Glad you liked it BB. The pair is USD/JPY from 22 June to July 28. Here are some further points to note.
The bounce out of the double day lows on 2/3 June (B) which preceeded the fozzy buy 1 was a 61.8R of the previous move up (not shown).
No one knows which levels will hold. Sometimes a single one will turn the market, either 38.2, 50 or 61.8. The stronger ones tend to be confluences. Do this. Chart USD/CHF daily. May to July 2006. Put on a retracement from 15 May low to 23 June high. Repeat for June 5 low to June 23 high. Now look at 30 June to 7 July. A classic case. Nice fozzy buy on the 10th as well. Wish I'd been using it then.
A combination of retracements and expansions also provide areas to watch. For this we need a pullback of some significance in order to plot it. We got it in the trade I highlighted, once price broke back below B from the high at C. However the trend was strong as we crashed through W, stalled at X for a day, then powered down to Y and Z. Will this hold? Who knows. Here's a longer term chart. More to follow.
The bounce out of the double day lows on 2/3 June (B) which preceeded the fozzy buy 1 was a 61.8R of the previous move up (not shown).
No one knows which levels will hold. Sometimes a single one will turn the market, either 38.2, 50 or 61.8. The stronger ones tend to be confluences. Do this. Chart USD/CHF daily. May to July 2006. Put on a retracement from 15 May low to 23 June high. Repeat for June 5 low to June 23 high. Now look at 30 June to 7 July. A classic case. Nice fozzy buy on the 10th as well. Wish I'd been using it then.
A combination of retracements and expansions also provide areas to watch. For this we need a pullback of some significance in order to plot it. We got it in the trade I highlighted, once price broke back below B from the high at C. However the trend was strong as we crashed through W, stalled at X for a day, then powered down to Y and Z. Will this hold? Who knows. Here's a longer term chart. More to follow.
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