news on British gdp are gonna be released in a couple of hours. could give some push...
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #216,702
- Feb 26, 2010 1:31am Feb 26, 2010 1:31am
- Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts
Markets are not Random, they are designed!
- #216,703
- Feb 26, 2010 2:13am Feb 26, 2010 2:13am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Daily Chart to the best of my Understanding..
If daily becomes Engulfing Candle... only then we can see UPmove...Bull Run..
Otherwise pattern is INcomplete...ATM..
Comments welcome...
139 was a strong support held for 6 months..now resistence.. break of 139 was Decisive...
128 is a FIB confluence and all time Support..except last year...Signals we will see lower value sooner or later,
Yellow and Green boxes shows if WAVE A Equals C in lenght....probably in TIME as well
So if A= C then 127.77 - 127.43 it is..
Then wave C up in 5 waves..to...
very nice bro. . . However, I think yr 4 is to high and your 5 is too short (B wave) for EW structure but that's just my on opinion. . . PK is the EW guru!
- #216,705
- Edited 2:58am Feb 26, 2010 2:34am | Edited 2:58am
- Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts
However, I think yr 4 is to high and your 5 is too short (B wave) for EW structure but that's just my on opinion. . . PK is the EW guru!
It always use to mess with my count..untill I understood that in Diagonal if wave 4 retraces more than 50% of wave 3 than chances for wave 5 to be short is likely...
If Wave 4 has exceed >50% of Wave 3, the possibility of a 5thwave failure is increased.
The Oscillator will cross the zero line two times during W.4. First against the direction of W.3 and then in the direction of W.3 to signal that W.4 has fulfilled minimum requirements for completion.
PRICE
< 50% of W.3
W.4 38% W.3 common
W.4:W.3 < W.2:W1 on percentage basis
W.4 62% 100% 162% W.2
W.4 > 23.6% < 50% W.0 - W.3
Hope PK will agree.
Often you see when you catch the Bottom or TOP price comes back closer to your entry or makes a double top or bottom that usually is wave 5..( SHORTER THAN WAVE 3) So in short wave 4 and wave 2 are for stop hunts or consolidation and longer in time.
Hope it makes sense..This is an educated Guess.. Eventually price will do what it wants to DO..
Note on Daily Oscillators are oversold... To me it seems we should see some Hidden Bearish Divergence Before a Major Bullish one..
Also we have retraced more than 61.8% of this Bull Run at 135.70ish... 78.6% at 128.20ish.. a little spike below would make a nice BULL TRAP...IMO..127.77
I have also read wave B can go as much as 81% of wave A..if that would be the case than 81% is at 127.13- 127.23.
If we can see Double Bottom for U/J at 84xx or even 85xx than G/J may go down as well..
Markets are not Random, they are designed!
- #216,706
- Feb 26, 2010 2:37am Feb 26, 2010 2:37am
- | Joined Sep 2009 | Status: Freshman Fledgling Neophyte | 1,663 Posts
However, I think yr 4 is to high and your 5 is too short (B wave) for EW structure but that's just my on opinion. . . PK is the EW guru!
As for me i fancy down more refer to Daily fail to test 5EMA and MACD have a lot space going down.
- #216,707
- Feb 26, 2010 2:57am Feb 26, 2010 2:57am
- Joined Jan 2009 | Status: bye FF | 8,806 Posts
Master Quecee, You fancy price test new low or retrace for your opinion?
As for me i fancy down more refer to Daily fail to test 5EMA and MACD have a lot space going down.
MY OPINION NOT FINANCIAL ADVISE
- #216,708
- Feb 26, 2010 3:06am Feb 26, 2010 3:06am
- | Joined Sep 2009 | Status: Freshman Fledgling Neophyte | 1,663 Posts
not trading gj as i said but u can compare this with ur analysis for...i will like to see today or next week before i can sell if i am to sell...we might have a test on daily 5sma then sell again target 130.50-125.00...IMHO
- #216,709
- Edited 3:35am Feb 26, 2010 3:13am | Edited 3:35am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Master Quecee, You fancy price test new low or retrace for your opinion?
As for me i fancy down more refer to Daily fail to test 5EMA and MACD have a lot space going down.
I know many are hoping we head on dn to 130 which eventually I think we will but not in a straight line IMO. . . Therefore, looking at PA history realistically we could range from here all the way back to 142 and on an extreme case 146 and that's looking at higher TF's. . .
I know many on this thread would say well we broke significant support at 139 area and I would agree but if we look at the weekly chart price has traveled down 61.8% of the whole up move from 118-163 which is very significant from a fibonacci golden ratio standpoint and based on higher TF's I don't think it will be broken easily. . .
I mentioned earlier that we could have just extended our range or the bull run from 118 could still be in play. . .
Let's see how the 4hr chart plays and watch the daily chart for a sign that we have put in a short-term bottom at 134.90 with a daily close above 135.70. . .
Me I closed all short from 147.18-142 on the drop. . . Will re-enter short again if I see signs of stalling or major resistances. . .
- #216,710
- Feb 26, 2010 3:21am Feb 26, 2010 3:21am
- Joined Oct 2009 | Status: Trader | 1,342 Posts
gj1d
- #216,711
- Feb 26, 2010 3:23am Feb 26, 2010 3:23am
- | Joined Sep 2009 | Status: Freshman Fledgling Neophyte | 1,663 Posts
thank you for your view and analysis, i will try to see move details on it. thanks 
Well if you take a look at the 4hr chart. . . there is bullish HD that is heading up with targets pointing straight at 138.25 initially. . .
I know many are hoping we head on dn to 130 which eventually I think we will but not in a straight line IMO. . . Therefore, looking at PA history realistically we could range from here all the way back to 142 and on an extreme case 146 and that's looking at higher TF's. . .
I know many on this thread would say well we broke significant support at 139 area and I would agree...
- #216,713
- Feb 26, 2010 3:28am Feb 26, 2010 3:28am
- Joined Jan 2009 | Status: bye FF | 8,806 Posts
Well if you take a look at the 4hr chart. . . there is bullish HD that is heading up with targets pointing straight at 138.25 initially. . .
I know many are hoping we head on dn to 130 which eventually I think we will but not in a straight line IMO. . . Therefore, looking...
MY OPINION NOT FINANCIAL ADVISE
- #216,714
- Edited 3:38am Feb 26, 2010 3:28am | Edited 3:38am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
- #216,716
- Feb 26, 2010 3:36am Feb 26, 2010 3:36am
- Joined May 2009 | Status: Trading, Not Posting | 2,130 Posts
- #216,717
- Edited 3:58am Feb 26, 2010 3:40am | Edited 3:58am
- Joined Nov 2008 | Status: Mmmm.. | 1,322 Posts
