FOREX PRO Weekly October 10-14, 2011

the following post made me roll on the floor :

"Hi Tourada, I'm afraid that this is not about me... At least because I'm not from India"

hahahahahahahahaha

Hi Yousuf,
and why it looks to you so funny? Really. I've answered absolutely seriously...
I'm not accuse you, I'm just curious...


Yep, thanx Triantus .
 
DRPO on 4H Chart Forming?

Hi Sive,

Thanks a million for all your help, as always its greatly appreciated.
Does this look like a DRPO forming on the 4 hour chart? The last candle is about 2 hrs from close in the image. The white line being our 3x3

Thanks again for all you do

Markus
 

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Hi Sive,

Thanks a million for all your help, as always its greatly appreciated.
Does this look like a DRPO forming on the 4 hour chart? The last candle is about 2 hrs from close in the image. The white line being our 3x3

Thanks again for all you do

Markus

Hi Markus,
it's hardly DRPO, since market has penetrated 3x3 twice during the up thrust. THe most recent part of thrust has not sufficient number of candles. So, it's difficult to call it even LAL.
 
EUR/USD Daily Update, Wed 12, October 2011

Good morning,

On daily time frame there is nothing new to discuss - just remember today's level of overbought - 1.3755

On 4 hour chart we see bullish Dynamic Pressure with MACD, that relatively confirms our yesterday assumption that probably market will make new highs and only after that will start retracement. Potential targets of that retracement currently are 1.3480 and 1.3350.

The most interesting on hourly time frame. This is potential Butterfly "Sell" with 1.27 target at 1.3726 slightly higher than monthly pivot at 1.3717. That is what I mean when tell - "Wait for clear patterns on lower time frame"
Probably we can exclude possibility moving to 1.618 target, at least today, since it stands above daily overbought.

So, that's my trading plan - wait of completing point of Butterfly at 1.3725 - place stop above daily overbought (1.3755). This gives you tremendous risk/reward ratio and exceptional probability that your stop will not be triggered since it above daily overbought.

Still, if market will break low at 1.3557 and erase Butterfly - then we have to wait for nearest retracement up to enter. It hardly to predict it for sure, but probably it will mean that market weaker than it seems and ready for retracement right now.
 

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Hi Sive,

Thank you very much for your useful analysis.
May i know what type of indicator that i can use to replace your Oscillator Predictor (OscP) on daily time frame to determine the overbrought/oversold level. Please give me some example with paramenter.
Currently, I'm trading with MT4 platform.

Thank you!

Cheers,
Chee Lee
 
Hi Sive,

Thank you very much for your useful analysis.
May i know what type of indicator that i can use to replace your Oscillator Predictor (OscP) on daily time frame to determine the overbrought/oversold level. Please give me some example with paramenter.
Currently, I'm trading with MT4 platform.

Thank you!

Cheers,
Chee Lee

Hi Chee Lee,
you may use DOSC or Momentum, as it described in our FPA School:
Forex Military School | Complete Forex Education by a Pro Banker - Forex Peace Army Forum
 
hey sive.

hey sive, market has reached market 1.618 target of the butterfly but refuses to turn around.......
 
Good morning,
Market has reached our ultimate short-term target around 1.37 - daily K-resistance and overbought. So, despite the nice upside momentum, it's not the time to enter long right now. We need some pullback.

On 4-hour chart you also can see that market has reached some significant intraday Fib extension targets.

Hourly chart tells that potential targets of retracement are 1.3480 K-support and major 0.618 Fib support at 1.3351.
But be aware of new highs that market could show right before retracement will start. Take a note, that Monthly pivot stands at 1.3717 - right at 1.27 extension of current small retracement swing. Market could touch it first, and start retracement second.

So, Trading plan as follows - if you're day trader - wait 1.3480 or even 1.3351 to enter long.
If you trade intraday - search for sell signals around 1.37 - it could be Butterfly "sell", may be even H&S, I don't know. When we will see something like that - enter short with minimum target at 1.3480 - ultimate 1.3350.

1.3350 is particularly interesting - just remember what we've said earlier about potential reverse H&S on daily time frame... That is one of the possible mid-term perspectives...

Hi Sive,

The price has reached 1.3785. What will be the down side target I should look for?

Thanks.
 
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