nicolebobbin
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Sive said we can consider re-enter LONG EU if it hold around pivot 1.4720
FOREX PRO Weekly May 02-06, 2011
- Thread starter Sive Morten
- Start date
Sive Morten
Special Consultant to the FPA
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- 18,635
EUR/USD Daily Update, Fri 06, May 2011
Good morning,
I just leave EUR for 1 trading session and here is such plunge... Let's return to it.
But before that couple of words about AUD B&B Buy. Looks, like that it could start today - yesterday's ECB desicion has skewed situation and forced market to go lower, but today there is nice upward pullback. We could use some retracement from it ( I think not less than 0.618) to enter Long.
Now about the EUR...
Well, in general we had to expect such kind of price action, because in weekly research we pointed number of factors that support EUR:
1. Strong Germany data - it was mixed during recent couple of week;
2. ECB gradual rate hiking - that has not happened.
Technically, we said, that market stands and monthly overbougth and we have to be aware of strong downmoves on daily time frame. That has happened.
BTW, I suggest you to read weekly research on coming weekend. Current situation is very interesting, especially on weekly time frame.
What we can do today?
Looks like the better way - is to make scalp trades. Do not forget - today is NFP release. So it will be wise to avoid Doom&Gloom and take profit or stay flat till this release.
There are couple of possibilities for trading today:
On daily time frame we see that 1.4430-1.4470 - daily oversold and confluence support. It's hardly that market will be able to break it to the downside, except may be the reason of extremely optimistic NFP.
On hourly chart we see that market has accomplished target of our Broadening top pattern (although it was very skewed and distorted - too much touches of the borders). And shows some signs of DRPO Buy.
If you're bullish - you may try to trade this DRPO Buy. Target around1.47
If you're bearish - wait for pullback at least till 1.47 area - this is pivot point Fib resistance and lower border of Broadening Top pattern. Previous momentum up was strong, so, possibly market will show deep retracement to the upside.
Good morning,
I just leave EUR for 1 trading session and here is such plunge... Let's return to it.
But before that couple of words about AUD B&B Buy. Looks, like that it could start today - yesterday's ECB desicion has skewed situation and forced market to go lower, but today there is nice upward pullback. We could use some retracement from it ( I think not less than 0.618) to enter Long.
Now about the EUR...
Well, in general we had to expect such kind of price action, because in weekly research we pointed number of factors that support EUR:
1. Strong Germany data - it was mixed during recent couple of week;
2. ECB gradual rate hiking - that has not happened.
Technically, we said, that market stands and monthly overbougth and we have to be aware of strong downmoves on daily time frame. That has happened.
BTW, I suggest you to read weekly research on coming weekend. Current situation is very interesting, especially on weekly time frame.
What we can do today?
Looks like the better way - is to make scalp trades. Do not forget - today is NFP release. So it will be wise to avoid Doom&Gloom and take profit or stay flat till this release.
There are couple of possibilities for trading today:
On daily time frame we see that 1.4430-1.4470 - daily oversold and confluence support. It's hardly that market will be able to break it to the downside, except may be the reason of extremely optimistic NFP.
On hourly chart we see that market has accomplished target of our Broadening top pattern (although it was very skewed and distorted - too much touches of the borders). And shows some signs of DRPO Buy.
If you're bullish - you may try to trade this DRPO Buy. Target around1.47
If you're bearish - wait for pullback at least till 1.47 area - this is pivot point Fib resistance and lower border of Broadening Top pattern. Previous momentum up was strong, so, possibly market will show deep retracement to the upside.
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nicolebobbin
Private
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- 76
Hi Sive, I'm ****ed, I wait 2 hours after the NFP then enter LONG at 1.4513, then market dive down another 200 pips before the day 's end, do you think where I should cut loss or any chance to take profit ?
Paul McConnell
Private, 1st Class
- Messages
- 66
Whatta Butterfly..
Thank you Sive for calling market top on the butterfly..
I just wish it had reached 1.5000 so I could have achieved 3 instead of a 2 sell down
Reminds me of NZD(hold onto your hats) on 8/11/2010 where my team achieved a 4 sell down
No-one gives such careful and insightful advice for both short term and long term traders like you do...
God Bless,
Paul
Thank you Sive for calling market top on the butterfly..
I just wish it had reached 1.5000 so I could have achieved 3 instead of a 2 sell down
Reminds me of NZD(hold onto your hats) on 8/11/2010 where my team achieved a 4 sell down
No-one gives such careful and insightful advice for both short term and long term traders like you do...
God Bless,
Paul
Last edited:
Paul McConnell
Private, 1st Class
- Messages
- 66
ahem
1.5000
selah
1.5000
selah
MidnightRun
Sergeant
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- 186
Paul
Do you expect a rebound in EURUSD all the way to 1.5000? Short-term?
Thanks
Paul McConnell
Private, 1st Class
- Messages
- 66
I do as long as..
As Sive explains that as long as support at 1.28 (or higher support) area holds we can expect 1.52 area..
As Sive explains that as long as support at 1.28 (or higher support) area holds we can expect 1.52 area..
