FOREX PRO Weekly May 23-27, 2011

[ochills]

Good day Sive

Base on your today analysis there are 2 important harmonic formation
the crab and AB-CD pattern on 4hour and 1hour. I often trade the harmonic pattern and in most cases, if I have 2 different patten occurring in different time frame
I usually follow the lower time frame. today the same thing has happen.
pls what do your opinion about this
thanks in anticipation for your reply

 

[Icarus]

Hi Sive,

Sorry, I do not know with what tools to draw an A-B-C-D so I have done it this way. Is this scenario not possible?

 

[mjunkyard]

gbp/usd

Hi Dear Sive;
I think that all of your education is starting to get to me. Please tell me if I'm right.
Are we currently in the middle of the fulfillment of the DRPO in the gbp/usd on the daily chart?

 

[jimmy.wibisono]

Base on your today analysis there are 2 important harmonic formation
the crab and AB-CD pattern on 4hour and 1hour. I often trade the harmonic pattern and in most cases, if I have 2 different patten occurring in different time frame
I usually follow the lower time frame. today the same thing has happen.
pls what do your opinion about this
thanks in anticipation for your reply

hi,would you tell me about harmonic pattern?

 

[Sive Morten]

Hi Guys, sorry for some delay...

Looks like its time for short, hourly ABCD Sell. Whats your opinion?

As market shows - that was an excellent trade. It mostly depend on your view on the market. This trade is more in 5min-60 min frame. Personally, I've not taken it, because search the possibility to enter Long according to what I've written in today's trading update. But trading purely harmonic pattern is OK. Here is major question to stop placing and position managing.

Base on your today analysis there are 2 important harmonic formation
the crab and AB-CD pattern on 4hour and 1hour. I often trade the harmonic pattern and in most cases, if I have 2 different patten occurring in different time frame
I usually follow the lower time frame. today the same thing has happen.
pls what do your opinion about this
thanks in anticipation for your reply

Hi Ochills,
I've said the same to Saunders, just above . It's Ok and could be done, I suppose.

Hi Dear Sive;
I think that all of your education is starting to get to me. Please tell me if I'm right.
Are we currently in the middle of the fulfillment of the DRPO in the gbp/usd on the daily chart?

Yes, your're right. In Video thread from 25 May Ertore has asked me about it. We've said, that although this is not perfect DRPO, mostly due lack of solid thrust, it could work - so that has happened.

hi,would you tell me about harmonic pattern?

Hi Jimmy.
This is a bit large topic. Currently look our analysis here, but later in Forex Military School will be the large chapter, dedicated to this:
Forex Military School | Complete Forex Education by a Pro Banker - Forex Peace Army Forum

 

[Sive Morten]

Hi Sive,

Sorry, I do not know with what tools to draw an A-B-C-D so I have done it this way. Is this scenario not possible?

Hi Icarus,
you can tune the trend line tool -to show you not as the ray, but as just stick - from point to point.
the major feature of AB-CD pattern is that C point could not be outside an AB move. BC move is a retracement of AB.

 

[Sive Morten]

EUR/USD Daily Update, Fri 27, May 2011

Good morning,
Finally it's twisting and turning to the upside, and may be this is what we've awaited for. Currently difficult to say will market definitely reach 1.4550, but recent move up tells, that chances are not equals to zero.

So, On daily time frame we see frist resistance at 1.4330 - Fib + pivot resistance1. Market is not at overbought, so, technically it has no barriers to continue it's move.
The major problem is that today's Friday and long holidays due Memorial Day ahead. It could lead to soft trading session.

On 4-hour chart - the same Crab as yesterday

Hourly chart
If you've followed the trading plan that we've discussed yesterday, then you should have long position now. If you don't - do not be frustrated too much. There will be chances to enter Long. And first area to watch - 1.42. THis is Fib support and pivot point. Stop looks logical below 1.4140. If market will touch it - then it will have to erease all thrust up and return back below pivot. That is very bearish.
Also, keep an eye on 1.4220-1.4230 area - because, since market is not at overbought, it could show quite shallow retracement just to the middle of recent up bar. But this scenario, has less chances to my mind, because price just hit 1.618 Fib target from ABC pattern. And usually market shows relatively deep retracement after that.
But who knows... That's why I just what to attract your attention to that moment.

 

[jimmy.wibisono]

Hi Sive,

so we can make buying position with t/p 300 points target ?

 

[Sive Morten]

Hi Sive,

so we can make buying position with t/p 300 points target ?

Hi Jimmy,
well, I can't definitely say that market has to hit it. I just share with you what I see, but decision has to be up to you. I can't take resposibility for your money...

 

[jimmy.wibisono]

Hi Jimmy,
well, I can't definitely say that market has to hit it. I just share with you what I see, but decision has to be up to you. I can't take resposibility for your money...

ThankYou Sive

- Have a nice day -