FOREX PRO Weekly March 19 - 23, 2012

[Triantus Shango]

sive, also on daily, don't we have a potential BnB?

 

[Sive Morten]

sive, when you write 'major 0.618 support' do you mean 31037?

Yes. In this case a lot of chances appear on SG and H&S on daily... After such strong thrust, so deep retracement looks curious.

 

[RahmanSL]

Sive, I have to say I really don't know how you handle it day after day, week after week, and month after month.
So many are depending on your correct analysis. For me, I think I would be a nervous wreak knowing if I am wrong, someone will loss money.
So, my hat off to you my friend!...you are doing a good job and highly appreciated.

Ok, as I have frankly admitted, I am not much of a technical guy and so would not feel like an idiot asking this.

Does that look like a potential butterfly to you too on the M5 chart?

 

[fan]

Hi,Sive,

According current power of EU, it will reach 1.33 propabely. I found 3D model on 1h with ratio 1.618 for each wave. Current the 3rd wave still on way. I agree we will see a deep retracement after touch 1.33

 

[Sive Morten]

Sive, I have to say I really don't know how you handle it day after day, week after week, and month after month.
So many are depending on your correct analysis. For me, I think I would be a nervous wreak knowing if I am wrong, someone will loss money.
So, my hat off to you my friend!...you are doing a good job and highly appreciated.

Ok, as I have frankly admitted, I am not much of a technical guy and so would not feel like an idiot asking this.

Does that look like a potential butterfly to you too on the M5 chart?

Hi RahmanSL,
Hm, I do not see any butterfly on 5 min yet.

Actually, I always stand against of drifting our part of forum to signal service type. I try to make my posts mostly in educational manner, but it difficult to force people avoid to use it as direct trading plan. Even the fact that I'm often wrong can't stop it.

 

[Aldo Colombo]

Hi Sive, many times it's not clear to me what are the particular levels you refer to:

On daily TF yesterday we have a stop grabber right at WPR1, 4-hour 1.618 extension target and just below major 5/8 resistance.
...
On hourly TF you see Fib Tree (as Michael calls this indicator). There are 2 significant levels here. First is K-support.
...
Second, is Major 0.618 support of this thrust. Moving below it will skew probability in favor of daily SG pattern and this will be first bell of potential deeper move down.

5/8 resistance must be 1.33, K support is 1.3193-1.3165 area?, Major 0.618 support must be 1.31, though there seems to be another significant level at 1.3131. Thanks for clarification, even if late will be helpful to try to understand your view.
Aldo

 

[BeeKay8]

Hey Sive,

Just a question that popped up in my head and I am curious. Are the odds more in favor of market touching weekly pp each week and monthly pp each week?

Also, I recall you stating that in a downtrend, it is normal for market to retrace and hit WR1 and continue back to the downtrend.

However, it may be too early to say but as of right now, it looks like market has successfully closed above WR1. Does this mean that this retrace to the upside is strong?

Thanks, Sive! Take care!

 

[Sive Morten]

Hey Sive,

Just a question that popped up in my head and I am curious. Are the odds more in favor of market touching weekly pp each week and monthly pp each week?

Also, I recall you stating that in a downtrend, it is normal for market to retrace and hit WR1 and continue back to the downtrend.

However, it may be too early to say but as of right now, it looks like market has successfully closed above WR1. Does this mean that this retrace to the upside is strong?

Thanks, Sive! Take care!

Hi Beekay,
WPP each week and MPP each month.
Yes, if market accelerates above WPR1 significantly, and sometimes even above WPR2 - this tells that bear power is under question. Very often this happens in reversal moments. But, do not look at it formally. Close for 2 pips above WPR1 is not enough . You need to see some solid thrusting move through WPR.

 

[olukola]

hi sive, thanks for your great analysis. Pls. what setting do you use for your MACD ? I use 12,26,9 and mine has not crossed on the daily TF as at the time you posted your analysis.thanks. Olukola

 

[Triantus Shango]

guys, i think we can all agree that sive's time is valuable. and since you know that sive uses joe dinapoli's method, so basic questions such as these pertaining to TIs setup, well, can easily be answered by reading dinapoli's book. everything is in there.

read the book.

hi sive, thanks for your great analysis. Pls. what setting do you use for your MACD ? I use 12,26,9 and mine has not crossed on the daily TF as at the time you posted your analysis.thanks. Olukola