FOREX PRO Weekly May 30- June 03, 2011

[Sive Morten]

EUR/USD Daily Update, Thu 02, June, 2011

Hi there,
Looks like we should wait a bit. Although market has 100% accomplished our trading plan for yesterday - retraced from 1.4450 to 1.4330 and now in some upside move - I do not very trust in that move.
The way how it develops tells that this is more respection of support after initial thrust, then shift of momentum to upside again.
And that makes me thing about two possible scenarios:
1. We will see deeper retracement
2. We will see some upside reversal pattern and current move is a part of this pattern. This scenario is more welcome for us.
So, if you have entered long already - tight your stops or move it on breakeven.
If you're still flat - stay flat, until clearer signals will appear.

 

[muzammil_p]

DRPO on GBP/USD

Hi Sive,

Thanks for all your efforts for sharing your knowledge. Your analysis is awesome.

On 1 hour GBP/USD chart, is it forming a DRPO failure pattern? If yes what FIB level could be target?

Thanks.

Muzammil

 

[jimmy.wibisono]

Hi sive,

in daily time frame chart is there any possibility to form the pattern 5-0
give me advice if I am wrong view.

-Thank You-

 

[nicolebobbin]

Hi Sive, Just for your info, seem like you would agree with this Elliott Wave Count, wouldn't you ?

 

[Sive Morten]

Hi Sive,

Thanks for all your efforts for sharing your knowledge. Your analysis is awesome.

On 1 hour GBP/USD chart, is it forming a DRPO failure pattern? If yes what FIB level could be target?

Thanks.

Muzammil

Yes, looks like you're right. Well, there are some ways to estimate the target - first one is to take profit, when market will show close above 3x3 after some move down. Second - is to estimate some Fib extension target or yes, as you've said - some Fib support below the market.

Hi sive,

in daily time frame chart is there any possibility to form the pattern 5-0
give me advice if I am wrong view.

-Thank You-

Hi Jimmy,
I'm not very familar with 5-0 pattern. Please clarify what is it. I just remember that somebody already have told about it here, but without any explanation.

Hi Sive, Just for your info, seem like you would agree with this Elliott Wave Count, wouldn't you ?

Hi Nicole,
Well, I'm not a great follower of EW. Probably it's correct .
I look at same levels due other reasons. Still - if two different methods confirm each other - this is mean something....

 

[hollywood1111]

It looks like I have missed the trade
It reached 1,4485. What now? Wait for kiss goodbye to 1,4450 for entering long, or it's too late?

 

[mjunkyard]

NFP

Hi Sive;
You mentioned the NFP in your video today.
I would like to ask you something about it. I can't seem to understand the behavior of the market in reaction to the news.
On the one hand; Low numbers is bad to the dollar and therefore the eur is meant to shoot up.
On the other hand; Low numbers is bad for the US economy so the market crashes and it causes major risk aversion and the dollar moves up due to it's correlation to the markets.
Would you please share you're rich experience with us?
sincerely
Mjunkyard

 

[faxxaff]

It looks like I have missed the trade
It reached 1,4485. What now? Wait for kiss goodbye to 1,4450 for entering long, or it's too late?

I am short

 

[pragmatic]

nice spike

Instincts can fool even Master Sive sometimes. It went up really slow but then spiked hard. Good advice though: SL to break-even. Foolish me I closed very good position too early instead of just moving stops.

 

[mjunkyard]

Share a bit!

Well, I do not know all patterns . May be. We look at 1.37 area mostly due monthly overbought and potential bearish engulfing. Also it's monthly confluence support.

:err: yeah sir ... i read this all stuff ! for learning .. :nerd: and after that figure out myself with confused head!!!! :err: sir any advice for me .. do u think reading and learning this stuff is bad .. becoz all i thing learn from you , Gartley 222 , butterfly , railroad track , kiss and goodbye .. working for me .. if i trade 10 minimum winning 6 and due too 2:1 i am gaining lot( I am using that one u teach me .. i am entering in to the Agrement area .. with two mini's closing one with stoploss pips . and leaving one with same stoploss and target,due to this .. i am nearly having no loss!all free's! Bow too yoU!)

sir do u think .. i must stop reading all .. ?

hi Jyotiprakash Pal;
I don't know if this is a forum to do this. But if yes, I would like to hear a bit more about the strategy that you're describing. An almost no loss strategy is pretty cool.
sincererly
mjunkyard