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FOREX PRO Weekly May 09-13, 2011

Discussion in 'Sive Morten- Currencies and Gold Video Analysis' started by Sive Morten, May 7, 2011.

  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    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.
     

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  2. ALF

    ALF Private, 1st Class

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  3. eric lew

    eric lew Private

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    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
     
  4. Sive Morten

    Sive Morten Special Consultant to the FPA

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  5. Sive Morten

    Sive Morten Special Consultant to the FPA

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    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.
     
  6. Sive Morten

    Sive Morten Special Consultant to the FPA

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    DRPO on 4-hour chart has been confirmed. Butterfly - consequently has been erased.
     
  7. johan12321

    johan12321 Recruit

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    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
     
  8. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hm. curious... 3 Simple MA shifted forward for 3 periods.
    Difference could appear from slightly diffferent quotes - futures from spot.
     
  9. georgeta

    georgeta Sergeant

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    EURUSD butterfly

    Hi everyone!
    Possible scenario on H1 EURUSD. Although, H4 shows negative dinamic pressure...
     

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  10. sanders

    sanders Recruit

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    @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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