The Student Handbook

did you guys still hold sell position? the price already broke 23.6 fibo and h1 forming a bullish engulfing pattern.

h1 completed already ? or about 15 minutes still to go and news ?

it has not completed. still 15 minutes to go.

Bullish engulfing? Then or now? The news in 9 minutes is a significant release.

if she is going UP, it could be looking C from B ?

Might be a bit premature to say this, but believe what we'll see is a retrace on the 1H (pending news) to the alligator. The current low (or the S1 level, will turn to first down fractal out of the mouth calling for a sell stop 3 pips below the S1.

Notice that first down fractal outside the mouth?

Need everyone to remember back to when we first started this thread. The RSI has crossed below 50, so we are anticipating bearish outlook. The fact that the candles paint a bullish pattern does not in and of itself indicate a reversal. The reversal is not confirmed until RSI crosses back above the 50 level.

Until that happens, please allow the market some room to breath, form it's patterns. it will tell you when it is ready

very good lesson, 9er. i learned a lot today.

Anytime my man

161.8% me thinks

now looking for D from C ( if she break B ) to form bullish ab=cd ? but if she did not break it ( prev B ) ....could be she is going to another new bearish ab=cd where we;re in potential another new A or new B ?

Looks like we may get a 3 wave correction on the EUR. Does this quality as an ABDC correction as it has retraced 50%.

Daily timeframe. Looking for strength on 1.302x

spot on ...

H4 : heading to uptrend support

Actually it pierced 23.6 and touched 50 then returned the call to the gartley!

Ozzie - love the chart and the premise! Very well spoken. Did you look to the 30M 200 approaching

Nunix - keep in mind that the AO does lag just a bit. But your approach is spot on

I am going to buck the trend and start today at the 30M. Remember yesterday we needed to clear the obstacles from the 5M, 15M? The 200 was cleared at both TF's. I personally had a very nice day yesterday. But now we get to brass tacks. The 30M is currently sitting on the 200 (which is why I start here today).

The fact that Gartley painted a bullish butterfly that coincides with the 200 is pretty hard to ignore. The AO is decreasing (downward momentum slowing) the RSI swooped in on 30.

Four reasons to go long? Yes it is, but not me. These are all valid reasons to think this is a reversal. I will wait for the RSI to signal reversal.

Remember what I said before about the first down fractal out of the mouth being the most powerful signal? The second most powerful is a down fractal after "touching" or retracing to the mouth.

I have set a sell stop 3 pips below the down fractal that is below the 200.

But why would you set a sell stop when all indications are long?

Because my GUESS is that we are in a reversal swing. We need the market to breath. Bounces from moving averages happen all the time. Breaks are not quite as frequent.

The fractal below the 200 is significant because it is far enough away from the 200 to avoid a potential false breakout. You have 2 indications in your corner that this is a safe bet. The first is when a break occurs, it is usually pretty swift. This particular break, for me just so happens to be a down fractal. Telling me that if a break does occur, the down fractal gives me hope that it won't be a false break in this TF and potentially a journey to complete a C to D leg