QuoteDislikedAlways easier to use a picture.
Blue = Fib Ext tool
Red = Fib Ret
Where are your targets?
For this method, u imploy fib retracement extension and not expansion.
expansion is for daz wonderful system
- #325
- Edited 12:53am Jul 29, 2009 12:44am | Edited 12:53am
Always easier to use a picture.
Blue = Fib Ext tool
Red = Fib Ret
Where are your targets?
This is how I am looking at profit taking.
The trend is up but below the previous swing high. Take some profit at the ABCD, bring it to break even and hopefully it should get to 1.272. We also have the trendline there.
It's a cliffhanger if you are still in the trade.
The trendlines are daily trendlines.
AFTAB
Time Will Tell & Price Will Show
- #334
- Jul 29, 2009 6:39pm Jul 29, 2009 6:39pm
Have been riding this one for a while now.
60 Mins shows the entry but first waited for the up trendline to be formed on the 240 Mins.
Trendlines are all daily.
This week started pretty slowly for me, but has progressed nicely. I figured USD/CAD was due for a correction, and waited for a recent swing high to be broken. I went long at the 61.8 ret after breaking a previous swing high. I'm only posting because it hasn't been the best trading month, and it's nice to have a winner. I've taken half profit, moved SL to BE and am shooting for the 161.8 FE TP2 is just shy of that big round 1.1000. I am really tempted to hold on to a piece for 1.1100 which is the 38.3 ret of the big move down, and right at a pretty strong recent S/R level, but I don't want to be too greedy against the trend.
EUR/GBP could be a good ABCD setup. I really want to be long right now after seeing that 4H Hammer on the TL and the 161.8 FE of the first move down. However, I'm looking for a little better R:R, and will look for a setup during a pull back of this first wave up (seen on the 15M chart). Hopefully a Gartley or Butterfly will appear, as they would be ideal for a reversal.
- #337
- Edited 12:19am Jul 30, 2009 12:08am | Edited 12:19am
Not good enough as yet but will be there soon...
I am looking at the Gartley forming once price has gone up a bit or else we always have the test of the trendline, but it I am looking for a clean trade.
Could probably find one on the lower charts...
You could also use it for a break out.
I am looking at the Gartley forming once price has gone up a bit or else we always have the test of the trendline, but it I am looking for a clean trade.
Could probably find one on the lower charts...
You could also use it for a break out.
AFTAB
Time Will Tell & Price Will Show
- #339
- Jul 30, 2009 4:22am Jul 30, 2009 4:22am
Option #2 played out well.
Chart updated - Profit 1 reached as I post.
I gotta handed it to you mate, its works and indeed a potent arsenal.Good job and congrats on the T1.
Cheers.