Forex FOREX PRO WEEKLY, October 28 - 01, 2019

sveckar22

Private, 1st Class
Messages
59
Hi mate, today's update is dedicated precisely to this subject. Shortly speaking - I prefer to wait for pullback and see what will happen. For details - keep reading.

So, our trading plan this week is dedicated to reversal process around 1.1065 area, at least this is how we initially expected this and discussed in weekly report. In fact, everything is in place, except the pattern that will trigger reversal. That's what we've discussed yesterday.

The result of previous trading session is reversal candle on daily chart. It means that maybe this is it, what we were looking for - reversal pattern. Appearing of reversal type of action in this place absolutely irrational for bearish setup. Market is not at any support. In fact, price stands in free space. But the way how price is moving right now absolutely doesn't correspond to normal bearish behavior. It means that indeed, market starts forming bullish reversal pattern:
EUR Daily chart
Unfortunately guys, here is some problem with FPA server - today I provide charts through google disk.

ON 4H chart action mostly reminds a kind of double bottom pattern or something:
EUR 4H Chart

Finally 1H gives us more information. Take a look at the price shape - it has started from strong collapse, then retracement stands and then market has tried to continue downward action but it couldn't not. This inability was replaced by strong rally. This is typical combination for reversal. And the pattern that we could get is reverse H&S, with double head.

Taking in consideration this pattern and its nice harmony - now we could wait for right arm's bottom around 1.11 area. This expectation will give us chance to check the bullish strength as well, because we need gradual, slow retracement, but not a collapse again. If everything will be OK and may be we even will get "222" Buy pattern - then it will be precisely the pattern that we're watching for.

1H EUR Chart

Thank you:)
 

RogerTC

Corporal
Messages
115
Morning,

The thrust dashboard scanner poked me for some pairs this morning,

thrust.PNG


I will be watching CHF/JPY on 4hr timeframe closely.

chfypy 4hr.PNG


Meanwhile; B&B played out nicely in daily CHF/JPY

chfjpy daily.PNG


Looking at USD/CAD; daily B&B is in play.

usdcad daily.PNG
 

Sive Morten

Special Consultant to the FPA
Messages
12,898
Morning everybody,

Well, although with the help of external factor but our setup was completed. Thus, trading plan for the week is done. As we've identified reversal type of price action two days ago - today it gets the continuation and market has jumped back to previous top on Fed statement, which appears to be not as hawkish as market has expected.

DXY B&B "Sell" also is completed. What's next? Well, in very short-term perspective, I do not see any reasons why EUR can't reach 1.1235 area. This is strong K-resistance, and also the border of the channel on weekly chart. Besides, market has no barriers till this level, in fact there is free space above.
Next step probably will reaction on this K-resistance area.

EUR Daily Chart

On 4H chart the H&S pattern that we've discussed yesterday has hit its ultimate target. As you can see, market stands at XOP. Thus, here we could get minor pullback and reaction on XOP target. Although it is difficult to say right now how strong it will be.

EUR 4H Chart

On 1H chart you could see that our H&S setup has worked perfectly. Yes right arm was fast, but we have to make a discount on Fed impact on trading process. Entry point at 1.11 area has been reached.
No we have support areas. Currently we have no clear bearish patterns in place, which could trigger retracement. Still, we could suggest here potentially DRPO "Sell", although not a perfect shape.

EUR 1H Chart

In general, I'm not sure that today is a good session for trading - long holiday's eve, and session after the Fed. If you trade on daily chart and have no long position - today is nothing to do. For scalp traders, well, maybe it is possible to catch DRPO "Sell" pattern here, but it is not perfect shape and I'm not sure that it deserves our attention. Better is to focus on next week and take a rest.
 

Robban68

Corporal
Messages
95
Morning everybody,

Well, although with the help of external factor but our setup was completed. Thus, trading plan for the week is done. As we've identified reversal type of price action two days ago - today it gets the continuation and market has jumped back to previous top on Fed statement, which appears to be not as hawkish as market has expected.

DXY B&B "Sell" also is completed. What's next? Well, in very short-term perspective, I do not see any reasons why EUR can't reach 1.1235 area. This is strong K-resistance, and also the border of the channel on weekly chart. Besides, market has no barriers till this level, in fact there is free space above.
Next step probably will reaction on this K-resistance area.

EUR Daily Chart

On 4H chart the H&S pattern that we've discussed yesterday has hit its ultimate target. As you can see, market stands at XOP. Thus, here we could get minor pullback and reaction on XOP target. Although it is difficult to say right now how strong it will be.

EUR 4H Chart

On 1H chart you could see that our H&S setup has worked perfectly. Yes right arm was fast, but we have to make a discount on Fed impact on trading process. Entry point at 1.11 area has been reached.
No we have support areas. Currently we have no clear bearish patterns in place, which could trigger retracement. Still, we could suggest here potentially DRPO "Sell", although not a perfect shape.

EUR 1H Chart

In general, I'm not sure that today is a good session for trading - long holiday's eve, and session after the Fed. If you trade on daily chart and have no long position - today is nothing to do. For scalp traders, well, maybe it is possible to catch DRPO "Sell" pattern here, but it is not perfect shape and I'm not sure that it deserves our attention. Better is to focus on next week and take a rest.
Thanks for the analyse,
Do you have information where the daily MACDP line is today?
 

RogerTC

Corporal
Messages
115
Roger, whether you buy scanner separately, or it is in our MT5 indi pocket?
And what's the price of all this stuff?
People could be interested with it.
Hi Sive,

All can be purchased through mql5 website and prices are reasonable. Please see below for details.

mql5.com/en/market/product/38848 => Thrust Scanner Dashboard for MT4
mql5.com/en/market/product/41669 => Thrust Scanner Dashboard for MT5
mql5.com/en/market/product/40783 => Stop Grabber Dashboard for MT4
mql5.com/en/market/product/41678 => Trend Scanner Dashboard for MT4

Note: User interface is simple for stop grabber and trend scanner but we have several variables including 'Trend Push' (Latest material covered in advanced seminars) in Thrust Scanner Dashboard. So if anyone interested i can try to explain/share details.

Capture.PNG

Regards,
 

RogerTC

Corporal
Messages
115
Morning everybody,

Well, although with the help of external factor but our setup was completed. Thus, trading plan for the week is done. As we've identified reversal type of price action two days ago - today it gets the continuation and market has jumped back to previous top on Fed statement, which appears to be not as hawkish as market has expected.

DXY B&B "Sell" also is completed. What's next? Well, in very short-term perspective, I do not see any reasons why EUR can't reach 1.1235 area. This is strong K-resistance, and also the border of the channel on weekly chart. Besides, market has no barriers till this level, in fact there is free space above.
Next step probably will reaction on this K-resistance area.

EUR Daily Chart

On 4H chart the H&S pattern that we've discussed yesterday has hit its ultimate target. As you can see, market stands at XOP. Thus, here we could get minor pullback and reaction on XOP target. Although it is difficult to say right now how strong it will be.

EUR 4H Chart

On 1H chart you could see that our H&S setup has worked perfectly. Yes right arm was fast, but we have to make a discount on Fed impact on trading process. Entry point at 1.11 area has been reached.
No we have support areas. Currently we have no clear bearish patterns in place, which could trigger retracement. Still, we could suggest here potentially DRPO "Sell", although not a perfect shape.

EUR 1H Chart

In general, I'm not sure that today is a good session for trading - long holiday's eve, and session after the Fed. If you trade on daily chart and have no long position - today is nothing to do. For scalp traders, well, maybe it is possible to catch DRPO "Sell" pattern here, but it is not perfect shape and I'm not sure that it deserves our attention. Better is to focus on next week and take a rest.
Thanks for the analyse,
Do you have information where the daily MACDP line is today?
Here you go.. It is 1,1127

EURUSDDaily.png



Regards,
 

Sive Morten

Special Consultant to the FPA
Messages
12,898
Note: User interface is simple for stop grabber and trend scanner but we have several variables including 'Trend Push' (Latest material covered in advanced seminars) in Thrust Scanner Dashboard. So if anyone interested i can try to explain/share details.
Interesting...
It would be nice if you explain this, if it possible here, of course. This is new stuff for me as well.
 

Sive Morten

Special Consultant to the FPA
Messages
12,898
Morning guys,

So, EUR has closed above September's top and formed bullish reversal month. This event should provide positive consequences in nearest future.

Meantime, our minor retracement is over and market is coiling near the previous top of OP target. Road to 1.1235 is clear as we have no other barriers between current market and K-resistance area. Yesterday also small bullish grabber has been formed here.
eur_d_01_11_19.png


On 4H chart trend stands bullish as well, market shows upside acceleration. High wave pattern that has been formed yesterday is broken up, so this is also positive sign:
eur_4h_01_11_19.png


On 1H chart we've got DRPO "Sell" indeed and EUR has completed its minimal target. Now we have small "222" Sell pattern. Taking it all together, it seems that we could get upside butterfly here. It should let market to reach daily resistance level. Currently we have left wing in place. Once downside reaction on "222" will be over - that should become right wing:
eur_1h_01_11_19.png
 
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