FOREX PRO Weekly March 28- April 01, 2011

Eurjpy

sive,

can we treat a recent weekly candle with a really long tail as a stop grabber?

Rasto
 
DRPO

Hello Sive.
Thanks for the heads up on H4 GBP DRPO:)
Kinda funny one where it was first lal DRPO then last night text book (I think) DRPO then this morning again a lal DRPO. Nevertheless I went in at 1.6007 sl 1.5925 and target 1.6113 (61.8). Looks like it will get there..
Thanks a bunch!
I should have payed more attention to Euro where there was also a nice wedge pattern but gosh, some of us have to actually work for a living;)
I hope you can tell me if around 1.0355 is a likely (D) point on the AUDUSD chart?
Keep up your great work and
all the best,
Paul
 
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EUR/USD Daily Update, Thu 31, March 2011

Hi there,
Today comment will be short, because the only hourly chart is worthy of our attention

Here we can see, that market almost hits 1.4160 target of butterfly. Daily trend is bearish, hourly and 4 hour is bullish. Also market has moved above weekly pivot. This move could be a start of further upward continuation, but we can't say it definitely yet. So, in such circumstances I prefer trade only directional patterns
Just above the market is some resistance - AB-CD target, Butterfly target and 0.618 Fib resistance. Thrust up of the right wing is nice, so watch for price action around 1.4160 - if market will form some reverse pattern, for example DRPO "Sell" - we can trade it. But enter short by daily trend is dangerous due to intraday price action - enter Long is also dangerous due to some resistance just above the market.

P.S.
FPA has released the significant part of chapter 4 in Forex Military School:
https://www.forexpeacearmy.com/forex-forum/forex-military-school/
 

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Thank you sir. Just one qns, where can i learn to pick up dinapoli method trading? hope u dun mind me asking this kinda qns here.

Hi Dimebolt,
Paul is right - Joe DiNapoli "Trading with DiNapoli Levels"

sive,

can we treat a recent weekly candle with a really long tail as a stop grabber?

Rasto

Hi, Rasto, would you please attach the chart to clarify what are you talking about?

Hello Sive.
Thanks for the heads up on H4 GBP DRPO:)
Kinda funny one where it was first lal DRPO then last night text book (I think) DRPO then this morning again a lal DRPO. Nevertheless I went in at 1.6007 sl 1.5925 and target 1.6113 (61.8). Looks like it will get there..
Thanks a bunch!
I should have payed more attention to Euro where there was also a nice wedge pattern but gosh, some of us have to actually work for a living;)
I hope you can tell me if around 1.0355 is a likely (D) point on the AUDUSD chart?
Keep up your great work and
all the best,
Paul

Hi Paul,
Also as a Rasto - attach chart, and we will discuss it, ok?
 
Can Sive or someone here tell me a free source where I can access the currency futures charts along with some basic indicators or volumes?
Btw, Sive great analysis. I am a lurker but keep following what you have to teach.
 
Can Sive or someone here tell me a free source where I can access the currency futures charts along with some basic indicators or volumes?
Btw, Sive great analysis. I am a lurker but keep following what you have to teach.

Well, currencies quotes should be here: CME Group - Futures & Options Trading for Risk Management
If they don't, then possibly you should search in the net - there are many cites that could provide with daily historical data in in dfferent formats.
 
EUR/USD Daily Update, Fri 01, April 2011

Hello everybody,
Market has accomplished 1.618 Butterfly "Sell" on hourly chart and turns to retracement. But there are some things that worry me:

Many banks expect upside surprise in today's NFP release - be carefull.

Daily
here we again see bullish dynamic pressure - price action does not confirm the trend. It could lead to price action as on previous week - market could take out the highs. That's why I will not enter short in such circumstances. Also - market is above the pivot.

4-hour
Trend is bullish, and potentially market could form stop grabber(s) - look in the price action inside the circle. If this will happen - then it will take out the highs at 1.4210. Also the strong up candle right to Butterlfy target worries me. I do not like such finishing of patterns - because very often it leads to failing and continuation of upside move.
Meantime, if Butterfly will work, NFP will be huge and market somehow accelerates to the downside - the target of this butterfly - 1.618 from the whole Butterfly body - 1.3910 - precisely at our daily Confluence support. May be we'll see it.

So, here is a conclusion - do not enter short, at least till market will not move below the pivot - but better after NFP release...

houly chart
Current price action looks like AB-CD retracement after thrust up. 1.4133 - hourly Confluence support. Here could be the bulllish scenario:
Market will hit 1.0 target at 1.4121, showing W&R of Confluence support. This could turn to 3-Drive Buy pattern. If it will coincide with Stop grabber at 4-hour chart, then possibly we can make scalp trade with target at 1.4210 - previous highs.

But again - too much contradictive moments and I suppose all will depend from NFP release...
 

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