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FOREX PRO Weekly May 21-25, 2012

Discussion in 'Sive Morten- Currencies, Gold, Bitcoin Daily Video' started by Sive Morten, May 19, 2012.

  1. seedof

    seedof Corporal

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    Commander
    I want to ask if you see the possibility of retracement reaching 1.3000 area since the 1.618fib extension on 4hrs is around there
     
  2. adman

    adman Private

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    Sive, was the drop too great today to likely be a DRPO? (Fell to 1.2659, too far below the green line 3x3 MA?). Or do you still see a possibility of a DRPO since the euro closed at 12684? Or are we looking at the start of a Bread & Butter continuation pattern down? (even though the retracement upward stopped somewhat short at 1.2826).
     
  3. adman

    adman Private

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    After a very large 160 pips between high & low in today's session, history suggests only a bit more than half that in the May 22-23 session which is about to start. I show S1 at 12622, R1 at 12782, S2 at 12560 and R2 at 12880. Sive doesn't trade S3 or R3, but the euro came within 3 pips of reaching S3 today. The entire 160-pip move today was down, which shows the immense bearish dynamic pressure. This suggests, to me at least, that the chance of a DRPO close tomorrow above the green 3x3 MA line is not very good. It seemed like a lot of people "joined the party", as Sive puts it after yesterday's retracement. I suspect even more will join at this new session's Pivot Point at 1.2720.
     
    #33 adman, May 22, 2012
    Last edited: May 22, 2012
  4. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Hi Ochills,
    in fact, MACD of different time frames is sufficient and Stochastic is not needed. But it could be used as DiNapoli has described.
    Choosing of right level to enter is a combination of Trend on different time frames, patterns and Fib work. For instance on daily/hourly TF. You know the level while daily trend will hold. You know significant levels. On hourly Time frame you may apply Fib extensions and find Agreement. If market will form some reversal pattern around it - much better.
    Another way to enter - do nothing and wait when hourly TF will turn in a row with daily from one of the levels. After that use nearest Fib level to enter.
    Read our school - trend compounding in chapter dedicated to multiple time frame analysis. You will get it.

    Hi Adman. MT4 allows to know it definitely - just use View ->"Data Window" option (CTRL-D). Put cross on bar that you're interested in and you'll see precise numbers of all indicators.

    Hm. Currently, retracement is possible (look at today's update on first page), but now it is impossible to say will it reach 1.30 or not. Now even is a question will it happen at all, but patterns that may trigger it are forming.

    Market has not moved too far from first bottom of DRPO. So this pattern is still could appear.
     
  5. pragmatic

    pragmatic Corporal

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    Hi everybody!
    Definitely a DRPO on H1. I have a sleeping buy order at 1.265.
     
  6. squidge42

    squidge42 Corporal

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    i'm looking for it to fail...and sell on a close below 1.2642
     
  7. gammel

    gammel Private, 1st Class

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    sive i watned to ask you are you we no longer getting the analysys textverrsion for every day .. so its only text version at mondays? but no longer on other days...please clarify
     
  8. cercamon

    cercamon Private, 1st Class

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    Hi gammel, you'll find the daily text version on page 1... at the beginning of the thread.
     
  9. Lolly Tripathy

    Lolly Tripathy Sergeant Major

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    yahoooooo............. :)
     
  10. squidge42

    squidge42 Corporal

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    ditto Lolly - 200 pips - that'll do me :)
     

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