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Joined Aug 2007
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Status: "learn't the hard way"
|183 Posts
yup, thats a PB alright.
My only issue with it is the market seems a little confused.
Things have already dropped below the 61% Fib retracement on the daily. And price would have to break up through some important EMA's, along with a downward trendline that price has been respecting whenever it gets near.
I would watch for a daily PB (which may be developing), or carefully play the one you pointed out.
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Joined May 2006
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Status: New Market Wizard in Training
|206 Posts
Hey 007,
Yeah this PB is a bit on the small side but on the plus side it has formed of a good S&R level. there is some traffic in the area it is shapping to move into so be careful. aside from that enjoy the trade and check out the AUD/JPY & NZD/JPY and if you are really keen check the EUR/JPY.
Joined Mar 2004
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Status: Senior Member
|1,603 Posts
Coincidentally in doing some Gann calculations yesterday on the G/Y I noticed that the price 213.09 was a resistance line. Came home tonight to find that price penetrated and pulled back below that price line.
A small potential pb formed on daily on usd/cad at the price which was also supported on 12/28/07 so kinda double bottom. also check out gbp/usd but looks more like a hammer formed at a good resistance level. oscillators on both pairs trending opposite though(maybe as expected).
Looks like a nice daily PB on the Eur/Usd.... Afraid to take it on, ahead of the FMOC meeting tomorrow...
Ignored
If you think that is hard look at the EUR/CHF and USD/CHF they too have PB's so we now have a triangle of PB's.
That said the EUR/USD PB is a good PB as:
Swing High
35% Rule
All time high
In the end you need to demo trade until your profitable first then you will have the confidence and the knowledge of what to do in a situation like this.
If you think that is hard look at the EUR/CHF and USD/CHF they too have PB's so we now have a triangle of PB's.
That said the EUR/USD PB is a good PB as:
Swing High
35% Rule
All time high
In the end you need to demo trade until your profitable first then you will have the confidence and the knowledge of what to do in a situation like this.
Thanks demoing already in the 4hr and 1day. Don't trade on with big news pending.... Where can I read these rules (35%, etc)...
Thanks,
Eric
Ignored
Hey Eric,
I believe those are Ademac's own personal rules. From following his journal and other posts, he only takes pins where the the open and close are within the lower 35% of the bar at a swing high, and vice versa for low.
