FOREX PRO WEEKLY, November 08-12, 2010

EUR/USD Daily Update, Thu 11, November 2010

Good morning,
EUR has shown W&R of previous lows yesterday, although I've thought it should be a bit deeper, it still a W&R.
Now, on hourly chart reverse H&S pattern is forming with nice risk/reward ratio. In general, we do not want to see cancelling of W&R pattern, i.e. moving below the Head of H&S.
The minimum target is 100% Fib expansion around monthly pivot, but market even can reach 1.618 expansion
 

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Good morning,
EUR has shown W&R of previous lows yesterday, although I've thought it should be a bit deeper, it still a W&R.
Now, on hourly chart reverse H&S pattern is forming with nice risk/reward ratio. In general, we do not want to see cancelling of W&R pattern, i.e. moving below the Head of H&S.
The minimum target is 100% Fib expansion around monthly pivot, but market even can reach 1.618 expansion

Mr. Morten,
As usual,thank you for your analysis; I would like to double-check something though.

The hourly chart with the H&S pattern that you speak about is the second chart in your post, right? So, you expect price to go up to 1.3875 (100%) if the neck line is broken, and possibly to 1.3969 (161.8%). Did I get it right?
Thank you.
 
H&S

And one more thing, Mr. Morten,
"In general, we do not want to see canceling of W&R pattern, i.e. moving below the Head of H&S" - Does this mean than you still expect (in a bigger picture) the price to continue down? After the H&S pattern is completed?

Thank you
 
Mr. Morten,
As usual,thank you for your analysis; I would like to double-check something though.

The hourly chart with the H&S pattern that you speak about is the second chart in your post, right? So, you expect price to go up to 1.3875 (100%) if the neck line is broken, and possibly to 1.3969 (161.8%). Did I get it right?
Thank you.

And one more thing, Mr. Morten,
"In general, we do not want to see canceling of W&R pattern, i.e. moving below the Head of H&S" - Does this mean than you still expect (in a bigger picture) the price to continue down? After the H&S pattern is completed?

Thank you

Hi, MidnightRun
1. That's right.
2.Well, according to weekly research, I treat current move down as a retracement in long-term picture. And think that it should not go lower than 1.33 area. If it will break 1.33, then this will be quite another tune.
So, hourly chart is a short-term. And this just a separate possible trade. May be retracement, that we're talking about has finished already - market has reached 1.3660 area of strong support. It could continue move up. Currently I do not know - all that I see now is a H&S and short-term scalp possibility. May be this is a start fo something bigger than just hourly H&S.
 
EUR/USD Daily Update, Fri 12, Nov 2010

Good morning,

Yesterday market absolutely erased possible H&S pattern on hourly time frame and passed through monthly pivot support 1 and daily Confluence support. This looks very bearish to me, and I think that the probabiliy of reaching 1.3250-1.33 area is rising.

Meantime, today market can reach 1.3512 level. This is 100% expansion from 4-hour ABC, 1.3490 today's daily oversold. So, possibly market can show some retracement up from there. If you are holding some short positions it's time partially to take chips off the table.
 

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re e/u

thks Sive -was frustrated as i cud neither get U tube and the other file thing
missed your written word -thk you for being there today -most helpful-have a nice w/end Sive regards joh
 
Hello Sive

The market is behaving exactly the way you predicted in your weekly analysis to the dot.

You had said retracement till 1.36 which is what happ.
You said W&R at 1.36 thats what is happ.

Your analysis is amazing.

Thanks a lot.
Mili
 
What the Hell Is Going ON?

I absolutely do not get what's going on in the market. Europe's GDP missing expectations, and EU is shooting up, while it should be going down. Swiss frank should be going down, it is actually going up. If this is not market manipulation, what is?
 
I absolutely do not get what's going on in the market. Europe's GDP missing expectations, and EU is shooting up, while it should be going down. Swiss frank should be going down, it is actually going up. If this is not market manipulation, what is?

Yeah, exactly. I suppose those rumors are the means.

That was crazy ride. I held onto my shots position for the whole spike up and now it crashed back a bit, so I closed.

Sive, what are your thoughts on current situation?

RAsto
 
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