DislikedWell it looks like 212 did end up holding as firm resistance. Im not too sure what to be looking at here as it could have just rejected to test again and possibly break. The daily got the 5 sma retracement that it needed, so now I am not sure that we would see any higher of a level for price. On the 4 hour charts, we faced resistance and reverted away and so this would normally tell me that we will be moving lower, however with the low price that we were at on the gbp/jpy I could see a lot of buyers having been lured into the market hoping to see a larger retracement. Any thoughts or comments?
On another note, this next 4 hour bar definitely has potential to end bullishly. If it would, then I would only expect to see another attempt at the resistance of 212.Ignored
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #59,442
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I dream, therefore I become.
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- #59,446
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Well lets see if our inverse h/s will play out.
- #59,447
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Always great stuff! =
- #59,448
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We are prepared for either way she goes Que.
- #59,449
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I dream, therefore I become.
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- #59,455
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Looks like the h&s is playing out just like you said Pipchick!
Thxs for pointing that pattern out, I do need to watch for more of these types of patterns esp. when its right in front of my face =
Thxs for pointing that pattern out, I do need to watch for more of these types of patterns esp. when its right in front of my face =
- #59,456
- Jan 17, 2008 1:31am Jan 17, 2008 1:31am
- | Joined Nov 2006 | Status: Seeking Light | 1,059 Posts
Actually, the way I see it. . .
We are still in a down trend going from a swing hi "A" (217.50 area) to a swing low "B" (206.XX) where the fall started and ended. Now GJ is retracing back up a cetrtain distance to some point "C" but could extend before it continues the downtrend to some point "D" and further. I guess it all depends on how you look at things, everything is relative. . .
I guess the way you are looking at it is swing low to swing hi plus ext. The question I have for you is how do you get your continued fibs lower if it turns around on you and go the opposite direction (down)? Or are you assuming that the down trend is over. . .
Maybe someone else can help with this question, just the way I see things. . .
A mighty good question there. I never rely on the extensions even when price breaks out of the 0 fib or the 100 fib. That is where the pivots come in handy for setting the SL/TP. Come to think of it...lol...I have never used those extensions since the day I started using fibs. My way of looking at things
.I use QQE on the 15min to 1hr TF which helps determine when price is oversold/overbought.On the monthly to 4hr TF, price can remain oversold/overbought for days or weeks, so not very useful there.I also use it to spot divergences occassionally although I wouldn't recommend that unless one has tried that out on demo thoroughly.
The zero lag indicator you are using could be a good idea although I doubt I would use it or MACD or any others since I fail to "read" them correctly.
The downtrend is still intact for me after the break of the critical support at 219.33 like I mentioned earlier.
Btw, I have got an ebook explaining the Fibs in detail, covering topics like extensions, using the wave patterns with fibs, the logarithmic spiral & a lot of other complicated stuff which might take me ages to digest, so I am sticking to the basics for the time being.
The cost is 50$ plus postal/shipping charges. No refunds please. From next month, I will be increasing the cost to 75$ which is the original price, so get it while you can.
Just kidding Guys!!!The file is 3.44MB, so cant upload it here. PM me your email & I will forward it right away ! Also make sure ur Inbox can handle the file size.
- #59,457
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FUBAR...
- #59,458
- Edited 2:58am Jan 17, 2008 2:27am | Edited 2:58am
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Heres the Gbp/Usd Posture :
going into tomorrow morning US Session
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marketwavez is not a signal provider
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Theses charts are simply the thoughts of one person
who simply wishes to share them with you .....
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If you are seeking advice
Call your Broker , that's what he/she is there for
-----------------------------------------------------------
This is Only a Probability! .............. It is Not Cast in Stone !
------------------------------------------------------------
( Doubled Click on chart to enlarge )
going into tomorrow morning US Session
To fully appreciate these charts you should already
have some understanding of Elliott Waves Formations
------------------------------------------------------
Theses charts are not telling you to buy or sell anything
marketwavez is not a signal provider
/////////////////////////////////////////////////////////////////////////
Theses charts are simply the thoughts of one person
who simply wishes to share them with you .....
------------------------------------------------------
If you are seeking advice
Call your Broker , that's what he/she is there for
-----------------------------------------------------------
This is Only a Probability! .............. It is Not Cast in Stone !
------------------------------------------------------------
( Doubled Click on chart to enlarge )
- #59,459
- Jan 17, 2008 2:36am Jan 17, 2008 2:36am
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