FOREX PRO Weekly March 28- April 01, 2011

[Sive Morten]

Hiya Sive.

Hey team have a great weekend!!
Is that a great head & shoulders on H4 GBP or what

Shape is OK, but looks like not sufficient up move before H&S. To my mind it looks more like retracement in AB-CD pattern...
But, this is just my view...

 

[Emmanuel Patrick]

Pls were is the text version

 

[Sive Morten]

Pls were is the text version

Actually two posts above yours

 

[rasto007]

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



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

Sive, I attached a weekly chart of EURJPY. My question was whether the long tail during the beginning of Japanese crisis can be seen as a stop grabber?

Overall, looking at the daily chart, it seems that the the narket overreated and then continued in old tracks like nothing happend. In such instances, do you use extreme price action for lets say ABCD, fib work in your analysis?

And the third question is - do you think EURJPY is ready for at least .382 retracement? What I see on daily chart is 3 days in overbought territory, high above weekly pivot resistance 1 (115.57) and no serious retracement for a while. Thank you.

BTW, the Forex Military School is really good to read. Content and style.

Rasto

 

[wisefxtrader]

Sive,

I have noticed when USDJPY rally going up making yen weaker more which it favors USD whereas EURUSD tends go down.

If NFP reports make USDJPY going higher to 84 or above than 84 then EURUSD may look some more drops further than 1.4120 ?

Marc

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...

 

[Sive Morten]

Sive, I attached a weekly chart of EURJPY. My question was whether the long tail during the beginning of Japanese crisis can be seen as a stop grabber?

Overall, looking at the daily chart, it seems that the the narket overreated and then continued in old tracks like nothing happend. In such instances, do you use extreme price action for lets say ABCD, fib work in your analysis?

And the third question is - do you think EURJPY is ready for at least .382 retracement? What I see on daily chart is 3 days in overbought territory, high above weekly pivot resistance 1 (115.57) and no serious retracement for a while. Thank you.

BTW, the Forex Military School is really good to read. Content and style.

Rasto

To be honest - I'm not tracking EUR/JPY closely...
Still, I think that JPY itself ready to some bounce - because USD/JPY has accomplised very harmonic AB-CD pattern on monthly - we've talked about it even in previous year, with the target around 79.00
This could lead to some JPY depreciation...

Rasto, personally I do not treat this pattern as stop grabber. I prefer to trade stop grabbers when MACDP comes very close to price naturally.
Here it has happened ocasionally. So, even market will continue move up - this is not due SGrabber but due other reasons.

When market is so overbought and continue creeps with OscP - this is a sign of strength. It points on possible continuation of further move up.
I suggest you to apply simple DOSC here and check - may be there is a Volatility breakout (VBO) has appeared. This will give you excellent possiblity to enter long.

Hope this helps

 

[rasto007]

To be honest - I'm not tracking EUR/JPY closely...
Still, I think that JPY itself ready to some bounce - because USD/JPY has accomplised very harmonic AB-CD pattern on monthly - we've talked about it even in previous year, with the target around 79.00
This could lead to some JPY depreciation...

Rasto, personally I do not treat this pattern as stop grabber. I prefer to trade stop grabbers when MACDP comes very close to price naturally.
Here it has happened ocasionally. So, even market will continue move up - this is not due SGrabber but due other reasons.

When market is so overbought and continue creeps with OscP - this is a sign of strength. It points on possible continuation of further move up.
I suggest you to apply simple DOSC here and check - may be there is a Volatility breakout (VBO) has appeared. This will give you excellent possiblity to enter long.

Hope this helps

Thanks Sive for a quick reply. I understand what you mean.

I am actually short now. Which is not good. I need to find a good spot to get out. Therefore the question about retracement. What would you recommend to look at? And maybe all others can learn what to do when a trade goes wrong.

Rasto

 

[Jyotiprakash Pal]

Make money from Both sides ... sir .. u r the best .. Three cheers for Sive sir .. Hi[ Hip Hurrey

Alsoo take this GBP/USD trade

 

[rasto007]

Greetings
Try to type in google Anna Monti or forex freebot. I think it'll be interesting for you

Spammer go away