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Divergence Flag / Trend Continuation setup 0 replies
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DislikedI think we have a trend change with price moving above the LH (1.3924) just before the LL (1.3855). Do I have that right?Ignored
DislikedHi Brapp
IS the LH not at 913/914? These LH occured at a level which had been support and is now resistance.
Please correct me if I'm wrong - still trying to get my head around these levels!
ThanksIgnored
DislikedDelite, I picked 924 because that was the last swing high since the new low, or at least the highest swing high since the last low (3/8/11). It was also an area where support (on 3/3/11) became resistance.
With the new low of today we have three LLs and two LHs since the high on 3/7/11 -- that's a five wave move to the downside. Divergence mentions this early in the thread. Elliott wave theory calls for five wave moves followed by three wave corrections. We may in a correction phase now. See hourly chart below...
I understand this just enough...Ignored
DislikedIt looks like a promising set up but it's early in the australian/asian day and volumes are problematic. I find it more interesting when traders post potential set ups rather than posting trades that have worked whether they took them or not - there is obviously no way of verifying whether they are just using the benefit of Harry hindsight.Ignored