FOREX PRO Weekly September 19-23, 2011

hey

hey sive, i guess ur sleeping, but euro is falling like anything at the moment.
 
Hi Sive,

And what is going to happen after the gap is filled, will it continue the up movement or return to the previous down movement or it is to early to say?

ALSO CAN YOU PLESAE EXPLAIN IN ONE POST WHAT ALL THE ABBREVIATIONS MEAN? Like B&B,W&R and so on. Im appologise but I am new to this forum and I have a lot to learn so if I dont understand the abbreviation I cant learn.

Regards,
Mick
Mick,
Check out other threads in this forum - all these things are explained there.
 
EUR/USD Daily Update, September 20, 2011

Good morning,
today is an eve of 2-days FOMC meeting, so market could be a bit lazy today due to result of meeting expectations.

Still, on daily time frame our B&B trade has reached the target. Now we are shifting to another part of our medium term trading plan.
Our major question is "will market show any respect to monthly K-Area, weekly Agreement and weekly oversold?"
1. Yes. In this case we will see some reversal pattern on daily frame - Butterfly "Buy" 3-Drive, H&S or something. Target - deeper retracement (at least 0.618) on daily time frame.
2. No. - In this case we will see strong acceleration to the downside and will have to search for other possibilities.
But we could understand that only after meeting, I suppose.

On intraday charts market has some chances to fill the gap, but they are more psychological rather than technical. The point is that on FOREX gaps extremely rare hold for long time or even unfilled. Current market has hit 1.618 target and 0.786 Fib support. Theoretically it can show some retracement up.

If so, on hourly chart we see K-Area near weekly pivot point 1.3710-1.3735 and AB-CD target inside it at 1.3719. If market will show some spike there and reach pivot - then gap will be filled.

But again, I do not see clear patterns currently that appoint on the solid probability of such move (may be Double Bottom on hourly chart, but it looks blur). So to take that trade or not - is up to you.
 

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Hi Sive,

And what is going to happen after the gap is filled, will it continue the up movement or return to the previous down movement or it is to early to say?

ALSO CAN YOU PLESAE EXPLAIN IN ONE POST WHAT ALL THE ABBREVIATIONS MEAN? Like B&B,W&R and so on. Im appologise but I am new to this forum and I have a lot to learn so if I dont understand the abbreviation I cant learn.

Regards,
Mick

Hi Mick,
Sorry for delay.
B&B means "Bread&Butter". This is a sort of momentum trade. Here is search results for you in my previous posts where it was mentioned:

Forex Peace Army Forum - Search Results

DRPO means "Double Repenetration". You can find using search on the site by yourself, I suppose.

W&R means "Wash&Rinse". Visit our Forex Military School - parts that dedicated to support resistance levels and Fib work. There you will find clear explanation of that phenomenon:
Forex Military School | Complete Forex Education by a Pro Banker - Forex Peace Army Forum

Also, if you want to know about B&B, DRPO and W&R from the initial source - read DiNapoli Book "Trading with DiNapoli Levels". Also it will be nice if you will make your home work and read some past analysis. This will help you much to understand overall method.

Hope it helps

P.S.
I'm sorry, but I really have no possibility to explain all that patterns every time. They need significant amount of text typing...
There are about 3000+ forumers and I have a primary job in Bank also...
I hope that you will understand me correctly. Sorry for any inconvenience.
 
O Sive you are the Best! Thank you and I am serching to buy the book verry badly at the moment.

Thank you,
 
volunteering to proofread your posts

I hope that you will understand me correctly. Sorry for any inconvenience.

hi sive

if you would like, i volunteer to proofread and rewrite your posts--but not change the intended meaning of course--to make sure the english is perfect. once finished, i'll send the correct version back to you for approval. that way, the language will be less confusing for some people if this is a concern.

all the best
triantus
 
hi sive

if you would like, i volunteer to proofread and rewrite your posts--but not change the intended meaning of course--to make sure the english is perfect. once finished, i'll send the correct version back to you for approval. that way, the language will be less confusing for some people if this is a concern.

all the best
triantus

Hi Triantus,
I suppose that problem is not with language but with finding necessary posts.
Anyway, if you, guys will explain some basic things to newbies - this will be absolutely welcome, since, as I've said, I just not have sufficient time to do that.
 
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