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Forex FOREX PRO WEEKLY, September 09 - 13, 2019

Discussion in 'Sive Morten- Currencies, Gold, Bitcoin Daily Video' started by Sive Morten, Sep 8, 2019.

  1. minimax

    minimax 2nd Lieutenant

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    Target 100% of 1st wave was not hit yet, I expect to be. Then remains question or this is 3ED or b of running Flat. Lets see.
     

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  2. sveckar22

    sveckar22 Recruit

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    Thank you.
     
  3. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Morning everybody,

    EUR stands flat and it seems we were correct about it - it just waits for ECB tomorrow. So, let's take a look at GBP. The price action that we have brings some adjustments to our initial trading plan that we've made in weekly report.

    On daily chart we haven't got major retracement immediately on Monday, but market has formed bullish reversal candle instead. Price has not touched major 3/8 Fib support as well, so we got neither B&B nor DRPO patterns. It doesn't break overall view and retracement will come later, but first GBP probably should hit major daily resistance area around 1.25 level:
    gbp_d_11_09_19.

    Since upward action was really fast, we have extended AB-CD pattern. Its COP target stands at 1.2477 and creates Agreement with daily K-resistance Area. This is our nearest objective point to watch for.

    Here we have bearish wedge pattern, but daily price action makes it too risky to take short position inside of it. Besides, on 4H chart we have signs of bullish dynamic pressure. Thus, it would be better to consider short entry from daily K-level, and long entry as downside retracement will be completed:
    gbp_4h_11_09_19.
     
  4. minimax

    minimax 2nd Lieutenant

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    Euro currently respects last FiboR for wave x and if it will turn up into wave y, any correction usually ZZ, targets are marked. If move breaks 85,4 retracement there is good chance this leg down would remain wave y for down and could drop out of screen on the table..
     

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  5. minimax

    minimax 2nd Lieutenant

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    Euro pierced 100% lenght of wave 1ED, BUT I can not read marked structure as impulsive wave a as 1st part of this construction but as ZZ (abc) so I am ready for move into the structure not just correction as 4th into 1st, just 15 pips. It is plenty of time for such move, but I will be also ready for next break of current low.
    Second move up, more unlikely but not impossible, is this one on 1H chart.
     

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    #15 minimax, Sep 11, 2019
    Last edited: Sep 11, 2019
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  6. ED SCHAFFER

    ED SCHAFFER Private, 1st Class

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    Hi Minimax > Your 2nd chart proves my main point that the BIG WHALES or BIG MONEY BOYS have tricked the retail traders again. All these markets are now being manipulated by the BIG MONEY. Always be on the lookout for their tricks & very quick reversals. That is exactly why nowadays I mainly trade intraday short term momentum swings. That does not mean that you too can not profitably trade the markets, because you certainly can. Just be aware that they are in control of all of these major markets on a short term to intermediate term basis & are definitely out to trap &/or stop hunt all the retail trader "suckers" any way they can, that is, any trader who is not a part of their own ELITE GROUP. I recommend trying out trailing stops if your broker allows them if you are not already using them & see if they will help your trading. Cheerio & welcome to the real modern world of BIG BOY dominated trading.
     
    #16 ED SCHAFFER, Sep 11, 2019
    Last edited: Sep 11, 2019
  7. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Morning guys,

    Finally we've got an action on EUR and in general it confirms our suggestion. Technically, daily grabber starts to work. Now it is difficult to make longer forecast as a lot of things depend on today's ECB statement. So, we try to identify crucial levels that should help to identify direction:
    eur_d_12_09_19.

    On 4H chart market hits solid support area that incudes Fib level, AB=CD target and butterfly 1.618 extension. It means that it is high odds that we will get at 3/8 upside pullback at least. If market indeed is bearish, it should turn down again later:
    eur_4h_12_09_19.

    Thus, 1H K-resistance level of 1.1022-1.1030 will be crucial today. Bearish market should stay below it and re-establish downside action. Conversely if sentiment will change (say, on ECB statement) - this level will be broken. Depending on your view - either take short around K-resistance level (if you're bearish) or, wait for upside breakout and search chances to go long (if you're bullish). 1.1030 is a border between short-term bullish and bearish sentiment.
    eur_1h_12_09_19.
     
  8. minimax

    minimax 2nd Lieutenant

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    Unlikely move happened but formation/construction is not correct so I expect W&R and piercing LL @1,0926. This would be 3ED and if it does not drop out of screen I expect pullback to confirm 1ED. It is enough time for such outcome but if pullback just continues I would treat it as 3ED placed.
     

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  9. ED SCHAFFER

    ED SCHAFFER Private, 1st Class

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    Hi Minimax > Very accurate forecast as EUR did indeed drop down to 1.0927 @ 8:47 am EST before rebounding smartly according to TradingView. Just 0.0001 above your prediction @ 1.0926. This shows once again to always "leave a little money on the table" because the BIG WHALES/BIG MONEY BOYS know these targets just as well as retail traders do & they will often push price to within just a pip or so of the projected target price. My experience tells me to take profits just before the target price is hit if a possible rebound could occur. Hope this will help. Cheerio.
     
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  10. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Morning everybody,

    So, guys it was really dramatic action yesterday and emotional shake for markets. It is amazing but our grabber setup has worked by external impact of ECB driving factor. Then we've got drastic sentiment shift, which we will analyze in weekend, as usual.

    Meantime, in short-term perspective upside action should continue. First is, we have the same new grabber on Dollar index (as on EUR) but it has not completed yet, which means that EUR should proceed higher as well. Second, and more important thing - we have opposite breakout of pennant consolidation, which previosly was broken down. In such situations market follows in new direction:
    eur_d_13_09_19.

    In fact, here we could suggest Double Bottom pattern, which could lead EUR to 1.1250 area. Still, as we do not have W&R of recent lows - we also could use AB-CD extensions. Thus, OP already is reached, next one is XOP around 1.1182. Thus, we will get some meaningful retracement, or better "222" Buy pattern, we could consider long entry at some Fib support :
    eur_4h_13_09_19.
     

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