FOREX PRO Weekly May 09-13, 2011

Sive Morten

Special Consultant to the FPA
Messages
12,710
EUR/USD Daily Update Tue 10, May 2011

Good morning,
although market has not shown retracement to pivot on Monday, it could happen on current week. Theoretically it could coincide with weekly B&B, but I can't say definitely yet.

Let's start from daily chart. Right below the market stands daily Confluence support 1.4138-1.4188, oversold 1.228 and pivot support 1 1.4103. I do not know, how you are, guys, but personally I do not want to sell right here.

On 4-hour chart we see:
Large AB-CD target stands at 1.4187 and createst an Agreement with Daily Confluence support, recent AB-CD - the same 1.4185. And potential 3-drive "Buy" pattern stands at 1.4209. Also, if you will shift to hourly chart you'll see huge bullish divergence right here.
So, I think that we could apply the followed plan:
1. If you're bearish - wait some pullback to the upside - do not enter short currently;
2. If you're bullish - wait clear bullish signal around 1.4150 - engulfing, W&R, Reverse H&S - something. When and if market will form it, we can enter Long.
Theoretically it could be weekly B&B, but this is only assumption, may be it will be just short-term pull back.
Even if market will continue move down - it should show solid jump up when it will touch this support area for the first time. This is very good oportunity to make scalp buy trade.
 

Attachments

ALF

Private, 1st Class
Messages
62
'Good morning,
although market has not shown retracement to pivot on Monday, it could happen on current week. Theoretically it could coincide with weekly B&B, but I can't say definitely yet.'
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Hi Sive,

Please, confirm if the trend turned bullish on 1 hr and 4 hr charts.

thanks.
 

eric lew

Private
Messages
13
Hi Sive,

At 4hr chart, do you think potentially there is a Douple repo buy forming now? - that is, if the 4hr close above the 3x3 at about 1.4351
 

Sive Morten

Special Consultant to the FPA
Messages
12,710
'Good morning,
although market has not shown retracement to pivot on Monday, it could happen on current week. Theoretically it could coincide with weekly B&B, but I can't say definitely yet.'
........
..............................
..............................................

Hi Sive,

Please, confirm if the trend turned bullish on 1 hr and 4 hr charts.

thanks.
HI Alf,
yes, currently both are bullish, but this is not what we want to see. Turning the trend is a good issue, but we need some pattern also or something.

Hi Sive,

At 4hr chart, do you think potentially there is a Douple repo buy forming now? - that is, if the 4hr close above the 3x3 at about 1.4351
Hi Eric,
yes I suppose that we can say that this is potential DRPO - at least DRPO LAL definitely.
Nice observation from you. Thanks.
This could be buy signal, that what to get before pull the trigger.
 

Sive Morten

Special Consultant to the FPA
Messages
12,710
BTW
it could turn to hourly Butterfly Buy. If so - watch for 1.618 target of it around 1.4180-1.4190 in spot terms. Possibly this will be an area to enter Long.
 

Sive Morten

Special Consultant to the FPA
Messages
12,710
DRPO on 4-hour chart has been confirmed. Butterfly - consequently has been erased.
 

johan12321

Recruit
Messages
9
MVA

Hi Sive thanks for the great job you do,you helped me a lot learning to Analise the market my self,i was just wondering what MVA you use, cos i tried to use the simple 3x3 and it doesn't look the same as yours
 

Sive Morten

Special Consultant to the FPA
Messages
12,710
Hi Sive thanks for the great job you do,you helped me a lot learning to Analise the market my self,i was just wondering what MVA you use, cos i tried to use the simple 3x3 and it doesn't look the same as yours
Hm. curious... 3 Simple MA shifted forward for 3 periods.
Difference could appear from slightly diffferent quotes - futures from spot.
 

sanders

Recruit
Messages
10
@georgeta
Yes, i had the same idea, but the butterfly looks not realy perfect and the C-D move takes too much time. But maybee it works an we are happy. :)
 
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