FOREX PRO Weekly May 14-18, 2012

[Sipi]

Hi Sive!

What your opinion about a possible stop grabber on weekly tf. spiking below 1,26 low in the next few week? (and following reversal)

 

[rashidin5178]

Hi Sive,

I know H4 butterfly buy has failed already but I just wondering why you didn't consider Gartley buy pattern on weekly TF around 1.28 for this week analysis? It also coincide with WPS1 and MPS2. So we got some quite strong support that probably will bounce it to upside. Is it because of we should follow major trend and assume this pattern is no chances to survive? When you didn't consider it then obviously we should also not but the question is why? To me its quite obvious, I mean this gartley.
Sorry for my question, Sir cause I can't justify the neglect of this pattern currently.
Thanks and Best Regards

 

[Triantus Shango]

H&S on M5 or W pattern.

here is a visual index of patterns: http://www.thepatternsite.com/visualcpindex.html

 

[Triantus Shango]

next TP = 2957. homework: why?
(too lazy tonight to post all the reasons)

 

[Triantus Shango]

DRPO LAL on H1

less than perfect DRPO LAL on H1 and the usual suspects on H4 (hammers)

on H1, K-areas = 2876, 2953-73

AB=CD --> A = 2814, B = 2836, C = 2823 (61.8% of last move up from 2814 on M15) but this might change, maybe lower or of course cancellation of AB=CD if market drops back down to the figure.

but as it stands now 1:18 AM EST, this AB=CD gives us the following agreement area:

2851 = FE 127.2
2859 = FE 161.8
2867 = FE 200 (= 38.2% from 2957 (M15))
2881 = FE 261.8

 

[Sive Morten]

Hi Sive!

What your opinion about a possible stop grabber on weekly tf. spiking below 1,26 low in the next few week? (and following reversal)

Hi Sipi,
Currently I do not see any SG on weekly TF. Would you please post the chart.

Hi Sive,

I know H4 butterfly buy has failed already but I just wondering why you didn't consider Gartley buy pattern on weekly TF around 1.28 for this week analysis? It also coincide with WPS1 and MPS2. So we got some quite strong support that probably will bounce it to upside. Is it because of we should follow major trend and assume this pattern is no chances to survive? When you didn't consider it then obviously we should also not but the question is why? To me its quite obvious, I mean this gartley.
Sorry for my question, Sir cause I can't justify the neglect of this pattern currently.
Thanks and Best Regards

Hi Roger,
Yes, you've said correctly. Since Major 0.618 level that was also Agreement could not hold market, It is even more so with minor 0.786 or 0.886. Besides, all trends are bearish now. Without directional patterns, existing of just 0.786 support is insufficient to enter long.
Your scenario is possible, but I will think about long entry only after upward move will be supported by trend shifting.
Another thought is trading of harmonic patterns is different from trend and direction trading. For instance, "222" that, as you think, could start from 0.786 level will be treated as work well, even if it will show just 0.382 retracement from recent swing down. While from trend trading point of view - this is nice rally to sell. In combinations of these two approaches there are ways of same price action that treated differently.

 

[Triantus Shango]

Potential Gartley 222 Buy on EUR/JPY Daily/Weekly

for those interested in trading the e/j, it looks like the left wing of a potential Gartley 222 Buy just completed on daily/weekly for e/j. if it's up from here, then this would be the beginning of the left side of the right wing. some good 100s of pips of potential profit.

 

[rashidin5178]

Hi Roger,
Yes, you've said correctly. Since Major 0.618 level that was also Agreement could not hold market, It is even more so with minor 0.786 or 0.886. Besides, all trends are bearish now. Without directional patterns, existing of just 0.786 support is insufficient to enter long.
Your scenario is possible, but I will think about long entry only after upward move will be supported by trend shifting.
Another thought is trading of harmonic patterns is different from trend and direction trading. For instance, "222" that, as you think, could start from 0.786 level will be treated as work well, even if it will show just 0.382 retracement from recent swing down. While from trend trading point of view - this is nice rally to sell. In combinations of these two approaches there are ways of same price action that treated differently.

Thanks a lot for your wonderful answer, Sir.
BTW, my name is Rashidin, Sir. Roger means Yes Sir!
Thanks and Best Regards

 

[Triantus Shango]

Usd/inx

also keep an eye on the USD/INX. midBB(p = 17) comes in at 80.63 on H1. we are currently at 80.59 (2.04 AM EST). and 100 MA = 80.17.

first 38.2% = 79.93 of the last move up on H4.

also USD/INX just hit the 50% node at 80.63 on weekly and the last move up was a bounce from 78.59 = 38.2% of the last major move up on daily.

 

[Sipi]

Hi Sive!

It is just an imagination, a possible scenario, not more.
Unfortunately I couldn't post any chart and pictures or something else from my workplace because of SEC rules.

So the question is: could become real this imagination in the next few weeks, or we just calculate 1,16 target in weekly tf?