FOREX PRO Weekly October 29- November 03, 2012

[Lolly Tripathy]

sive sir,
yes the butterfly worked properly and now its below 61.8% of the whole butterfly (4hr)
my question is ... its breaking the long time bull trend
so can you plz tell us about that
thanks a lot for ur kind help

 

[nothotforex]

looking at the price action on time frame 5minutes.
The price now try to pushed upward.
currently resistance 1.2916 so hard to break

 

[Sive Morten]

sive sir,
yes the butterfly worked properly and now its below 61.8% of the whole butterfly (4hr)
my question is ... its breaking the long time bull trend
so can you plz tell us about that
thanks a lot for ur kind help

Hi Lolly,
it's a bit difficult to me to comment this, since honestly I do not use trend lines for trend estimation very often. Besides, "long-term" sounds a bit subjective, but I'll try...
Since market shows deep move down, you probably can start to think about ultimate butterfly targets - 1.27 or 1.618. As you will see, they stand around daily K-support. From that perspective I think market should make a trial to break this trend line. Another thing that comes to my mind is DeMark approach to trend lines breakout. He said that usually market passes equal distance after breakout as it deviate above the line. Other words reaction equals to counter reaction.
Still, as we' ve mentioned in weekly thread, market still could show some upward bounce before down move will continue.

 

[minimax]

At the moment I am interested in 1.2872/70 to buy


+ 30 minutes: tricky wick

closed short, entered long

 

[Lolly Tripathy]

thank you soooo much sir..

 

[gyanirahul]

Hi Lolly,
it's a bit difficult to me to comment this, since honestly I do not use trend lines for trend estimation very often. Besides, "long-term" sounds a bit subjective, but I'll try...
Since market shows deep move down, you probably can start to think about ultimate butterfly targets - 1.27 or 1.618. As you will see, they stand around daily K-support. From that perspective I think market should make a trial to break this trend line. Another thing that comes to my mind is DeMark approach to trend lines breakout. He said that usually market passes equal distance after breakout as it deviate above the line. Other words reaction equals to counter reaction.
Still, as we' ve mentioned in weekly thread, market still could show some upward bounce before down move will continue.

Thanks for the lessons sir.

 

[seedof]

Hello Sive, thanks so much for your analysis. Please can you just drop one or two things from your point of view on gold, like do we still have tendency of continuing downward or its exhausted. Thanks

 

[BeeKay8]

Hurricane Sandy results in NYSE being closed today. No volume at all.

 

[Don Jerzzy]

thanks and God bless u more

 

[LeonPetrus]

Hi Sive,

Tried to enter and congratulate you several times through an old account but after logging in I could never post or leave a comment. So I created a new account and hopefully this one will work better.

First off after having lost more than 13000 Euros in the past 3 years I have finally turned a corner. You were of course right. You make the analysis it's up to us to make the right choices. Too many times I listened to your analysis and made the wrong conclusions and well got wiped out. Now I take it easy and man it is so much more full. You analysis as sometimes hard to follow but I find that you are the only one out there that gets it right so many times. Even though it may sometimes look you get it wrong at first your analysis always seems to come true in the long run. I opened two rather large short positions at the beginning of September at 1.21xx.They are now well in the red but I am confident that your prediction and my gut feeling that the Euro will get to 1.15-1.17 area will come through. Even with those positions open I have been able to make a nice profit in the meantime. So even if they don't work out in the next couple of months I could close them an still be ahead for once. At the moment I play a 20-30s pip game. Since the average daily move of the EURUSD is about 100 pips it is easier to look for an opportunity to cash in an the daily move. Open a large position with a close stop and a 20 to 30s pip limit. If one in 4 comes out according to your predictions I'm still ahead of the game.
There was a time your retracements were my biggest losers. Now they are my biggest gainers. I used to spend hours in front of my computer now I check in 5 to 8 times a day and make a few adjustments. Total time spent in front of the computer is about one hour.
The bank where you work must be doing well if they have someone like you on their team.
Like most of my fellow forum readers and your followers I would like to thank you very much for your excellent analysis each and every day and each and every week.