=CD down, or something of that sort. But, sometimes (and very often) this kind of butterflies work. So I do not call to ignore them, but the point is as butterfly reversal pattern then market should turn on top to the downside, hence we need to get butterfly "Sell". This is the same logic as to discuss reverse H&S pattern on top. Sometimes they appear and even work nice, but I do not like to trade it very much.

 

[ochills]

Thanks as usual commander in pips,
thanks pragmatic for taking time out to read my analysis and for your constructive correction. It is highly appreciated.
thanks a million Lolly Tripathy for point out what I miss, This made me to reread the topic on harmonic overnight for clarity.
Thanks Commander in pips Once again thanks FPA.

 

[Lolly Tripathy]

Possible DrPo sell usdjpy???

 

[georgeta]

I like it very much when Sive comes with these opportunities like AUD and JPy. Guys, this level of service you wont find anywhere else. Those who struggle with the market for many years know best.

 

[Sive Morten]

Possible DrPo sell usdjpy???

Hi Lolly,
well, I think that we can call it as LAL, not more. Here is too big difference between tops and this is not very good for DRPO. Personally I would find here some kind of triangle rather than DRPO

 

[alexoptimistic]

perfect double repos are extremely rare but you can see one on nzdjpy 4h tf

 

[alexoptimistic]

in fact it's not really really perfect, but close to...

 

[ochills]

Good day Commander in pips,
Pls how do you usually estimate or determine level that price will move to without destroying a bullish or bearish setup. I had read this type of comment often in your analysis but sometimes I can't figure it out. Pls can you explain. thanks as usual commander in pips.
"But daily picture suggests that even retracement to 101.90 Fib support will not break bullish setup and will be acceptable in current situation" by commander in pipis.
thanks as usual.

 

[ochills]

Hi Lolly Tripathy,
Pls it will be of help, if you can always include the Time Frame which you notice any potential or completed patterns.
thanks brother.

Possible DrPo sell usdjpy???
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