FOREX PRO Weekly November 07-11, 2011

[rashidin5178]

Hi Guys,

Just to remind our weekly analysis prepared by Sive, H4 stop grabber has been cancelled out by the price. For me it is not safe to hold or open buy position. Am I right, Sive?

Thanks and Best Regards.

 

[Sive Morten]

Hi Guys,

Just to remind our weekly analysis prepared by Sive, H4 stop grabber has been cancelled out by the price. For me it is not safe to hold or open buy position. Am I right, Sive?

Thanks and Best Regards.

Yes, trend has turned bearish on 4-hour

 

[rashidin5178]

Guys,

I can't understand why rumour about Berlusconi may step down in hours spike the market? Anyone pls comment.

Thanks and Best Regards

 

[Sive Morten]

Guys,

I can't understand why rumour about Berlusconi may step down in hours spike the market? Anyone pls comment.

Thanks and Best Regards

Do we have somebody in Italy, like Onenikos in Greece?

 

[Sive Morten]

EUR/USD Daily Update, Tue 08, November 2011

Good morning,

Price action on daily time frame is anemic and it's almost nothing to add here - the same indecision environment and bearish pennant. Trend is bearish and market stands below pivot point.
Actually, overall technical picture looks bearish, but the way of price action tells that market couldn't decide how to be. Greece has not totally resolved its problems yet, as new headwind from Italy comes. So, you may trade this pattern, I mean pennant, but don't be surprised, if some breaking news from EU will shake the market drastically.

On 4 hour chart I do not see any clear pattern to trade. Market stands in parallel channel. All that I can say now is that price action is retracement and not impulse move. So, it points on chances to be continued to the downside. But again - this is pure technical view on situation.

Probably it makes sense take some pause and wait for some more certainty, at least appearing of patterns. Or, drop time frame even lower - to 5-15 min charts and trade very short-term. The choice is up to you.

 

[asif faryad]

Thanks Sive

Thanks Sive

I am going to as you would say SIT ON HANDS

As you say market is always there better wait for clear signals as professional traders.

Wishing you a very nice day all the best and thank you for your great teachings.


Asif

 

[onenikos]

Dear BackSpace and All, I will gladly fill you in on developments in Greece and the region as I do have great respect for the effort of FPA and the people in here.
So here is your latest : (before the wires ) Lukas Papademos is locked in for PM. He carries a lot of weight in the EU due to his past post as VP of the ECB. (12:00 local)

 

[onenikos]

Be careful that there is no official announcement on this it is rather based on my own private info...Thanks -

 

[rashidin5178]

Dear BackSpace and All, I will gladly fill you in on developments in Greece and the region as I do have great respect for the effort of FPA and the people in here.
So here is your latest : (before the wires ) Lukas Papademos is locked in for PM. He carries a lot of weight in the EU due to his past post as VP of the ECB. (12:00 local)

Hi onenikos,

Thanks for the info and kindly pls keep updating dude!

By the way, we are looking for Italianos. Anybody from Italy?

Thanks and Best Regards

 

[onenikos]

As we are waiting by tonight the formation of the new government in Greece I would like to share with you some short comments useful to understand the importance of the period we are just passing and reflected by the indecision of the markets. Greece has and is creating turmoil in the markets its economic situation but Greece is only 1.8 of the EU GDP while Italy is at 17% whith current deficit of 1.9 Trillion EU's. This give you a measure of the impact of the developments in the neighboring country. There are similarities between the two such as the inability of the opposing parties to come to terms when disaster threatens and the fact that Italy has been borrowing heavily and now at over 6% lately! The markets will react favorably to Berlusconi's resignation although he seems to have the 316 votes of confidence he needs...we shall be watching the outcome. The point here is that Italy exports primarily within EU and the austerity measures everywhere is reducing exports. Combine this with the increasing spreads and interest rates and you get a scary avalanche. If Italy must be salvaged from EU as Greece this in my opinion cannot be done and we shall see the dissolving of the Eurozone with the healthy North forming probably a zone and the South left to its fate. That is why it is important for Italy while it is still possible, to take the steps necessary for both the country's and Eurozone's preservation.
Regards to All