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USD/CHF Daily Video, November 16, 2010

Discussion in 'Sive Morten- Currencies and Gold Video Analysis' started by Sive Morten, Nov 16, 2010.

  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Good morning,
    In the previous weekly Thread I have a conversation and said that it can be a DRPO on weekly time frame of CHF. Yesterday, somebody asked me about it (Icarus, if I do not mess something). Well, In general, yes, this is a perfect DRPO Buy on weekly time frame. But it's not so simple as it appears to be. There are some tricky moments exist currently:





    portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.
     
    #1 Sive Morten, Nov 16, 2010
    Lasted edited by : Aug 15, 2015
  2. dpowen

    dpowen Private

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    Hi Sive,

    I have attached a daily chart of the USDCHF and I would like your feedback.

    Why could the USDCHF not have the following bearish butterfly reversal pattern forming that would be supportive of the Weekly DRPO pattern than has just formed.

    Can you briefly explain why this doesn't work regarding the butterfly pattern as seems to have good symmetry and good retracements of key fib levels within the pattern.

    Thanks

    D.

    [​IMG]
     
  3. dpowen

    dpowen Private

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    USDCHF Analysis

    Hi Sive,

    Can you please explain why this is not a valid daily bearish butterfly reversal pattern forming on the USDCHF Daily timeframe? This would support the current bullish DRPO on the weekly.

    Pattern seems to have good symmetry at key fib retracement levels within the pattern. Only a very brief explanation is required but I would just like to understand what I am missing. Even just a name of a book would be great.

    Thanks

    D.

    [​IMG]
     
    #3 dpowen, Nov 16, 2010
    Last edited: Nov 16, 2010
  4. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Well, I'm not pretend on absolute opinion. But, personally, I try to use solid retracements for Butterfly building.
    On your chart you're using just shallow retracement in strong move down. In fact this whole move is a single leg.
    Besides, the first retracement to the upside looks smaller then even 5/8. Usually butterflies reach 0.786 or 0.88 retracments.
    I think that the DRPO Buy is a determinant pattern. Other words, If market will go up further I think that it will be due to DRPO and not to this butterfly.
    But it does not mean that it couldn't work. It's just my view...
     
  5. ALF

    ALF Private, 1st Class

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    Eur Nzd

    Hi Sive,

    Do you trade this couple? Any comments on the current technical levels?

    Thanks.
     
  6. Sive Morten

    Sive Morten Special Consultant to the FPA

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    I do not track crosses very carefully. Look on majors mostly.
     
  7. ALF

    ALF Private, 1st Class

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    Eur Usd reached 1.3515 area

    Hi Sive,

    Following your weekly reports, is now the right time for entering the market on the long side?

    Thanks.
     

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