FOREX PRO Weekly October 10-14, 2011

Sive Morten

Special Consultant to the FPA
Messages
13,178
EUR/USD Daily Update, Fri 14, October 2011

Good morning,

On daily chart we see some inside trading sessions and no retracement due overbought. It tells that market rather strong, and probably today we can expect some upside continuation, since overbought level at 1.3970...

On 4 hour chart we see nearest target at 1.3840-1.3880 area of Agreement and forming bullish dynamic pressure - trend has turned bearish but market stands flat.

On hourly chart 2 patterns - bullish Stop grabber (in circle) and Butterfly sell with minimum upward target at 1.3855-1.3865, extended 1.618 at 1.39-1.3920.

So, I suggest that to the upside we will achiieve 1.3880 at minimum, especially if Retail Sales will help us.

Other scenario is to the downside. If market will erase Butterfly and move below 1.3670 area, prefferably by some thrusting move, then probably we can count on continuation to 1.34.

But currently it looks more bullish rather than bearish.
 

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Sive Morten

Special Consultant to the FPA
Messages
13,178
Hi Sive! I've been squating with a free trial, Joe Dinapoli's forums wich are pretty cool to gather knowledge. For what I've seen various traders have taken private seminars with Dinapoli experts or Joe himself and have been taught some advanced techniques and new definitions. I've seen something like the "dominant extension" (posted by Dinapoli himself) of a series of valid extensions and how to identify it and aswell trading plans like SOR "Scalp-O-Rama" and another one I don't remember the name. My questions are: Have you taken some of these seminars or are you aware of these trading plans and advanced lessons? I have the feeling this is somehow implicit in your weekly review and that these techniques for advance p-sem attendants are more like a marketing strategy or , at the most, a one-on-one review of normal , regular Dinapoli levels trading method. But hey, It could just be the other way around and there's some info you could share with me and the others. Thanks for everything man, your work is amazingly helpfull.
Hi Damian,
yes, Joe's forum is very informative.
Most DiNapoli experts are high professional traders, and their skills much better than mine. I suppose that Private seminars, as standard as advance give huge push in trading success, but I have not visited it, because my primary work is risk management in bank, not trading.
Still, if you decide that trading is your call, and you seriously look at it - sooner or later you will fill neccesity of visiting seminars. Hopefully I will able to take some lessons from you in this case...

Speaking about specific trading techniques, that were not mentioned in the book, such as stop grabber, volatility breakout (how to trade it?), Dynamic pressure Kibby trade and SOR - They could not be freely discussed, since I suppose there some law protection exists. Besides, with some degree of confidence I can discuss only Stop grabber, Dynamic pressure, Kibby trade and volatility breakout trading.
I do not know what is SOR.
But even this discussion demands advance understanding of Dinapoli technique and multiple time frame using etc.
 

Triantus Shango

Sergeant Major
Messages
1,372
The retail trader's plight

Sive

considering your experience in the banking industry, what would say are the chances of retail traders to really make it in this business? How badly are the odds stacked against us?

What i am getting at is this: let's say a trader knows everything s/he should know about techniques and implements the strategies with discipline and consistency; the trader's equity grows; will s/he hit a wall at some point because of some hidden structure in this business, like for example how retail brokers control their ECNs and risk exposure?

Triantus
 

Sive Morten

Special Consultant to the FPA
Messages
13,178
Sive

considering your experience in the banking industry, what would say are the chances of retail traders to really make it in this business? How badly are the odds stacked against us?

What i am getting at is this: let's say a trader knows everything s/he should know about techniques and implements the strategies with discipline and consistency; the trader's equity grows; will s/he hit a wall at some point because of some hidden structure in this business, like for example how retail brokers control their ECNs and risk exposure?

Triantus
Well, Triantus,
First, my experience tells me that "to know" is not the same as "to execute". Execution is 50%, other 50% is odds-positive trading approach. Execution includes all psychological stuff as discipline, diligency etc, accuracy...
If so, then, probably you can succeed. Also huge importance is education from right persons. I don't know, for my trading style they are DiNapoli and his experts, just for example. For your trading style it could be some other person - but he/she has to be really professional who has reached success.

Speaking about ECN, Retail brokers etc.
My thought is at some moment is better shift to ecxchange traded market. Mostly it depends on account value. I think, that trade through some Forex broker with assets greater than 50K is unsafe. Definitely speaking, not just unsafe, but with such assets you can trade without those problems that OTC market has.
This will safe you from a lot of problems. This is just safer from as law view as from financial view. I will not even consider such questions as correct indicators' work.
 
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