FOREX PRO WEEKLY, October 18-22, 2010

[Sive Morten]

EUR/USD Daily Update, Fri 22, October 2010

Hello, everybody

As I've said, market is in trading enviroment right now and personally I was flat yesterday. But recent price action gives me some ideas.

Yesterday market has accomplished 0.618 target at 1.4040 roughly that we've talked about turned to the downside and currently it below pivot.
From the larger ABC-top pattern on 4-hour chart we can see that 0.618 target precisely at weekly pivto support 1 and 0.786 Fib support. I think that market should reach it if hourly H&S pattern will work well.

Ok, what the idea? - 4-hour Butterfly "Sell" pattern that possibly is forming right now. Very interesting that the target of 1.618 Butterfly is precisely at next weekly 1.272 Fib expansion target and Fib resistance around 1.4450...

 

[Sumeet Malik]

Thanks Sive. About yesterday, the best signal sometimes can be to stay out of it.

 

[dezza33]

Ok, I've found one. I've trade it personally - excellent example of DRPO Sell on daily Corn - see attachment




Hi, Mili, yes, the minimum target is a low between 2 and 3 drives. But it does not mean that market should stop there... it's just a minimum level, that market usually reaches.

Thanks Sive,
it looks like a crunched up double top. Now I know what to expect, I understand your analysis better

 

[cma]

Hi, Georgeta,
unfortunately not. Besides, I think, that you can do this after some time also.
There is nothing impossible here.

Could you advise some books and classes (online or live) to learn?

Thank You.

 

[Moiz]

Well, it is Double Repo (Look A Like) time Ladies & Gentleman,

Short at 1.3870 stop at 1.3968-1.3980 (confluence resistance & weekly pivot) or stop at 1.4048 (76,8 retracement, much preferable because of the strenght of the thrust).

Don't forget that it is a Look a Like & Sive said that he expected a Double Top which are all against that signal. So will I take this signal? Probably yes, because Double Repos or (LAL) don't come too often on daily basis.

Hello Sir, I am new to this system of trading. Please excuse my ignorance. I have a few questions with reference to your original and later posts:

1- How do you consider this a double repo on the dailies. We just seem to have one close below the 3X3 moving average. Do we not need a close above and then a second close below the 3X3 before we can call it a double repo?

2- Also, can you please help me understand how do we place a stop for double repo patterns. I am a little confused on that.

 

[profit13]

This topic are really interesting, but please update this weekly.