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.
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.