FOREX PRO Weekly September 19-23, 2011

[nicolebobbin]

The gap is filled now....

 

[Mickme]

Yes Nicole, I was just going to write that.The gap is filled and we are back in the business.

 

[Sive Morten]

EUR/USD Daily Update, Thu 22, September 2011

Good morning,
It is much better to see some clear signs from market rather than try to predict some macro event.

So, currently we have nice confirmation that market probably will continue downmove. There are no supports just below it - oversold stands at 1.33. So, probably our assumption about Butterfly "buy" could become true, at least in near days market probably continue move down.

The first possible target of butterfly is 1.3385 level, second is 1.3237. But 1.618 target stands beyond daily oversold, so we will not speak about it today.
Daily trend is bearish.

4-hour trend is also bearish. We see AB-CD pattern with 1.0 target at 1.3443. Now market has hit 0.618 target and pivot support, so some retracement is possible.

Hourly chart shows that trend is also bearish. Nearest resistance is 1.3584. That's the level to watch for enter short. Stop is better to place above K-area 1.3624, I suppose around 1.3650.

The reason is: all trends are bearish, market has no support and not at oversold, macro event in rearview mirror already. So, in fact, if bears are strong, market should not show deep retracements.
If market will reach 1.3584 and then continue move down - move your stop to b/e.

 

[pragmatic]

Hi Sive!
I cannot open video because I am at work. I dont understand from your post what do you consider clear signs that market will move lower. Is there a pattern or just the trend and no support.
Thank you!

 

[nicolebobbin]

Hi Sive, I waited for 1.3584 as you said but unfortunately we missed it (

 

[Venelin]

5 min btfly

Hi Sive! Thanks for the analysis! I have a practical question. I see a butterfly buy pattern on 5 min chart, but I am not sure if it is valid one! Do you think is a valid pattern and if it is what would be the potential target?

 

[Venelin]

 

[rashidin5178]

Time to go long now?

I see gartley 222 buy on daily and butterfly buy on H1 around 1.3385.
Also Sive mentioned today about butterfly buy on daily with same area.

I already move my stop to b/e now.

Thanks and Best Regards.

 

[asif faryad]

Thank you for your teachings 545 pips up

Hi Sive,

I have been following your lessons for nearly 18 months know.

I have learnt so much from your weekly daily analysis.

It has helped me identify the type of trader i am as i work on the daily weekly charts info.

Thanks to you i am know becoming very consistent in my trading last week i opened a short postion at 13910 closed at 13660 250 pips

yesterday my order for short at 13740 got filled closed 13445 for 295 pips.

i have made a total of 545 pips for 2 trades .

I am waiting for the oversold condition to appear and have my long order pending.

Sive you are a credit to PEOPLE WHO WANT TO BECOME PROFESSIONAL FX TRADERS.

THANK YOU SO MUCH!!!!!!!!!!!

I AM GOING TO HAVE A GOOD REST AND SEE TOMORROW IF ORDER GETS FILLED TODAY OR TOMORROW OR WHEN EVER.

I wish you and your family a lovely weekend Sive


Best Regards

Asif

 

[Icarus]

Sive, can you clarify the target of this butterfly pattern - would it be around the 1.4083 level?