FOREX PRO Weekly May 09-13, 2011

Messages
1
Good morning,
although we've expected a bit deeper retracement up - this has not happened and market collapsed again. But this tells us that weekly B&B has not started yet. Hence, the next area to watch for - as a potential support, where it could start - 1.40-1.4140 weekly Confluence support. Here is also daily oversold and weekly pivot support 1.

On 4-hour chart we see that market has reached 100% Fib target and 3-drive Buy, that we've discussed in the beginning of the week. Also here is a MACD Divergence. But really this is not a big deal currently.
The point is that we want to trade weekly B&B "Buy" pattern. And as you understand, if market intends to turn to solid retracement on weekly - it should show some clear pattern on daily and some reversal pattern on 4-hour chart (may be reverse H&S or something).
Possibly in could be, say, bullish engulfing on daily with W&R of previous lows, and classical reversal pattern on intraday charts.
Until that will happen - I will not enter long, besides, there are no clear buy singals as on daily as on 4-hour yet.
Second - our 3 drive could transform to larger one - if 1&2 drives will be first drive and third will become second - then market could show additional move down to complete it.
If you're scalp trader, possibly you can try to sell from some retracement from recent swing down with the target around weekly pivot support 1. But, this is just an assumption, based on daily trend and the fact that market is not at oversold. The question still remains how it will work...
Hi sive,

Market already hit todays low at 1.4123.Any clue to enter long???
regards
riyaz
 

Sive Morten

Special Consultant to the FPA
Messages
12,882
Hi guys!
What do you say about this butterfly on M30.
Maybe Sive can help us...
Hi Georgeta,
You're overestimating my role in all this stuff.

Well, Butterfly looks nice, but I wait for weekly B&B. This is too much difference for me 30-min and weekly.
I prefer to see some solid pattern on at least 4-hour chart, and on daily.
But we rare get what we want, right? So possibly all will start with this Butterfly, who knows...
 

georgeta

Sergeant
Messages
157
OK

I do not want to upset you, but Forex Military School still demands a lot of work.
So, my return to public trading account will happen not early than in 2012 I suppose...
:cute:
Well, the school is great. I do not miss a single class. I can only hope that I will see you trading live some day.
All the best!
 

georgeta

Sergeant
Messages
157
buy

Georgeta, I am just trying to figure out the butterflies, so, is yours a buy or a sell?
Thanks
It is a Buy!
Sive explained the Butterfly. I think that post is somewhere in late November. But I would not enter right now. Just like Sive says: Never jump in a running train. Wait for a retracement.
 

Icarus

Private, 1st Class
Messages
81
Hi Sive,

If I am not mistaken, AUDUSD is showing a possible DRPO sell on the daily time frame, with a close below the 3x3 today. Is the target of this signal .618 retracement of the whole swing to the upside?
 

pckeys

Private
Messages
12
Hi Sive,

If I am not mistaken, AUDUSD is showing a possible DRPO sell on the daily time frame, with a close below the 3x3 today. Is the target of this signal .618 retracement of the whole swing to the upside?
i was looking at the same thing.. but it can also be developing into a butterfly sell on 4 hour with the left wing having started at the 61.8 extension of the last abc pattern
Weekly TF still very bullish..
I'm long with a tight stop bellow the low at around the 1.0570 mark ...if the previous low gets taken out.. then the left wing of the butterfly will be invalidated and the pattern canceled ..
 
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